UBS says bail in French tax evasion probe set at $1.48 billion
| Reuters
Swiss bank UBS (UBSN.VX)
said it had been ordered by French officials on Wednesday to pay 1.1
billion euros (869 million pounds) in bail after being put under formal
investigation over allegations it laundered the proceeds of tax evasion.
The bank issued an
unusually strongly worded condemnation of the bail order, issued at a
Paris hearing earlier in the day, alleging political undertones as a
French investigation into how it dealt with its wealthy clients there
widened.
"We were notified
today at a convocation hearing in Paris of an unprecedented and
unwarranted amount of bail amounting to 1.1 billion euros in the ongoing
investigation of UBS AG's French cross-border case," the Zurich-based
bank said in an emailed statement following a inquiry from Reuters on
Wednesday.
"We consider
both the legal basis for the bail amount and the method of calculation
to be deeply flawed and will appeal ... It is not acceptable to us that
this has become a highly politicized process."
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