This is a double record: 4.5 billion Euro to pay the UBS overall, because the big Bank is said to have helped French customers evade taxes. This is the highest buses of a Swiss Bank the condemned. And it is likely to be the highest penalty ever imposed by a European court against a company.
The UBS managers are risk of a conviction, you have also rejected a comparison with the French authorities. Now the Bank has to live with years of uncertainty. There is a Chance that the Bank will be referred to a higher instance. Conversely, the danger of final condemnation. And is likely to have consequences for the entire financial space.
in the Short term, the ruling for which UBS has no consequences. Since the Bank holds the charges for unproven and judgment want to move on, must you make for the record buses, no provisions, which burden the profit. However, the criminal process will now hang on for years like a sword of Damocles hanging over the Bank, and for uncertainty. The UBS share is already one of the racers on the stock exchanges.
With the judge’s decision responded also to the stock exchange Shortly after 13:30 the UBS share price dipped.
However, UBS General counsel Markus Diethelm is sure of his cause. The Manager is kind of the fireman of the UBS, and has already solved some of the procedures for the UBS. In the US, UBS came because of similar allegations with a fine of $ 780 million in retrospect, unscathed. His masterpiece delivered Diethelm, when he landed in the procedure of the EU competition authorities to interest-rate manipulations for UBS, the Status of the leniency and the Bank a billion buses saved.
UBS stands for the whole financial centre court
Now, Diethelm, and, with it, the UBS goes All the way. As the talks with the French justice went to a comparison in the direction of billion of receivables, he decided to take the risk of a process. This strategy has not suffered with the ruling, a setback is a failure. Because the next instance will evaluate the evidence from scratch. In principle, it is laudable that the accusations in public court, and not in back-room deals are wegverhandelt. However, this strategy is also risky.
At the trial in France against UBS, the big Bank is on behalf of the financial square in front of the court. UBS complained that French laws for Switzerland would be applied. This is the classic argument, according to which Swiss banks had at the time of acceptance of untaxed monies from a Swiss law point of view behave correctly.
This line of reasoning suffers, however, because the assumption was untaxed assets from the French and also the German perspective has always been illegal. The difference is simply that the foreign judiciary can enforce their interpretation of the law. Because in the course of self-display programs, the authorities, who had stashed away a lot in unclaimed money in Switzerland know.
there is other method?
that is Precisely the great danger, should lose the UBS the process at the end: in addition to the French, then perhaps the justice system in Italy and Spain, financial transactions makes the UBS and other Swiss banks due to the previous Black. The German justice has already been asked a large part of the Swiss banks for this purpose to the Fund.
But the French justice in the case. You must avoid the impression that here is a political process. A way to do it would be if the justice would examine whether the Swiss offshoot of the French big banks have taken it with the tax honesty of their clients.
(editing Tamedia)
Created: 20.02.2019, 16:54 PM
