UBS insists on its innocence in the tax dispute in France
Published: Wednesday, Nov 15th 2023, 16:50
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UBS intends to continue defending itself in the tax evasion trial in France. It insists on its innocence and emphasizes that there is no concrete evidence.
UBS is pleased that the highest court in France agrees with the bank's position on important aspects of the legal dispute, it said in a statement on Wednesday. For example, the court had rejected the payment of a good 1.8 billion euros in total.
However, UBS is disappointed that the Court of Cassation has confirmed the guilty verdict of the lower court for unlawful client solicitation and serious money laundering of proceeds from tax fraud.
UBS stands by its statement that it acted at all times in accordance with all applicable laws and regulations and will defend itself in the upcoming trial. There is an agreement between Europe and Switzerland on the taxation of savings income and there is no concrete evidence of the alleged facts.
On Wednesday, the French Supreme Court finally found the major bank guilty of unlawful customer solicitation and money laundering. However, the amount of the fine will be the subject of new proceedings.
In December 2021, the French Court of Appeal also found UBS guilty at second instance of illegally soliciting wealthy French taxpayers between 2004 and 2012. The court ordered the bank to pay a fine of €3.75 million as well as a forfeiture of €1 billion and civil damages of €800 million.
The case will now go back to the Court of Appeal in Paris. The proceedings will be renegotiated there.
©Keystone/SDA
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