Swiss bank UBSloses US$1.4 billionbail appeal in France
September 23, 2014
Swiss bank UBS loses US$1.4 billion bail appeal in France
BERLIN (AP) — Swiss bank UBS AG has failed to overturn a bail order for 1.1 billion euros (US$1.4 billion) set by a French court in a tax evasion and money laundering case.
The Zurich-based bank said it was informed Monday of the appeals court decision, which it said failed to take into account the arguments it put forward.
UBS now plans to appeal to the French Supreme Court and the European Court of Human Rights, calling the proceedings against it “a highly politicised process that from the beginning of the investigation has not followed elementary facets of the rule of law”.
UBS has refused a settlement offer that would have required it to plead guilty in the case, which started as a probe into the bank’s alleged aid to French tax.
