Martin Abegglen
The statement from the court reads, "the Court of Cassation on Wednesday definitively found the Swiss bank UBS guilty of concealing aggravated tax fraud as well as illegal bank agitation," the newspaper reported.
In December 2021, the Paris Court of Appeal fined the bank €3.75 million in addition to confiscating €one billion and awarding €800 million in damages. The bank was ordered to pay a total of €1.8 billion.
The Court of Cassation invalidated the portion of the sentence pertaining to the billion's seizure, ruling it unlawful, along with the payment of damages to the state.
In order to recalculate the fines and damages amounts, the court ordered that a third trial be set for the upcoming months.
The bank, which maintains its innocence, was found guilty of luring affluent French customers to open unreported accounts between 2004 and 2012.
source: afp.com
In December 2021, the Paris Court of Appeal fined the bank €3.75 million in addition to confiscating €one billion and awarding €800 million in damages. The bank was ordered to pay a total of €1.8 billion.
The Court of Cassation invalidated the portion of the sentence pertaining to the billion's seizure, ruling it unlawful, along with the payment of damages to the state.
In order to recalculate the fines and damages amounts, the court ordered that a third trial be set for the upcoming months.
The bank, which maintains its innocence, was found guilty of luring affluent French customers to open unreported accounts between 2004 and 2012.
source: afp.com