The Latest: French court fines Swiss bank UBS $4.2 billion

PARIS — The Latest on the trial of Swiss bank UBS in France (all times local):

2:10 p.m.

A Paris court has ordered Swiss bank UBS to pay 3.7 billion euros ($4.2 billion) in fines for helping wealthy French clients evade tax authorities.

The criminal court convicted UBS on Wednesday of aggravated money laundering and illegal bank soliciting. French media reported that the huge fine was a record sum for a bank in France.

One of the world's largest wealth management banks, UBS says there is no evidence of wrongdoing and that the case was politically driven.

Investigators say the Swiss bank sent employees to solicit wealthy executives or athletes during sport or music events in France, urging them to place their money in Switzerland. The assets illegally concealed by French clients in Switzerland in 2004-2012 allegedly amounted to some 10 billion euros ($10.75 billion).

___

8:45 a.m.

Swiss bank UBS faces a potential multibillion-euro fine as a Paris court is set to deliver a verdict on charges it helped wealthy French clients evade tax authorities.

The ruling in the exceptional case will be announced Wednesday afternoon by a French criminal court.

One of the world's largest wealth management banks, Zurich-based UBS AG is charged with illegal bank soliciting and aggravated money laundering. Its French subsidiary and five top UBS managers are also on trial.

UBS denies wrongdoing.

Investigators say the Swiss bank for years sent its employees to solicit wealthy businessmen or athletes during sport or music events in France, urging them to place their money in Switzerland. The assets illegally concealed by French clients in Switzerland in 2004-2012 allegedly amounted some 10 billion euros ($10.75 billion).

You may also like these

France, Australia call on China to observe rules

May 2, 2018

French President Emmanuel Macron and Australian Prime Minister Malcolm Turnbull have issued a...

Australia shifts on refusal to send refugees to...

Oct 17, 2018

Australia's prime minister signals he could accept New Zealand's longstanding offer to resettle 150...

Australia to reopen island detention camp after...

Feb 13, 2019

Australia to reopen a mothballed island detention camp in anticipation of new migrant smuggling...

Australian PM rules out minor party deal to...

Mar 28, 2019

Australia's prime minister has ruled out any vote-sharing deal with an influential minor party in a...

Global stocks climb on signs US rate hike not...

Aug 18, 2016

Global stocks rose Thursday after Wall Street edged higher on news the U.S. Federal Reserve is in...

Search
Financial Markets

About Us

Established in 2015, The Upstocker provides insights on financial reports, commentary, and investment data to traders so that you can make better investment decisions.

Contact us: sales[at]theupstocker.com

Subscribe Now!