Customs Today
  • Home
  • Islamabad
  • Karachi
  • Lahore
  • National
  • Transfers and Postings
  • Chambers & Associations
  • Business
No Result
View All Result
Customs Today
  • Home
  • Islamabad
  • Karachi
  • Lahore
  • National
  • Transfers and Postings
  • Chambers & Associations
  • Business
No Result
View All Result
Customs Today
No Result
View All Result

UBS loses appeal in French Tax-Evasion case

byCT Report
12/01/2017
in Uncategorized
Share on FacebookShare on Twitter

ZURICH: Swiss bank UBS (UBSG.S) failed to persuade the European Court of Human Rights to overturn an order that it must post 1.1 billion euros ($1.17 billion) bail in a French case about whether it helped clients avoid tax.

Switzerland’s biggest bank took the unusual step of going to the human rights court in 2015 after French courts upheld an order by investigating judges that the bank must put up the bond until the legal case was resolved.

You might also like

FBR fails to recover Rs5.62b in taxes from 106 taxpayers

11/08/2026

Faheem Saigol stresses competitive access to Iranian market

11/08/2026

The Strasbourg court said on Thursday it had unanimously rejected UBS’s application to challenge the order.

“The Court held that the security required constituted an interim measure which did not prejudge the outcome of the proceedings and that the amount had been assessed by the domestic judges,” the ECHR said in a statement, adding that the decision is final.

French investigators have sought a fine of up to 4.88 billion Euros, the ECHR said.

The France case is one of the last major legal issues facing UBS, which in recent years has paid out billions in fines to settle cases over tax evasion and benchmark manipulation.

A source close to the matter confirmed to a report by Les Echos earlier this month that the bank and prosecutors were negotiating a settlement under a new French law which would allow UBS to avoid a trial.

UBS said in a statement it would “continue to strive for a solution to the proceedings in France while strongly defending our position”.

“The facts do not support the magnitude of the bail and we have a fiduciary responsibility to protect both the financial and reputational interests of our stakeholders. We regret the court’s decision and disagree with its reasoning,” it said.

 

Related Stories

FBR fails to recover Rs5.62b in taxes from 106 taxpayers

byCT Report
11/08/2026

LAHORE: The Federal Board of Revenue has failed to recover Rs5.62 billion in taxes from 106 taxpayers across 14 field...

Faheem Saigol stresses competitive access to Iranian market

byCT Report
11/08/2026

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) Chairman and Lahore Chamber of Commerce and Industry (LCCI) President Faheem-ur-Rehman Saigol...

Neelum-Jhelum project unlikely to generate electricity before 2028

byCT Report
11/08/2026

ISLAMABAD: The Neelum-Jhelum Hydropower Project is unlikely to resume electricity generation before 2028, with repair work on the 979-megawatt facility...

Roshan Digital Account inflows rise 52pc to $282m in July

byCT Report
11/08/2026

KARACHI: Investment inflows through Roshan Digital Accounts (RDAs) increased by 52% year-on-year to $282 million in July 2026, reflecting stronger...

Next Post

Swiss Meat Smuggling Foiled in $1 Million Frontier Scourge Case

  • Terms and Conditions
  • Disclaimer

© 2011 Customs Today -World's first newspaper on customs. Customs Today.

No Result
View All Result
  • Transfers and Postings
  • Latest News
  • Karachi
  • Islamabad
  • Lahore
  • National
  • Chambers & Associations
  • Business
  • About Us

© 2011 Customs Today -World's first newspaper on customs. Customs Today.