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UBS Not Going To Let France Make An Example Of Its Admittedly Illegal Business Practices [Dealbreaker]
[September 22, 2014]

UBS Not Going To Let France Make An Example Of Its Admittedly Illegal Business Practices [Dealbreaker]


(Dealbreaker Via Acquire Media NewsEdge) Did UBS help clients evade taxes for years and years? Yes, it’s a Swiss bank and that’s what Swiss banks do (did?). Is that any reason for France to go all extortionist on its ass? UBS says no. As an aside, a spokesperson from UBS has suggestion that certain French attorneys ought to go back to law school.



Swiss banking giant UBS must pay a 1.1 billion euro ($1.41 billion) bond, a Paris appeals court said Monday, upholding an earlier decision that is part of a probe into whether the bank helped wealthy French customers evade taxes…UBS said in an emailed statement that it was “very disappointed” by the court’s decision and that it would file a fresh appeal with the Supreme Court. “We continue to believe that this is a highly politicized process that from the beginning of the investigation has not followed elementary facets of the rule of law,” said UBS. The decision represents a major setback for the bank, which was confident it would be able to settle the matter for considerably less than €100 million, according to a person familiar with the matter. The size of the bail suggests prosecutors are seeking record criminal penalties against the Swiss bank.

UBS’s $1.41 Billion Bail Upheld in French Tax Case [WSJ] (c) 2014 Breaking Media, Inc. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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