French prosecutors demanded on Thursday that UBS pay a fine of €3.7 billion (CHF4.2 billion) in the Paris trial of the largest Swiss bank.
This content was published on
1 minute
Keystone-SDA/ds
The Swiss banking giant and its French subsidiary are accused of laundering proceeds from tax fraud carried out from 2004 to 2012. UBS denies the charges.
France’s national financial crimes unit estimates at least €9.76 billion went unreported to French tax authorities in that period.
Prosecutors also requested a fine of €15 million against UBS France,
They are seeking suspended sentences of six to 24 months’ incarceration, along with fines from €50,000 to €500,000, against six banking executives or former executives.
The French state, the only civil plaintiff, is claiming €1.6 billion in damages from UBS, which has already had to pay a bond of €1.1 billion.
Popular Stories
More
Life & Aging
Zurich: how the world capital of housing shortages is tackling the problem
Living longer: What do you think about the longevity trend?
The longevity market is booming thanks in part to advances in the science of ageing. What do you think of the idea of significantly extending human lifespan?
Basel prepares 700 volunteers for the Eurovision Song Contest
This content was published on
Around 320 people took part in one of the two official information events for the Eurovision Song Contest (ESC) in Basel on Friday.
More Swiss soldiers involved in accidents during training in Austria
This content was published on
The Swiss army has reported various accidents involving Swiss soldiers during the exercise “TRIAS 25” in Austria. Some have led to hospitalisations.
Swiss court rules vegan meat substitutes can’t use animal names
This content was published on
Vegan meat substitutes may not bear animal names such as “planted.chicken” according to a ruling by the Swiss Federal Supreme Court.
Swiss cantons spared duty to create new traveller transit sites
This content was published on
Swiss cantons will no longer be formally obliged by the government to create new transit sites for the travelling community.
Swiss politicians bemoan limited access to EU treaty details
This content was published on
Protests that only a few Swiss parliamentarians will be able to read the contents of a new agreement negotiated with the EU.
This content was published on
For the first time, most Swiss residents favour withdrawing their pension pot as a lump-sum over regular annuity payments.
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 prepares to fight US mortgage-backed securities lawsuit
This content was published on
UBS Group AG says it will “vigorously” contest a US lawsuit concerning mortgage-backed securities it sold in the run-up to the 2008 financial crisis.
This content was published on
UBS is putting super-rich Americans at the centre of its new growth strategy, nearly a decade after it was fined by the United States.
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.