2023-09-23 16:42:28
Published on September 23, 2023 at 6:42 p.m. Modified on September 23, 2023 at 6:43 p.m.
This Wednesday in Paris, UBS will perhaps approach the outcome of a matter almost twenty years old. That of illegal canvassing of French customers, practiced in the years 2000 and 2010, which earned the bank a record fine of 3.7 billion euros in 2019, accompanied by 800 million in damages. On appeal, the sanction imposed by the French courts was reduced two years later to a fine of 3.75 million euros, the confiscation of a billion and the maintenance of 800 million in damages. A week following this verdict, UBS announced that it would appeal to the Supreme Court, the highest court in the French judicial system. In essence, the court will have to say whether the law was correctly applied in this case.
There will therefore be no question, during Wednesday’s hearing, of the golf tournaments organized by UBS to convince rich French people to discreetly deposit their assets in Switzerland. Like the other facts in this file, the famous “milk books” should also not be discussed, this double accounting system supposed to allow the sharing of commissions between French employees of UBS and their Swiss colleagues – described as hunters by the French press – who came to France to recruit new offshore clients.
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