Press Esc to close
Monday 21 August 2017
News updated at 3:10 AM IST

Swiss bank UBS to be tried in France over tax fraud: sources

Paris, Mar 20, 2017, AFP 16:58 IST
UBS will be charged with illegal banking practices and dissimulating tax fraud, the sources said, adding UBS's French subsidiary will also go on trial for complicity. File photo

UBS will be charged with illegal banking practices and dissimulating tax fraud, the sources said, adding UBS's French subsidiary will also go on trial for complicity. File photo

Swiss banking giant UBS will go on trial in France for establishing a wide-ranging tax fraud scheme, legal sources said today.

UBS will be charged with illegal banking practices and dissimulating tax fraud, the sources said, adding UBS's French subsidiary will also go on trial for complicity.

Five UBS top managers are also facing trial, including Raoul Weil, the former third-in-command at UBS.

France opened a probe into UBS after former employees blew the whistle over the bank's alleged system of setting up dual accounts to hide the movement of capital into Switzerland between 2004 and 2012.

The bank's employees allegedly approached French clients, from wealthy businessmen to sports stars, during receptions, golf tournaments or concerts to convince them to hide their money in Switzerland.

In June last year, French prosecutors recommended that UBS face trial for "aggravated laundering of tax fraud proceeds" while its French branch be judged for complicity in these crimes.

The move followed failed negotiations over a plea bargain.

"Those negotiations failed in particular because prosecutors and the bank could not agree on the sum that the bank would have to pay," said one source close to the case.

UBS has always denied any wrongdoing, saying there was no proof for its implication in any such alleged scheme.

On Monday, it said it rejected both "the allegations and the nature of the charges brought", a UBS spokesman told AFP in Paris.

On the Zurich stock exchange, UBS shares dropped 1.2 percent in response to the news.

Go to Top

Photo Gallery
A butterfly on a flower at a park in Guwahati on...

A butterfly on a flower at a park in Guwahati on...

An artist giving finishing touches to the idols of Lord Ganesha during the upcoming...

An artist giving finishing touches to the idols of Lord Ganesha during the upcoming...

Villagers fishing in the flood-hit Balimukh village in Morigaon district of Assam...

Villagers fishing in the flood-hit Balimukh village in Morigaon district of Assam...

Women take part in an attempt to break the Guinness World Record for the largest 'Disco Dance' to...

Women take part in an attempt to break the Guinness World Record for the largest 'Disco Dance' to...

A villager carrying household items submerged in flood waters, at the flood-hit Balimukh...

A villager carrying household items submerged in flood waters, at the flood-hit Balimukh...

Legend cricketer Sachin Tendulkar with his fans during the 2nd edition of Mumbai Half Marathon...

Legend cricketer Sachin Tendulkar with his fans during the 2nd edition of Mumbai Half Marathon...

Fruit vendors row a boat as they look for customers inside the Dal Lake in Srinagar, the summer...

Fruit vendors row a boat as they look for customers inside the Dal Lake in Srinagar, the summer...

Bollywood actor Ranveer Singh walking the ramp at the Lakme Fashion Week Winter Festive 2017...

Bollywood actor Ranveer Singh walking the ramp at the Lakme Fashion Week Winter Festive 2017...

A flower composition is seen during the 48th Debrecen Flower Festival in Debrecen, 226 kms east...

A flower composition is seen during the 48th Debrecen Flower Festival in Debrecen, 226 kms east...

Bollywood actor Vidyut Jamwal showcases a creation by designer Kazingmei during Lakme Fashion...

Bollywood actor Vidyut Jamwal showcases a creation by designer Kazingmei during Lakme Fashion...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.