UBS to appeal tax fraud ruling

Wednesday, 20. February 2019 14:44

UBS Group AG plans to appeal the ruling by the French court which found it guilty of money laundering and ordered it to pay more than €4.5 in damages.

The bank claimed the conviction was "not supported by any concrete evidence, but instead is based on the unfounded allegations of former employees." Further, UBS stated no evidence was provided it solicited French clients on French soil to open an account in Switzerland, meaning the ruling "undermined the sovereignty" of Swiss law. "The judgment does not depart from preconceived notions, incriminating the bank based on the fact that it offered certain legitimate and standard services under Swiss law that are also common in other jurisdictions," the bank said.

Concerning the fine, UBS contested the levy, maintaining the "verdict lacks proof and a credible methodology for the calculation of the fine and damages."

The company stock fell further, standing 4.24% in the red 2:45 pm CET.

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