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UBS must continue to be patient in the case filed in France for aiding and abetting illegal client recruitment and money laundering. The highest court will rule on the big bank’s appeal of the decision on November 15.
The hearing at the Supreme Court, France’s highest court, took place on Wednesday. UBS is filing a lawsuit against the decision of the French appeals court, which ordered the bank to pay a total of about 1.8 billion euros in the second stage. This includes a fine of 3.75 million euros, confiscation of 1 billion euros and compensation of 800 million euros.
If France’s highest court finds fault with the Court of Appeal’s decision, the case will go back to the Court of Appeal. However, if UBS’s appeal is rejected, the bank will lose before the final court in France.
The tax law dispute has been going on for a decade. French authorities have been investigating the matter since 2013. In February 2019, UBS was ordered by the Paris criminal court to pay a hefty sum of €4.5 billion for the first time for aiding and abetting illegal financial transactions and money laundering; The appeals court later reduced that amount significantly. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
