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Company News

French prosecutor seeks trial for UBS over client tax fraud: judicial source

The logo of Swiss bank UBS is seen at the company's headquarters in Zurich, Switzerland February 10, 2015. REUTERS/Arnd Wiegmann/File Photo

PARIS (Reuters) - A French financial prosecutor requested Swiss bank UBS UBSG.S go on trial for covering up clients' tax fraud as well as illegal prospecting, a judicial source told Reuters.

The source said the prosecutor had also requested UBS France, the bank’s French arm, go on trial for complicity.

A spokeswoman for UBS had no immediate comment.

French investigating magistrates now have a month to decide whether or not UBS should face judges.

UBS was placed under formal examination in 2014. At the time, investigating judges ordered the company to pay a 1.1 billion euro ($1.21 billion) bail.

Reporting by Chine Labbe, writing by Matthias Blamont; Editing by Richard Lough

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