French court to rule in November on UBS' tax evasion appeal -UBS lawyer

investing.com:

By Mathieu Rosemain and Noele Illien

PARIS (Reuters) — France's top court will rule on Nov. 15 on an appeal by UBS against its conviction in a tax evasion case which drew a 1.8 billion-euro ($1.90 billion) penalty, the Swiss bank's lawyer Patrice Spinosi said on Wednesday.

UBS' appeal to the country's highest judicial court represents its last chance to overturn part or all of a 2021 ruling, which upheld that the bank was guilty of both promoting illegal banking services and money laundering in the country.

The 1.8 billion-euro fine ordered two years ago against UBS was less than half an initial overall penalty of 4.5 billion imposed on the bank after a first trial in 2019.

The bank, which was found guilty of soliciting clients illegally at sporting events and parties in France and for laundering the proceeds of tax evasion, had at the time hoped to see the charges thrown out by the Paris appeals court.

France's top court will review whether the Paris appeals court ruling complies with the law, not the facts that underpinned its decision.

If it overthrows part or all of the charges against UBS, a new trial will have to take place.

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