April 29, 2020 / 10:21 AM / a month ago

Ruling on UBS French tax case appeal could be postponed to next year - chairman

ZURICH (Reuters) - A court decision on UBS’s (UBSG.S) appeal of its 4.5 billion euro ($4.89 billion) French tax case penalty could be postponed until next year due to the coronavirus pandemic, the Swiss bank’s chairman said on Wednesday.

“Because of the coronavirus crisis, it is not clear when the case will be heard. The courts in France are currently closed,” Chairman Axel Weber told shareholders during the bank’s virtually hosted annual general meeting. “So it could well be that we cannot expect to receive the judgement until next year.”

Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields

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