French prosecutors demand €3.7 billion fine for UBS
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.
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?
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?
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.