Friday , July 30 2021

The French Public Prosecutor's Office demanded that Swiss bank UBS AG be fined 3.7 billion euros

The French Financial Prosecutor's Office has requested a fine
Swiss bank UBS AG is worth 3.7 billion euros to help French citizens
in tax avoidance, writes the Financial Times.

According to the authorities, a criminal scheme in which banks participate,
allows customers to avoid paying taxes of around 10 billion euros

"UBS deliberately manages accounts of people who avoid taxes,
– Said in a statement by the prosecutor. – avoid
tax – it's just theft of money from the public. "

UBS representatives denied all charges and noted that they did not understand
a system where French authorities calculate the amount needed

As reported, in 2014, UBS completed a similar case
German authorities, pay compensation in the amount of around 300 million euros,
at the same time, the volume of UBS's wealth management business for wealthy citizens
in France less than in Germany.

UBS shares at Friday's auction fell 3.2%, bank capitalization
fell 22% since the beginning of the year and 55.2 billion Swiss francs
($ 54.8 billion).

Based on: Financial Times

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