Success of the big bank: The court overturned the decision in the UBS tax case

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UBS can claim success in the legal dispute with France. The Supreme Court in Paris, France’s highest court, annulled the decision against the major Swiss bank. This emerges from the decision published on Wednesday by the highest court in France, which is available to the AWP news agency. Therefore, the case returns to the Federal Court.

If the bank had been found guilty, it would have had to pay almost 2 billion euros. The charge is: aiding and abetting illegal customer recruitment and money laundering. The decision included a fine of 3.75 million euros, confiscation of 1 billion euros and compensation of 800 million euros. UBS allocated 1.1 billion euros for the legal dispute.

UBS challenged this and has now succeeded. There was already a hearing at the Supreme Court at the end of September. But the highest court does not fundamentally re-evaluate the cases, only assessing whether formal errors were found.

Legal dispute now enters next round

There are now new trials in the French Court of Appeal. The deadlock in the legal dispute, which has been going on for about 10 years, continues.

Investigations by French authorities began in 2013. In February 2019, UBS was ordered by the Paris criminal court to pay a total of 4.5 billion euros for the first time for aiding and abetting illegal financial transactions and money laundering.

In December 2021, the bank was also found guilty in the second case: the French appeals court found that UBS illegally collected money from wealthy French taxpayers between 2004 and 2012. The decision stated that he wanted to persuade his customers to open undeclared accounts in Switzerland. (SDA/kae)

Source :Blick

Tim

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.