UBS intends to defend from charge in assistance to citizens of France in tax avoiding

29.03.2012

The Swiss bank UBS disproved charges in assistance to French citizens in tax avoidance. These charges are contained in the book of the French journalist Antoine Peyon «Venished 600 billions in France» in which there is bright description of the training by bank of the employees to consult of the French businessmen and representatives of elite how will better evade from taxes. 

In turn the bank assures that Peyon received data from the former workers of UBS who brought an action against the French branch of the financial organization. UBS also is guided by carrying out internal investigation which didn't confirm all claims of the former employees, thereby showing an intention to defend from charges, using all means provided by the law. 

Expert’s opinion

«It’s not a first case when UBS is exposed to charges from tax authorities. Let's remind that UBS already was necessary to pay the large sum to US authorities (780 mln. dollars) within settlement of judicial claims. This event occurred in 2009 and is marked by identification of the fact of the help of UBS in concealment by the American clients of billions dollars on confidential accounts. The result of opposition of UBS and official Washington was the simplification of the financial legislation of Switzerland, including a question of "bank secret".

We will see after further events but if this proceeding is dragged out, it can seriously affect reputational expenses of bank».

On the basis: www.ubs.com

Andrianova Irina ( the leading lawyer of legal support and banking consulting department of Honest & Bright )