UBS Calls French Allegations `Unfounded' as Tax Probe Ends
- Investigating judges ended inquiry into UBS on Feb. 19
- UBS had to post a French bail of 1.1 billion euros in 2014
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UBS Group AG said a five-year French probe into allegations it helped clients evade taxes has been completed, bringing the bank a step closer to facing a possible trial and fine.
“We look forward to the opportunity to respond to unfounded allegations,” the Zurich-based bank said in an e-mailed statement on Monday. Investigating judges ended their inquiry into UBS on Feb. 19, according to a spokesman at the French national financial prosecutor. Once the prosecutor’s office files its remarks over the next three months, investigating judges will decide whether or not to send the lender to trial.