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13:26, 27 June 2017 Tuesday
Update: 16:12, 20 March 2017 Monday

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Swiss bank UBS to be tried in France over tax fraud
Swiss bank UBS to be tried in France over tax fraud

UBS will be charged with illegal banking practices and dissimulating tax fraud, the sources said, adding UBS's French subsidiary will also go on trial for complicity.

World Bulletin / News Desk

Swiss banking giant UBS will go on trial in France for establishing a wide-ranging tax fraud scheme, legal sources said on Monday.

Five UBS top managers are also facing trial, including Raoul Weil, the former third-in-command at UBS.

France opened a probe into UBS after former employees blew the whistle over the bank's alleged system of setting up dual accounts to hide the movement of capital into Switzerland between 2004 and 2012.

The bank's staff allegedly approached French clients, from wealthy businessmen to sports stars, during receptions, golf tournaments or concerts to convince them to hide their money in Switzerland.



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