In the legal dispute between the French state and UBS, the court acquitted one of the six bankers also on trial. The prosecution has decided to appeal the acquittal.
Raoul Weil, the former head of wealth management at UBS, was acquitted by the French judiciary. The prosecution however won’t have any of it and announced its intention to appeal the ruling, according to «Neue Zuercher Zeitung».
For Years to Come
Weil was the only one to escape without a guilty verdict in the trial against UBS that ended in February. The bank and five ex-UBS bankers were convicted on charges of money laundering and abiding tax evasion. UBS was ordered to pay 4.5 billion euros ($5.1 billion) in fines and damages.
The bank didn’t accept the ruling and appealed the verdict. The France judiciary will now revisit the case and a new trial date will likely be set in two years’ time.
