UBS verdict postponed in 4.5 BLN Euro French tax case

French judges postponed until Dec. 13. This is a ruling on UBS’s appeal against a landmark fine. And that too in a case in which the Swiss bank has contested allegations it helped wealthy clients stash undeclared assets offshore. Judges said that the decision had to be delayed. UBS said that it only took note of the decision. The several years of investigation was ended in initial stage. It was hit in 2019 with a record 4.5 billion euros in penalties.

UBS is looking to reverse the ruling in which it was found guilty of soliciting clients illegally at sporting events and parties. Lawyers for UBS argued in the appeals trial about how the investigators had never found clear evidence of systematic attempts to canvass French customers by UBS commercial specialists. This will include the client events like cocktail parties and hunts. The allegations wanted to be thrown out altogether by the bank. And also, they have argued that the fine was disproportionate. Prosecutors in the appeals trial said that they would seek a fine of at least 2 billion euros. Fines in Europe for tax-related and other offences is lower than in the United States.