The bank was convicted of illegally helping French clients to hide billions of euros from French tax authorities. The trial opened last autumn after seven years of investigations, launched when several former employees came forward with claims of unlawful conduct. In the UBS case, French authorities determined that more than €10 billion had been kept from the eyes of tax officials between 2004 and 2012. In addition, lawyers for the French state, which is a plaintiff in the case, asked for €1.6 billion in damages. UBS, which was ordered to post €1.1 billion in bail, had denied the charges and said its operations complied with Swiss law.

Source: The Local February 20, 2019 13:07 UTC