A court in France, UBS in tax evasion and money laundering sentenced to payment of a total of 4.5 billion euros. The court said on Wednesday. The sum is made up of a fine of 3.7 billion euros and compensation of 800 million euros to the French state. The UBS intends to publish in connection to the negotiation of a communication. The stock dropped immediately after the judgment, around two percent.
The Swiss major Bank and some former employees are accused of having, between 2004 and 2012 tax refugees from France helped to hide money in Switzerland. UBS has rejected the accusations. From their point of view no evidence of a Misdemeanor of the Bank. The verdict is a first in the direction of decision in the legal case. Experts assume, however, that the losing side will bring the dispute before the next instance. This could drag on for even years.
The method is one of the largest open legal cases for the UBS. The Bank had to put in the case, there is already a security Deposit of 1.1 billion euros.
The provisions of the Bank for this and other legal cases in the wealth management and Swiss retail and corporate customer business was 716 million dollars. How much of the Bank for the case of France alone has made, does not disclose. Vontobel Analyst Andreas Venditti estimates the total to around 300 million dollars. (Reuters)
