UBS returns to court to challenge record fine of 4.5 billion euros

It is an audience of 4.5 billion euros. Swiss financial giant UBS AG stands ready. From this Monday until March 24, in the very solemn first chamber of the Paris Court of Appeal, the judges will once again dive into the secrets of the “milk books”, this vast system of canvassing the rich. customers, between petits fours and tax evasion, that the Swiss bank would have set up in France so that they open accounts in Switzerland without the knowledge of the French tax authorities.

On February 20, 2019, UBS was found guilty of illicit prospecting and laundering of tax evasion and sentenced to the biggest sanction ever imposed by the French courts: 4.5 billion euros, including a record fine of 3, 7 billion and 800 million owed to the French State as damages. Its French subsidiary was sentenced, for complicity in the same facts, to a fine of 15 million euros and five former executives or executives of the bank, to sentences of six to eighteen months suspended sentence, accompanied by fines of 50,000 to 300,000 euros.

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