UBS says huge French tax fraud case settlement 'unthinkable'


The Swiss banking group could avoid trial over the alleged massive tax evasion it is accused of having helped among its French customers if it agrees to a settlement, but said it could never agree to a write-off of the 1.1 billion-euros it handed over three years ago as a bail bond, which its legal counsel claimed was "not at all the market price".

Reading articles is for subscribers only. Subscribe now.

UBS Group AG is “very pessimistic” about reaching an agreement with French authorities to settle a case of alleged tax fraud that forced the bank to post a 1.1 billion-euro bond to cover any potential penalties three years ago, according to French weekly Journal du Dimanche (JDD), reports Bloomberg.