UBS Files Appeal for $2 Billion Penalty for Assisting French Clients to Evade Tax Via Switzerland

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UBS Files Appeal for $2 Billion Penalty for Assisting French Clients to Evade Tax Via Switzerland

24th December 2021 | Hong Kong

UBS has filed an appeal with the French Supreme Court regarding the decision of the Court of Appeal of imposing a total penalty of $2.04 billion for assisting French clients to evade tax via bank accounts in Switzerland.  UBS had been penalised and fined a total of $2.04 billion (EUR 1.8 billion), comprising of EUR 800 million in civil damages, EUR 3.75 million in fine and EUR 1 billion of confiscated money.   France is the 7th largest economy in the world with GDP of $2.78 trillion, and home to some of the world’s richest individuals including Bernard Arnault (LVMH, $195 billion), Francoise Bettencourt Meyers (L’Oreal, $73 billion), Francois Pinault (Kering, $42 billion), Alain Wertheimer (Chanel, $34 billion) and Gerard Wertheimer (Chanel, $34 billion).  

“ UBS Files Appeal for $2 Billion Penalty for Assisting French Clients to Evade Tax Via Switzerland “

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Official Statement from UBS:

UBS appeals verdict of French Court:

Today, UBS AG has filed an appeal with the French Supreme Court regarding the decision of the Court of Appeal, including a fine of EUR 3.75m, the confiscation of EUR 1bn, and civil damages of EUR 800m. The notice of appeal was filed within the statutory five-day notice period to preserve UBS AG’s rights. This enables UBS AG to thoroughly assess the verdict of the Court of Appeal and to determine next steps in the best interest of its stakeholders.

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