French judges will decide UBS tax evasion appeal in September
UBS has so far set aside just €450 million in legal provisions to cover the cost of the case.
Keystone / Ennio Leanza
Swiss bank UBS must wait until September to hear the verdict of its appeal against a €4.5 billion (CHF4.9 billion) tax evasion penalty imposed in 2019.
This content was published on
1 minute
Keystone-SDA/mga
Prosecutors and the French state are now demanding a minimum €2 billion fine plus €1 billion in damages, but the Swiss bank has argued for an acquittal.
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.
A previous landmark French court case ruled that fines should be based on the amount of tax evaded and not on the total value of assets held in accounts.
UBS has so far set aside just €450 million in legal provisions to cover the cost of the case.
How is your country dealing with the return of stolen artifacts?
Western nations like Switzerland often have to deal with the process of recovering or returning looted artifacts which have been illegally imported. What’s the situation like in your country?
What do you think Switzerland’s Alain Berset can bring to the Council of Europe?
The former interior minister is to become the first Swiss Secretary General of the Council of Europe – which issues should his five-year term focus on?
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.
UBS to appeal record €3.7 billion French tax fraud fine
This content was published on
A French court on Wednesday found Swiss bank UBS guilty of illicit solicitation and laundering of the proceeds of tax fraud, imposing a hefty fine of €3.7 billion (CHF4.2 billion).
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.