The lawsuit against UBS in France may end in tears for the Swiss bank. The prosecution demands the payment of a huge fine and urges suspended prison sentences for a number of its managers.
France wants UBS to pay compensation worth 1.6 billion euros ($1.82 billion) plus a fine of 3.7 billion euros, according to reports in the French media.
The prosecution claims that UBS had abetted tax evasion and hence contributed to the theft of assets that belonged to the public. UBS has rejeted the allegations and called them unfounded.
Suspended Prison Terms for Six
The French prosecutors has asked for suspended prison sentences of six to 24 months to be imposed against six current and former UBS managers. In addition to the suspended sentences, they are due for the payment of fines of 50,000 to 500,000 euros.
The six are:
Hervé d’Halluin, ex-head of Lille branch. Sentence demanded by the prosecution: six-month suspended prison term, fine of 50,000 euros.
Patrick de Fayet, ex-deputy UBS France. Sentence demanded: twelve months plus 300,000 euros.
Raoul Weil, ex-head of private banking UBS. Sentence demanded: 24 months plus 500,000 euros.
Dieter Kiefer, head of private banking Western Europe. Sentence demanded: 18 months in prison plus 400,000 euros.
Philippe Wick, ex-head of UBS France International. Sentence demanded: twelve months plus 300,000 euros.
Olivier Baudry, Wick’s successor. Sentence demanded: twelve months plus 300,000 euros.
