France: UBS pays €835 million to settle tax dispute
Keystone-SDA
UBS has settled an old tax dispute in France and will pay a total of 835 million euros (CHF780.7 million) to put an end to this case dating from 2004 to 2012, it announced on Tuesday.
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The €835 million to be paid breaks down into a €730 million fine and €105 million in damages to the French state, the banking giant said in a press release. UBS has set aside the necessary provisions to meet these costs.
The French courts convicted UBS in 2021 of aggravated tax fraud and illegal canvassing in France. At the end of 2023, the Court of Cassation upheld the sentence, but the Court of Appeal had to consider the penalties and compensation for the State’s losses again in a new trial. The proceedings are now closed.
Translated from French by DeepL/ds
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