Decision by the French Court of Appeal
December 13 2021 - 11:00AM
Business Wire
Regulatory News:
Ad hoc announcement pursuant to
Article 53 of the SIX Exchange Regulation Listing Rules
UBS (NYSE:UBS) (SWX:UBSN) takes note of the French Court of
Appeal’s decision.
UBS AG was found guilty of unlawful solicitation and aggravated
laundering of the proceeds of tax fraud relating to the bank’s
cross-border business activities in France between 2004 and 2012.
The court imposed a fine of EUR 3.75m as opposed to EUR 3.7bn in
the first instance.
In addition, the court has ordered the confiscation of EUR 1bn.
The court also awarded civil damages to the French state of EUR
800m, unchanged from the first instance. The award of civil damages
will be payable upon request by the French state.
UBS (France) SA was acquitted on charges of aiding and abetting
of laundering the proceeds of tax fraud and was found guilty of
aiding and abetting of unlawful solicitation. The court has ordered
a fine of EUR 1.875m.
The fines imposed on UBS AG and UBS France S.A. would be
suspended if the decision is appealed.
UBS will review the decision and consider all options, including
appeal.
Notice to investors
This document and the
information contained herein is provided solely for information
purposes, and is not to be construed as a solicitation of an offer
to buy or sell any securities or other financial instruments in
Switzerland, the United States or any other jurisdiction. No
investment decision relating to securities of or relating to UBS
Group AG, UBS AG or their affiliates should be made on the basis of
this document. For additional information, refer to the documents
furnished by or filed with the United States Securities and
Exchange Commission, including the Form 20-F for the year ended 31
December 2020. These reports are available at
www.ubs.com/investors.
Cautionary statement regarding forward-looking
statements
This document contains
statements that constitute forward-looking statements. While these
statements represent UBS’s judgments and expectations concerning
the matters described, a number of risks, uncertainties and other
important factors could cause actual developments and results to
differ materially from UBS’s expectations. Additional information
about those factors is set forth in documents furnished and filings
made by UBS with the US Securities and Exchange Commission,
including the second and third quarter 2021 reports and the Annual
Report on Form 20-F for the year ended 31 December 2020. UBS
undertakes no obligation to update the information contained
herein.
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www.ubs.com/media
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