UBS, The largest bank in Switzerland is currently facing a charge of tax evasion and money laundering, which could cost it some $ 5.8 billion in case of guilt. The case repatriated to French territory was followed by a request for abandonment of prosecution on the part of the group, however the French justice rejects this request and intends to initiate the legal proceedings.
A request to eliminate the accusation of money laundering
UBS group AG finds itself on the floor of the French court for money laundering and tax evasion. The case only came to justice after seven years of investigation, constituting extensive investigations.
However, UBS is taking the gamble to lessen the damage by launching a more or less dubious request for the abandonment of prosecution money laundering, knowing that in case of conviction, it would cost him 5.8 billion USD . This request to the French constitutional court asks "to abandon the prosecution for money laundering and to limit the lawsuits to the complicity of tax evasion, which would result in lighter penalties" , according to Reuters.
Heavy consequences for the group
In response to UBS's request, the French court has considered the capital interest of this case. On this point, Reuters said:
UBS Group AG, its French unit and six former executives face accusations of tax evasion and money laundering aggravated in connection with an investigation into allegations that they helped wealthy clients to exonerate themselves of their taxes ". Also, the accused's arguments have been interpreted as "devoid of seriousness".In addition to the $ 5.8 billion fine, the assumption of guilt would also lead to prison sentences (up to 5 years) . Currently, the UBS group is on a tightrope because there are only five weeks left to prepare another exit strategy. On the bench, there will be six former leaders including Patrick Fayet and Raoul Weil, otherwise the former two and number three UBS.
Moreover, the group could have managed during the year 2014 when the French justice had imposed a deposit of 1.1 billion euros, yet refused by UBS. Also, the size of the case has raised the auction because no less than 5.8 billion will serve as a fine in the context of guilt.
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