UBS wants to set­tle case for less than €300m

New Straits Times - - Business World -

UBS Group AG is push­ing to set­tle a French tax fraud in­ves­ti­ga­tion for less than the €300 mil­lion (RM1.4 bil­lion) it paid to re­solve a sim­i­lar is­sue in Ger­many. That’s sig­nif­i­cantly be­low the €1.1 bil­lion bond the bank posted to cover po­ten­tial penal­ties. UBS has been in talks since late last year with France’s fi­nan­cial prose­cu­tor to reach a set­tle­ment sim­i­lar to a de­ferred pros­e­cu­tion agree­ment that would in­clude a fine, but no ad­mis­sion of guilt. The amount could be a stum­bling block to any ac­cord.

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