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UBS tax evasion appeal verdict delayed in Paris

UBS had appealed against both the original verdict and the size of the fine. Keystone / Peter Klaunzer

Swiss bank UBS will have to wait until December 13 to see if its appeal against a French €4.5 billion (CHF4.9 billion) tax evasion penalty is successful.

The long-awaited verdict was due on Monday, but the Paris court postponed its decision because a judge is ill.

UBS was fined €3.7 billion and ordered to pay €800 million in damages during the original trial in 2019.

Switzerland’s largest bank was found to have solicited French tax evaders over a number of years and laundered the proceeds of the tax dodgers.

UBS is seeking to have the verdict overturned for lack of solid evidence. Even if the appeal court upholds the original verdict, it appears the financial penalty will be reduced.

French prosecutors have indicated that they would be happy with a €2 billion fine, while the French state has petitioned judges for €1 billion in damages.

In June the French court rejected a constitutional challenge to the original guilty verdict.

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