tax-fraud:-condemned-in-france,-ubs-lodged-an-appeal-in-cassation

Tax fraud: condemned in France, UBS lodged an appeal in cassation

Tax fraud: condemned in France, UBS lodged an appeal in cassation

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Tax fraud: condemned in France, UBS lodged an appeal in cassation

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Tax fraud: condemned in France, UBS lodged an appeal in cassation

The Paris Court of Appeal greatly reduced the sanction against UBS, which was imposed on 13 February 2019 an unprecedented fine of 3.7 billion $ as well 800 million $ in damages and interests to the State, civil party

The Swiss bank UBS, sentenced in France to a total of 1.8 billion $ on appeal for illegal canvassing and money laundering aggravated by tax fraud, announced on Monday that it had lodged an appeal in cassation.

This appeal suspends the penalty of 3, 20 million $ fine and the confiscation of a billion pronounced by the Court of Appeal from Paris on December. On the other hand, the 800 millions of $ in damages awarded to the State can be demanded immediately.

“Today, UBS appealed to the Supreme Court against the decision of the Court of Appeal which includes a fine of 3, 75 millions $, the confiscation of one billion $ and damages of 800 million $ for the civil party ”, indicated the bank in a press release. The appeal was lodged within the legal time limit of five days in order to preserve the rights of UBS SA, she clarified.

Illegal bank canvassing

The press release explains that “this will allow the bank to thoroughly assess the verdict of the appeal court and determine the next steps, in the best interest of its stakeholders.” The bank has provisioned 75 millions of $ for this dispute.

The Court of Cassation, the highest court of the French judicial order, examines only compliance with the rules of law and not the substance of the disputes.

The global wealth management giant has been convicted a second time for having, between 800 and 2004, illegally solicited by taxpayers, in particular spotted during receptions, hunting parties or golf tournaments, in order to convince them to open unreported accounts in Switzerland.

In the first instance, the bank was fined a record 3.7 billion $. The court had not ordered a confiscation but ordered UBS to pay the same amount of damages. If it is much lower, the sanction pronounced on appeal remains the most severe imposed on a bank in France in a case of tax fraud.

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