A French court fined the Swiss bank UBS with 1.8 billion euros (about 2 billion dollars) in an appeal decision for an accusation that he helped French residents commit tax fraud.
The bank took the case before a Paris appeal court after being initially fined 3.7 billion euros in a 2019 court decision.
UBS will study this decision and analyze all the options, including “appealing to the Court of Cassation,” the bank reacted in a statement.
On the other hand, the French subsidiary of UBS was dismissed from the charge of complicity in aggravated money laundering, but was sentenced for complicity in an illegal banking incentive (to its clients) to a fine of 1,875 million euros, against 15 million in first instance.
Six former leaders of the banking institution were also prosecuted. Four were sentenced: Dieter Kiefer to one year in suspended prison and 300,000 euros in fine, Patrick de Fayet to one year in conditional prison and 200,000 euros in fine, Olivier Baudry and Philippe Wick to 6 months in suspended prison and 200,000 euros in penalty fee.
Reference-www.eleconomista.com.mx