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UBS Group AG, News Release, 15 November 2023
Page 1
15 November 2023
Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules
News Release
French Supreme Court refers UBS legacy matter to Appeals Court
Zurich, 15 November 2023 – The French Supreme Court
issued a judgement today on a legacy matter
related
to UBS’s cross-border business activities in France between
2004 and 2012.
The Supreme Court upheld the previous court decision
regarding unlawful client solicitation and aggravated
laundering of the proceeds of tax fraud, while overturning
the confiscation of EUR 1bn, the fine
of EUR
3.75m and EUR 800m in civil damages awarded to the
French state. The case is now being referred back to
the Paris Court of Appeal, which will reconsider the
overturned elements and deliver
its judgement after a
new trial.
While UBS is pleased that the highest court in
France agrees with its position on these important
aspects of
the legal case, UBS is disappointed that the French Supreme
Court has confirmed the previous court decision
regarding unlawful client solicitation and aggravated laundering
of the proceeds of tax fraud despite the
treaty between Europe and Switzerland on the taxation
of savings income and a lack of specific evidence
for
the alleged facts. UBS continues to maintain
that it acted in accordance with all applicable laws
and
regulations at all times. UBS will defend itself in the
forthcoming trial.
UBS Group AG
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