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German prosecutors seek to fine UBS for helping tax evasion

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German prosecutors seek to fine UBS for helping tax evasion
FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann/File Photo   -   Copyright  Arnd Wiegmann(Reuters)
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FRANKFURT (Reuters) – German prosecutors in the city of Mannheim said they were seeking to fine the German unit of Swiss bank UBS about 83 million euros (71 million pounds) for helping clients to evade taxes.

The prosecutors allege that executives at subsidiary UBS Deutschland AG helped several clients break tax laws between 2001 and 2012, while being aided by executives at the Swiss parent, the prosecutors’ office said in a statement on Tuesday.

A Mannheim court will start proceedings to decide over the fine, it added.

UBS confirmed in a statement that the conduct in question took place before 2012. “We see no legal basis for the case and will defend ourselves vigorously,” the bank said.

(Reporting by Ludwig Burger and Brenna Hughes Neghaiwi)

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