Decision by the French Court of Appeal
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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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