UBS faces fine of up to $6.3 billion in French tax probe: paper

Switzerland's largest bank UBS could face a fine of up to $6.3 billion if found guilty in a French investigation into whether it helped wealthy customers there avoid tax, a Swiss newspaper reported on Friday. A French court has already ordered UBS to deposit a 1.1 billion-euro ($1.4 billion) guarantee to cover a portion of potential fines in the case, but Swiss newspaper Le Temps said it had seen a legal document showing the bank could face a penalty of up to 5 billion euros. Le Temps quoted the document as saying "the business model of UBS Switzerland was to offer its clients bank secrecy in contradiction to (French) fiscal authorities". Last month, the bank said it would again appeal against a French court ruling demanding the payment after an initial appeal was turned down.

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