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UBS loses appeal against 1.1-billion-euro bail in tax fraud case
Swiss bank UBS has lost an appeal against paying a 1.1-billion-euro security deposit linked to a probe into charges that it helped rich French clients hide millions in secret bank accounts. The bank said it would take the case to the European Court of Human Rights.
A Paris court rejected UBS’s final appeal in France on Wednesday, a decision that has “disappointed” the bank, which claims that the sum of money is disproportionate.
The bank was ordered to pay the hefty guarantee after being charged with tax fraud in July and having lost an earlier appeal against the payment in September.
"As we have said before, UBS believes that the basis for calculating the bail amount is exaggerated, speculative and not based on facts," a statement by the bank said. “The matter is still at the stage of a formal investigation and we will continue to defend ourselves vigorously,"
UBS is suspected to have sent employees to France to canvass for clients wishing to dodge taxes and salt away cash in secret accounts between 2004 and 2010.