Wednesday , September 22 2021

French Office of Public Prosecutor Requests Swiss Bank UBS AG to Suit 3.7 Billion Euros



French Finance Prosecutor's Office has requested a fine
Swiss bank UBS AG for 3.7 billion euros to help French citizens
tax evasion, writes the Financial Times.

According to the authorities, the criminal system in which the bank participated
allowed customers to avoid paying around 10 billion euros
2004-2012.

"UBS deliberately managed accounts of people who escaped taxes,
– said in a statement to prosecutors. – Tricky
taxes – it's just a theft of money from the company. "

UBS denies all the allegations and notes that they do not understand
the system by which the French authorities calculated the required amount
fine.

As reported, in 2014 UBS solved a similar case with
The German authorities, with a compensation of around € 300 million,
at the same time the volume of UBS property management company
France less than Germany.

UBS shares declined by 3.2% on the auction on Tuesday, the bank's capitalization
since the beginning of the year decreased by 22% to 55.2 billion Swiss francs
($ 54.8 billion).

Based on: Financial Times


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