Wednesday 28 June 2017

Swiss bank UBS faces trial for allegedly helping wealthy French clients evade tax

Bank rejected as too pricey an out-of-court settlement offer from prosecutor
Bank rejected as too pricey an out-of-court settlement offer from prosecutor

Philippe Sotto

Swiss bank UBS has been ordered to stand trial in France for allegedly helping wealthy French clients evade the country's tax authorities.

It comes after the bank rejected as too pricey an out-of-court settlement offer from prosecutors.

A French judicial official said that investigating judges found the charges against the Zurich-based bank serious and strong enough to send the case to trial at a later date.

UBS said in a statement it disagrees with "the allegations, assumptions and legal interpretations being made" and that it will continue to "strongly defend ourselves".

It is set to appear in a French criminal court under charges of illegal bank soliciting and aggravated money laundering, the official said.

Press Association

Promoted articles

Also in Business