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UBS goes after the Paris verdict in the Offensive

The UBS has lost the criminal process in France, in the first instance with a crash. Now the Bank wants to win the battle for public opinion. And in the media

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UBS goes after the Paris verdict in the Offensive

The UBS has lost the criminal process in France, in the first instance with a crash. Now the Bank wants to win the battle for public opinion. And in the media Offensive.

"The judgment is extremely superficial, inconsistent and contradictory", according to a media release by the Bank, in the UBS critical of the judge's decision really. Almost one and a half hours, the two lawyers of the Bank, Denis Chemla and Jean Veil, together with the UBS General counsel Markus Diethelm, in a hastily convened telephone conference of Paris, from their point of view is also presented.

money laundering

On Wednesday, the count had the 32. Chamber of the Paris criminal court, the UBS a fine of 3.7 billion and 800 million Euro in damages to the French state sentenced. The court saw it as proven that the UBS AG have recruited from 2004 to 2011, illegal to customers in France. In addition, they have helped between 2004 and 2012, with services such as number of accounts French clients to evade taxes, which is considered as money laundering.

"I've seen in 50 years as a lawyer never had such a poorly reasoned decision," said lawyer Jean Veil. So UBS had to analyze the Text of the judgment. Accordingly, the judge Christine Mée have written just 29 percent of the 217-page-long judgement, the Rest had been copied from the Criminal proceedings.

In fact, arise at the reading of the judgment oddities. The exorbitant buses in the amount of 3.7 billion Euro is covered in the Text on only one and a half pages. Judge Mée argued first, on page 202, that the tax-laundering basis for the buses for money, the amount of the unpaid tax on the evaded money. Two paragraphs later, then it shall be but as a base for the buses, those 3.7 billion euros, of which 3983 French Taxpayers via had self-declared display.

judgment ensures that, even in France, caused a stir

not at All justified why the court damage to the French state instead of the required 1.6 billion euros set only 800 million in awards.

The UBS representatives also pointed to an inconsistency with a view to the accusation that the Swiss Bank had illegally recruited clients on French soil. Because on page 184 of the judgment it is said: "It is true that none of the in the investigation belonged to the UBS has declared client to be in France of a Swiss client Advisor addressed." This judge Mée not wiped from the table, the witnesses were in the point to be credible.

The grounds of judgment ensures that, even in the French press, stir. For the economic newspaper "Les Echos", this is "a small legal Sensation". Because the judge sees the roots of the fraud in the "vertically structured, systematic, and organization" of the Bank, have waived the court's attention to the Details of the allegations and the evidence. The leaf sees in the verdict a "incentive" for company , the new French law, introduced in the comparison.

HSBC came up with a comparison of

In the telephone conference call was not therefore the subject, whether the UBS regret to have not made use of. "We have completed a comparison, because we don't agree", said lawyer Chemla. In other words, the Prosecutor's office have been demanding too much, according to "Les Echos" it has been over 2 billion euros.

The case of UBS, not to be compared with that of the HSBC Switzerland, as Chemla. HSBC came up with a comparison, over 300 million euros. The investigations against the Bank were based, however, on the customer's data, which had stolen the Ex-it specialist Hervé Falciani. French authorities had worked together with the offender and so a procedural error committed. "Therefore, the state's attorney, was also more modest," it was said.

On the stock exchange, the UBS share again posted losses. Investors are worried that any provisions for the buses could push the gains and the distributions.

(editing Tamedia)

Created: 21.02.2019, 22:16 PM

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