UBS to face trial in France on tax fraud charges
Swiss bank UBS Group AG and its French subsidiary are set to face trial in France on charges of tax fraud, AFP reported on Monday citing legal sources.
UBS is accused of helping its French clients avoid taxes by setting up offshore funds. According to the source, the bank will be tried for tax fraud and money-laundering.
Over the weekend, French weekly Journal du Dimanche reported the bank's CEO Sergio Ermotti rejected a €1.1 billion settlement with no admission of guilt proposed by the prosecutors.
UBS' shares dropped 1.31% to 15.82 francs at 11:28 am CET.