Wednesday , June 23 2021

The French Public Prosecutor requested that the Swiss bank UBS AG be fined € 3.7 billion

The Finnish Prosecutor's Office has requested fines
Swiss bank UBS AG for 3.7 billion euros to help French citizens
in tax evasion, writes Financial Times.

According to the authorities, the criminal system in which the bank participated,
allowed customers to avoid paying taxes of about 10 billion euros
2004-2012 year.

"UBS deliberately managed the accounts of people who avoided taxes,
– said in a statement prosecutors. – A dodging
taxes – it's just theft of money from society. "

UBS representatives deny all claims and note that they do not understand
the system by which the French authorities calculated the amount requested

As reported, in 2014, UBS decided a similar case
The German authorities paid compensation of approximately 300 million euros,
at the same time as the volume of UBS's management activities for wealthy citizens
in France less than in Germany.

Shares of UBS on auction on Friday fell by 3.2%, the bank's capitalization
fell 22% since the beginning of the year and is 55.2 billion Swiss francs
($ 54.8 billion).

Based on: Financial Times

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