Paris: French investigating magistrates have proposed that UBS AG pay a fine of ¤4.88bn (£3.86bn) in an investigation into whether the Swiss bank helped wealthy French individuals dodge tax, according to a judicial source.
The proceedings are still at an investigation stage. The proposals were made to an investigating judge who will decide whether there is a case against the bank.
According to the source, the magistrates based their calculations on a total ¤12.2bn they claimed was held by UBS on behalf of French individuals.
They then assumed that 80 percent of that sum - some 9.76bn euros - was fraudulent money, and decided the fine should amount to half of that sum — ¤4.88bn, according to the source.
The Paris prosecutor’s office on Friday declined to comment on the figures provided by the source. A UBS spokesman referred Reuters to a statement it had issued earlier yesterday in reaction to a Swiss press report on the subject. That report said a fine could reach up to $6.3bn.
“As we have said previously, the base for any calculations in this matter are completely artificial, speculative and not based on facts,” the statement said.
“This matter is currently still in the stage of a formal investigation and we will continue to defend ourselves strongly.”
AFP
