UBS with a record 4.5 billion-euro fine for tax evasion

A record fine of € 3.7 billion and an 800 million immediate payment order covering damage in France after the court confirmed the Swiss bank's guilt of helping their wealthy clients evade tax.

After a six-week trial, the court in France sentenced UBS to incite France's money-laundering tax frauds. This is the biggest fine in the history of tax lawsuits in France and can actually wipe out the bank's profits for a whole year. UBS shares fell 4.7% after the court's decision.

Of course, the bank denied the accusations and will appeal. The amount is less than the initial $ 5.3 billion that the district court required, but the bank will have to pay 800 million for which prosecutors initially insisted.

This is a big blow to the bank, which is currently preparing for a case with the US Department of Justice on charges of pre-crisis selling UBS selling the well-known toxic mortgage assets. The bank declined to pay $ 2 billion for an agreement with the Department last year, believing they would pay less after the lawsuit.

The French fine comes just after the bank had to pay $ 78 million after losing the US in 2009 and Germany in 2014, when they were fined 300 million euros.

Source: Financial Times

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