June 7, 2013 / 7:56 AM / 5 years ago

UBS parent company put under investigation in France

PARIS, June 7 (Reuters) - Swiss bank UBS has been placed under formal investigation for alleged complicity in suspected illegal sales practices, the French prosecutor’s office said on Friday, a week after the bank’s French unit suffered the same fate.

At the same time, the parent company was given the status of “supervised witness” on two other charges related to money laundering and tax evasion rather than being placed under investigation, the prosecutor’s office said.

At issue in the case is whether UBS offered potential French clients investments that were allegedly designed to evade taxes. (Reporting By Patrick Vignal; Editing by Christian Plumb)

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