The Swiss bank will have to wait longer for a verdict on its tax case in France after a French court postpones hearing.
A French court postponed its verdict on UBS' 4.5 billion euros ($4.8 billion) tax case appeal until December 13, according to a «Reuters» report on Monday.
The bank is waiting to hear on its appeal against a fine for soliciting clients illegally at sporting events and parties in France, and of laundering the proceeds of tax evasion. The Swiss bank says it acknowledges the delay.
The penalties imposed on the bank in 2019 consisted of a 3.7-billion-euro fine and 800 million euros in civil damages. Prosecutors are seeking a fine of at least 2 billion euros, with lawyers for the French government saying they want 1 billion euros in damages and interest.
Bad Timing
The delay means more months of uncertainty for Zurich-based UBS, which has been grappling with the criminal investigation since 2011. The appeal also comes at a time when the bank’s CEO of one year, Ralph Hamers, is at the center of a money laundering investigation looking into his tenure at ING.
