June 10, 2020 / 2:14 PM / a month ago

Mannheim authorities drop UBS fine

(Reuters) - A German case against UBS (UBSG.S) for allegedly helping clients evade tax has been concluded without any fine, prosecutors for the city of Mannheim said on Wednesday.

Mannheim prosecutors had been seeking to fine UBS’s German unit 82 million euros ($93.2 million) for helping clients evade taxes.

The prosecutors alleged executives at subsidiary UBS Deutschland AG helped several clients to break tax laws between 2001 and 2012, aided by executives at the Swiss parent.

UBS, which paid about 300 million euros in 2014 to resolve a similar German case in Bochum, had said it would fight the Mannheim demand.

Mannheim prosecutors said they had now dropped their original fine request due to new upper court decisions adjusting the financial requirements, and a case in Mannheim’s district court had been concluded.

“Although the hearing of evidence to date had confirmed in principle the inadmissible use of the UBS transfer system, it had also shown that it had not originally been developed for the purpose of tax evasion and had not been used comprehensively in such a context,” prosecutors said in their statement.

UBS was requested to pay judicial authorities around 4 million euros for the absorption of profits.

UBS did not immediately respond to a request for comment.

Reporting by Brenna Hughes Neghaiwi

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below