Why French judges landed UBS with 1.1 billion-euro bail demand

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The Paris Court of Appeal this week upheld a decision that Swiss bank UBS must post bail of 1.1 billion euros while a judicial investigation into its alleged role in massive, organised tax evasion continues. The colossal bail sum, the highest ever demanded in France, was ordered this summer by magistrates leading the probe into Switzerland’s largest bank which, if sent for trial, faces a far greater fine. Mediapart has gained access to the confidential magistrates’ judicial order in July, in which they detail their investigations and justify the bail. Dan Israel reports.

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Swiss banking giant UBS is the subject of a two-pronged investigation for alleged abetting of tax evasion in France which targets UBS AG, the parent company, and its French subsidiary UBS France.