A French court has rejected a challenge filed by Swiss bank UBS linked to constitutional aspects of its French tax case. This confirms that judges will rule in September on the bank’s appeal against a €4.5 billion (CHF4.9 billion) fine.
This content was published on
1 minute
Reuters/swissinfo.ch/ts
UBS is looking to overturn a 2019 French court ruling in which it was found guilty of soliciting clients illegally at sporting events and parties in France, and of laundering the proceeds of tax evasion.
“We acknowledge this decision. We are awaiting the September 27 ruling with a serene mind,” UBS lawyer Hervé Temime told journalists on Monday.
More
More
French judges will decide UBS tax evasion appeal in September
This content was published on
Swiss bank UBS must wait until December to hear the verdict of its appeal against a €4.5 billion (CHF4.9 billion) tax evasion penalty imposed in 2019.
During the appeal case in Paris, which lasted from March 8 to March 24, UBS insisted that there was insufficient evidence to convict the bank of deliberately soliciting tax evaders to hide their assets in Switzerland. It said that exclusive events it hosted between 2004 and 2012 were for marketing purposes, similar to the activities of other banks.
But the prosecution insisted that the original guilty verdict was correct, pointing to testimony from several whistleblowers.
On the conclusion of the hearing, judges said they would give decisions on certain legal points in June and deliver a final verdict three months later.
UBS has so far set aside €450 million in legal provisions to cover the cost of the case.
More
More
UBS boss says Switzerland is falling behind on structural change
This content was published on
Swiss banks have some catching up to do when it comes to structural change and digitalisation, says Ralph Hamers, CEO of Swiss bank UBS.
First large-scale alpine solar plant approved in Switzerland
This content was published on
The approval was met with satisfaction by the project's organisers, but it also brings with it a certain amount of pressure.
Medieval squirrels may have ‘helped spread leprosy’
This content was published on
An examination of squirrel remains in the United Kingdom has opened up interesting questions and possibilities in terms of the history of the disease.
Swiss money laundering office registers record number of reports
This content was published on
The Money Laundering Reporting Office Switzerland (MROS) registered a record number of reports of suspicious activity last year.
Two teens accused of planning terror attack released from custody
This content was published on
The Schaffhausen judiciary has released the two teenagers from custody who allegedly planned bomb attacks in Switzerland.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
UBS French tax evasion appeal: what’s at stake
This content was published on
UBS's appeal against a €4.5 billion tax evasion penalty has significance for shareholders and anti-corruption campaigners.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.