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UBS starts trial over tax fraud in France

Swiss bank UBS Group AG, along with its French subsidiary and six executives, have begun their trial over charges of helping wealthy clients avoid taxes in France, for which France is demanding damages of €1.6 billion, Reuters reported.

UBS will also face charges of illegally soliciting clients in France, and the fine amount could reach €5 billion besides damages paid to the French taxman, the Oct. 8 report noted.

Judicial sources reportedly said the bank had turned down a €1.1 billion settlement offer from the French authorities during the investigation.