UBS Prosecutor Says Bank Must Be ‘Punished’ in French Tax Case
- PNF seeks record 3.7 billion-euro fine plus government request
- French financial prosecutor makes closing arguments Thursday
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UBS Group AG could be forced to pay as much as 5.3 billion euros ($6 billion) in a Paris case over allegations the Swiss bank helped French clients hide money from tax authorities.
Serge Roques, a prosecutor at the Parquet National Financier, asked the court to impose a record fine of 3.7 billion euros that would be proportionate with UBS’s size, the nature of the crime and the damage to society. The French state, which is a plaintiff in the Paris trial, is seeking 1.6 billion euros from the bank in addition to any court-imposed penalties.