UBS claims tax evasion verdict contains ‘significant flaws’.

Added on 27/02/2019

As published on, Tuesday 26th February, 2019.


Swiss banking group UBS sees “significant flaws” in the French judges’ decision to find it guilty of aggravated money laundering and illegal bank soliciting.

The Zurich-based bank was hit with a €4.5bn (£3.9bn, $5.1bn) fine, which it is appealing. It includes a €3.7bn penalty for UBS AG, a €15m fine against UBS (France) and civil damages worth €800m.

It said: “The conviction is not supported by any concrete evidence. In addition, following a detailed review of the judgement, it is clear that the decision contains significant flaws that will need to be addressed by the Court of Appeals.”

UBS feels that the “judgement is extremely superficial, inconsistent and contradictory”, as it does “not address the vast majority of legal and factual arguments” made by the bank.

The decision said that “it is true that none of the UBS customers heard during the investigation stated that they had been approached in France by a Swiss client adviser, or even met a Swiss client adviser on the national territory.”

But UBS says, “the judgement completely discounts this fact, simply implying that all of these customers are not credible without providing any proof to that effect”.