The UBS Group received a positive boost when judges ruled that it would pay a significantly reduced fine for the bank’s assistance to French customers in depositing undeclared funds in Swiss accounts.
The Paris Court of Appeal upheld the 2019 decision by which the bank was found to provide a series of services to its customers in order to hide assets from the tax authorities.
But according to the changes in the legislation, the initial fine of 4.5 billion Euros was reduced, and includes 800 million Euros in compensation and a decision of confiscation of 1 billion Euros.
Although it can hardly be said that it was a “victory” for UBS, it remains a significant reduction in the fine that surprised the Swiss bank two years ago and led to the anger of its shareholders for the way the management handled the case.
Under French law, UBS will have to pay compensation to the state, but appealing to France’s highest court will “freeze” the fines.
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Source From: Capital
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