UBS boss Sergio Ermotti is now facing a year-long appeal in the lawsuit over tax evasion and money laundering in France. The Swiss bank has lodged an appeal against the fine of a total of 4.5 billion euros. The appeal court will now reissue the case.
„This process is expected to take several years.“
This was explained by Ermotti in a letter to the staff at Reuters. Previously, a French court had sentenced the institute to a fine of 3.7 billion euros and a compensation of 800 million euros. The Institute and some of its former employees are accused of helping tax evaders from France between 2004 and 2012 to hide money in Switzerland. The bank has rejected the allegations.
Mr. Ermotti said the „superficiality“ of the verdict was startling. The General Court did not respond to the arguments put forward by the Bank during the five-week hearing. „It has to be handled by the appeals court,“ said Mr Ermotti.
