Swiss Bank Giant UBS fined 4.5 bn euros as a penalty by French court in Tax fraud case
R Sinduja
News Editor
Image Credit: Shortpedia
The Swiss bank giant UBS has been found guilty with laundering tax evasion rules & French court has slapped UBS a fine of 4.5 billion euros as a penalty. The court has found out that UBS was helping wealthy clients hide their assets from tax authorities in Swiss accounts illegally. The shares of the bank dropped by 2.8%. A fine of 3.7 bn euros & 800 million euros worth of damages is to be paid to the French state.
