Sunday 20 October 2019

French court fines UBS €4.5bn for helping clients to hide assets abroad

'The Paris criminal court ruled on Wednesday that UBS illegally provided customers with banking services to hide assets' (stock photo)
'The Paris criminal court ruled on Wednesday that UBS illegally provided customers with banking services to hide assets' (stock photo)

Gaspard Sebag

Switzerland's UBS was ordered to pay more than €4.5bn by a Paris court which found the bank guilty of helping wealthy French clients stash funds in undeclared Swiss accounts. Shares of UBS fell as much as 4.8pc.

The Paris criminal court ruled on Wednesday that UBS illegally provided customers with banking services to hide assets.

The judge fined UBS €3.7bn and added another €800m in compensation to the French government.

"The criminal wrongdoings were of an exceptionally serious nature," said Judge Christine Mee. "These acts were committed behind the veil of opacity."

The bank has denied criminal wrongdoing and said it will appeal the ruling.

Reuters

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