France - Oct 3

UBS criticizes French authorities for investigation over whether the bank helped wealthy French clients avoid tax. Reports show a potential fine up to €5 billion if investigation leads to charges, trial and conviction. High quality global journalism requires investment. The Bank previously lost a bail charge last month, in what it saw as a politicized decision. The Bank aims to appeal bail decision at French Supreme Court, stressing it has taken steps to ensure tax compliance of its clients. Source: Reuters, Financial Times