ZURICH – UBS has paid the French state 800 million euros ($869.92 million) in civil damages in relation to a French tax evasion case, its annual report confirmed on Monday.
A Paris appeals courtroom in December slashed the penalty UBS should pay for allegedly serving to rich shoppers in France evade taxes to 1.8 billion euros ($2 billion), however upheld that the Swiss financial institution was responsible of each selling unlawful banking companies and cash laundering.
UBS filed an attraction with France’s Supreme Courtroom in opposition to the choice, which ordered the confiscation of 1 billion euros and awarded the French state 800 million in civil damages.
“The civil damages award has been paid to the French state (99 million euros of which was deducted from the bail), topic to the results of UBS‘s attraction,” the financial institution stated on Monday.
UBS has put aside some 1.1. billion euros in authorized provisions to settle the case, which it famous remained topic to a “wide selection of attainable outcomes”.
UBS may recoup its civil damages cost relying on the French Supreme Courtroom’s ruling.
($1 = 0.9196 euros)
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