UBS: Decision by the French Court of Appeal
UBS takes note of the French Court of Appeal’s decision.
UBS AG was found guilty of unlawful solicitation and aggravated laundering of the proceeds of tax fraud relating to the bank’s cross-border business activities in France between 2004 and 2012. The court imposed a fine of EUR 3.75 million as opposed to EUR 3.7 billion in the first instance.
In addition, the court has ordered the confiscation of EUR 1bn. The court also awarded civil damages to the French state of EUR 800m, unchanged from the first instance. The award of civil damages will be payable upon request by the French state.
UBS (France) SA was acquitted on charges of aiding and abetting of laundering the proceeds of tax fraud and was found guilty of aiding and abetting of unlawful solicitation. The court has ordered a fine of EUR 1.875m.
The fines imposed on UBS AG and UBS France S.A. would be suspended if the decision is appealed.
UBS will review the decision and consider all options, including appeal.