The Swiss bank UBS has the tax dispute with France possibly a penalty in the billions. Accusation: Heavy tax fraud. A security deposit in the billions already imposed. UBS intends to take further appeal and appeal to the European Court of Human Rights.
UBS has the tax dispute with France might pay a fine in the billions. The western Swiss newspaper “Le Temps” reported on Friday by an internal court document, according to which UBS could be sentenced to a fine of up to five billion euros (six billion francs), they should be found guilty of serious tax fraud and money laundering.
UBS stated that the basis for any kind of calculation in this case were completely designed and speculative. “We can not prevent confidential documents from being made public and interpreted arbitrarily”. There is a formal investigation, a process was not yet opened. UBS will continue to use all means available to defend. However
Bank wants all other remedies
The document, which was written by two investigative judges, dated July 23. On the same day decreed by a court in Paris, UBS to pay a deposit of 1.1 billion euros in this matter. After the bank failed in an appeal against this decision in the next instance, they paid then the end of September. However, the bank will take further appeal and refer the case for human rights before the European Court of Justice. There were a hochpolitisiertes method, UBS said in late September.
assistance in tax evasion?
UBS is in the crosshairs of the French judiciary for some time. The authorities accuse the largest Swiss bank, to have helped 2004-2012 rich Frenchmen to hide money from taxation. In a similar dispute with German tax authorities in which it came to aid to tax evasion, the Swiss paid this summer 300 million euros. In France, the punishment should not be higher, especially since the German market for UBS is much larger than the French, said an analyst at First Main.
The dispute with the French is not the only construction site of the Swiss. The scandal over the manipulation of exchange rates, the Bank expects claims to be with a hefty fine. UBS shares declined on Friday to a slightly weaker market in Zurich more than one percent
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