UBS hits out at French prosecutors

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UBS sounded a combative note on Thursday, criticizing the decision of French prosecutors to place it under formal investigation over allegedly helping French clients evade taxes.

The New York Times reports that the bank also said the French government’s bail demands were excessive.

Prosecutors told UBS on Wednesday that it was being investigated on charges of money laundering and tax fraud, accused of helping French clients hide funds from the national tax administration from 2004 to 2012.

The bank was ordered to post bail of about $1.5bn, by September 30.

‘'We will continue to defend our case strongly', Serge Steiner, a UBS spokesman in Zurich, said. ‘'If in the end we end up in a court, we’re ready,’’ he added. ‘‘We have been cooperating with the authorities trying to resolve this for quite a long time'.

Steiner said the amount that authorities in France had demanded was ‘'unprecedented and unwarranted'. 

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UBS Lashes Out at French Prosecutors

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