Is pronounced the first r in February

Ex-UBS banker Raoul Weil has to go to court again

The French public prosecutor's office has appealed the UBS ruling and is also contesting Raoul Weil's acquittal.

After the UBS, the French public prosecutor's office has now also appealed the judgment that a Paris criminal court pronounced on February 20. A spokeswoman for the responsible department for financial crimes confirmed this to the NZZ. The main aim of this move is to challenge the only acquittal in the process, she said. UBS, its French subsidiary and five former employees who had worked for the bank in France or Switzerland were found guilty of allegedly illegal customer acquisition on French soil and money laundering in connection with income from tax evasion. Raoul Weil, who was the only one acquitted, must now appear in court again at the trial before the next instance.

Great determination

The three judges followed the prosecution's demands for the Swiss parent company and sentenced UBS to a fine of € 3.7 billion; In total, she demanded € 4.5 billion from the bank. Only the former head of UBS asset management, Raoul Weil, was completely acquitted of the allegations. The judge justified this with the fact that his function was too far removed from the events in France. Despite its success, the public prosecutor's office clearly wants to prevent Weil from evading prosecution. This move shows once again the dogged determination with which French law enforcement agencies pursue alleged tax fraud. The judgment against UBS was based on the grounds that the offenses had been established in the organization and had been determined by the top management.

A new appraisal in two years

UBS appealed on the day of the judgment. The bank argues that the verdict is devoid of any reasoning and ignores any arguments put forward by the defense in the six-week trial. The process before the appellate court in France should start in about two years and be rolled out from scratch. Because the judgment is being appealed, neither the bank nor the five convicts have to pay the required fines for the time being.