UBS had appealed against both the original verdict and the size of the fine.
Keystone / Peter Klaunzer
Swiss bank UBS will have to wait until December 13 to see if its appeal against a French €4.5 billion (CHF4.9 billion) tax evasion penalty is successful.
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The long-awaited verdict was due on Monday, but the Paris court postponed its decision because a judge is ill.
UBS was fined €3.7 billion and ordered to pay €800 million in damages during the original trial in 2019.
Switzerland’s largest bank was found to have solicited French tax evaders over a number of years and laundered the proceeds of the tax dodgers.
UBS is seeking to have the verdict overturned for lack of solid evidence. Even if the appeal court upholds the original verdict, it appears the financial penalty will be reduced.
French prosecutors have indicated that they would be happy with a €2 billion fine, while the French state has petitioned judges for €1 billion in damages.
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UBS French tax evasion appeal: what’s at stake
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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
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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).
French judges will decide UBS tax evasion appeal in September
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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.
UBS sets aside half a billion dollars to fight French case
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Switzerland’s largest bank has built up a war chest of $516 million (CHF510 million) to deal with resolving a €3.5 billion fine imposed by France.
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