ZURICH, July 23 UBS said it was
notified on Wednesday that a 1.1 billion euro ($1.48 billion)
bail will be set after the Swiss bank was placed under formal
investigation in France on suspicion that it helped wealthy
French customers avoid tax authorities.
"We consider both the legal basis for the bail amount and
the method of calculation to be deeply flawed and will appeal,"
the Zurich-based bank said in a statement to Reuters on
"We were also informed that UBS AG was placed under
"mise-en-examen" (formal commencement of an investigation) for
laundering the proceeds of tax evasion. We will continue to
defend our case strongly," the bank said.
($1 = 0.7429 Euros)
(Reporting By Katharina Bart; Editing by Victoria Bryan)