Previous post Next post

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.

Full story here Are you the author?
About Swissinfo
SWI – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.
Previous post See more for 3.) Swissinfo Business and Economy Next post
Tags: ,,

Permanent link to this article:

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.