Press Esc to close
Saturday 25 March 2017
News updated at 2:31 AM IST

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

Paris, Mar 20, 2017, AFP
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
Crime Branch officials display seized silver worth rupees 90 Lakh at a press conference in Thane...

Crime Branch officials display seized silver worth rupees 90 Lakh at a press conference in Thane...

Bollywood actress Jacqueline Fernandez during an event in Mumbai...

Bollywood actress Jacqueline Fernandez during an event in Mumbai...

An oil tanker catches fire at a petrol pump in Nongrim Hills, Shillong...

An oil tanker catches fire at a petrol pump in Nongrim Hills, Shillong...

Tibetan spiritual leader The Dalai Lama interacts with Australian cricket team captain Steve...

Tibetan spiritual leader The Dalai Lama interacts with Australian cricket team captain Steve...

Medical students form the sign of 'TB' as they observe World Tuberculosis Day in Shimla...

Medical students form the sign of 'TB' as they observe World Tuberculosis Day in Shimla...

Renowned Kathak dancer Jayanti Mala performing at the Taj Mahotsav in Agra...

Renowned Kathak dancer Jayanti Mala performing at the Taj Mahotsav in Agra...

Members of Maharashtra Association of Resident Doctors (MARD) show placards during a protest...

Members of Maharashtra Association of Resident Doctors (MARD) show placards during a protest...

Actor-Director Pooja Bhatt with 82-year-old Chandro Tomar popularly known as Revolver Dadi...

Actor-Director Pooja Bhatt with 82-year-old Chandro Tomar popularly known as Revolver Dadi...

A view of the Yadiyuru Lake in Bengaluru...

A view of the Yadiyuru Lake in Bengaluru...

The 485 km long Manali-Leh strategic road being cleared of snow by Border Road Organisation...

The 485 km long Manali-Leh strategic road being cleared of snow by Border Road Organisation...

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