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UBS faces French trial over long-running tax case

Reuters  |  ZURICH 

ZURICH (Reuters) - and its French subsidiary face a trial in after authorities laid out charges against the Swiss bank, marking an escalation of a long-running probe into allegations they helped wealthy clients avoid taxes.

"We will now have the possibility to respond in detail in a court of law," said in an emailed statement on Monday. "has made clear that the disagrees with the allegations, assumptions and legal interpretations being made."

A spokesman for said the could not comment on the date of the trial.

French magistrates have ordered that stand trial for aggravated fraud and money laundering as well as illegally offering related services, a judicial source said.

Magistrates were expected this week to order a trial in the case, reported on Sunday, after negotiations failed to produce a settlement in the long-running probe into allegations helped clients avoid taxes.

French newspaper JDD said had rejected a 1.1 billion euro ($1.18 billion) settlement proposed by prosecutors.

The JDD quoted Markus Diethelm, UBS's general counsel, as saying a 1.1 billion euro payment was "unthinkable" and out of line with similar settlements reached in other countries.

settled a case with German authorities in 2014 for around 300 million euros.

($1 = 0.9301 euros)

(Reporting by Joshua Franklin in Zurich and Laurence Frost in Paris; Editing by Michael Shields and Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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UBS faces French trial over long-running tax case

ZURICH (Reuters) - UBS and its French subsidiary face a trial in France after authorities laid out charges against the Swiss bank, marking an escalation of a long-running probe into allegations they helped wealthy clients avoid taxes.

ZURICH (Reuters) - and its French subsidiary face a trial in after authorities laid out charges against the Swiss bank, marking an escalation of a long-running probe into allegations they helped wealthy clients avoid taxes.

"We will now have the possibility to respond in detail in a court of law," said in an emailed statement on Monday. "has made clear that the disagrees with the allegations, assumptions and legal interpretations being made."

A spokesman for said the could not comment on the date of the trial.

French magistrates have ordered that stand trial for aggravated fraud and money laundering as well as illegally offering related services, a judicial source said.

Magistrates were expected this week to order a trial in the case, reported on Sunday, after negotiations failed to produce a settlement in the long-running probe into allegations helped clients avoid taxes.

French newspaper JDD said had rejected a 1.1 billion euro ($1.18 billion) settlement proposed by prosecutors.

The JDD quoted Markus Diethelm, UBS's general counsel, as saying a 1.1 billion euro payment was "unthinkable" and out of line with similar settlements reached in other countries.

settled a case with German authorities in 2014 for around 300 million euros.

($1 = 0.9301 euros)

(Reporting by Joshua Franklin in Zurich and Laurence Frost in Paris; Editing by Michael Shields and Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

UBS faces French trial over long-running tax case

ZURICH (Reuters) - and its French subsidiary face a trial in after authorities laid out charges against the Swiss bank, marking an escalation of a long-running probe into allegations they helped wealthy clients avoid taxes.

"We will now have the possibility to respond in detail in a court of law," said in an emailed statement on Monday. "has made clear that the disagrees with the allegations, assumptions and legal interpretations being made."

A spokesman for said the could not comment on the date of the trial.

French magistrates have ordered that stand trial for aggravated fraud and money laundering as well as illegally offering related services, a judicial source said.

Magistrates were expected this week to order a trial in the case, reported on Sunday, after negotiations failed to produce a settlement in the long-running probe into allegations helped clients avoid taxes.

French newspaper JDD said had rejected a 1.1 billion euro ($1.18 billion) settlement proposed by prosecutors.

The JDD quoted Markus Diethelm, UBS's general counsel, as saying a 1.1 billion euro payment was "unthinkable" and out of line with similar settlements reached in other countries.

settled a case with German authorities in 2014 for around 300 million euros.

($1 = 0.9301 euros)

(Reporting by Joshua Franklin in Zurich and Laurence Frost in Paris; Editing by Michael Shields and Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22