2023-11-15 14:32:29
– The UBS conviction is confirmed, a new trial is ordered in Paris
French justice has ruled on the guilt of the Swiss bank and orders a new trial to reassess the amount of penalties and state compensation.
Published today at 3:32 p.m.
The first Swiss bank was condemned by the Paris Court of Appeal on December 13, 2021.
AFP/FABRICE COFFRINI
In France, the Court of Cassation definitively confirmed on Wednesday the guilt of the Swiss banking giant UBS for aggravated money laundering of tax fraud and illegal bank canvassing, but it ordered a third trial to reassess the amount of the penalties and compensation for the State.
The highest instance of the French judicial order “overturns and annuls the above-mentioned judgment of the Paris Court of Appeal, dated December 13, 2021, but only in its provisions relating to penalties and civil interests”, according to the judgment consulted by the AWP agency on Wednesday.
UBS therefore remains guilty, but the Court of Cassation found that the Paris Court of Appeal incorrectly assessed and justified the confiscation of 1 billion euros and damages of 800 million euros in favor of the State .
The Court “refers the case and the parties to the Paris Court of Appeal, otherwise composed”. The date of this third trial is not known.
Sentenced in 2021
The leading Swiss bank was sentenced by the Paris Court of Appeal on December 13, 2021 to a total of 1.8 billion euros, including confiscation of 1 billion, 800 million in damages and a fine of 3, 75 million euros.
The company with three keys set up a “system” aimed at “facilitating” tax fraud by wealthy French taxpayers between 2004 and 2012, spotted in particular during receptions, hunting trips or golf tournaments, in order to convince them to open undeclared accounts in Switzerland. She had lodged a cassation appeal.
After a hearing on September 27, the highest court of the French judiciary ruled on Wednesday: it annulled the confiscation, deeming it illegal, as well as the compensation granted to the State, considering that it did not was not motivated enough.
New trial expected
A new trial will therefore take place in the coming months at the Paris Court of Appeal, before other magistrates, but only to determine the appropriate penalties and re-examine damages.
The French subsidiary of the bank, UBS France, fined 1.875 million euros on appeal for complicity in illegal bank canvassing, has not filed an appeal.
His sentence is final, like those of four former executives – who were given suspended prison sentences of six months to one year, as well as fines ranging from 200,000 to 300,000 euros.
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