Newspaper article International New York Times

France Investigates UBS over Witness Tampering

Newspaper article International New York Times

France Investigates UBS over Witness Tampering

Article excerpt

The Swiss bank said French authorities had placed the unit under formal investigation after a complaint by a former employee.

The Swiss banking giant UBS said on Thursday that its business in France had been placed under formal investigation by the French authorities over possible witness tampering after a complaint by a former employee.

The announcement of the inquiry came less than two weeks after judges in France concluded a 19-month investigation into whether the bank helped French clients hide funds from the country's national tax administration from 2004 to 2012.

The judges are in the process of determining whether to send that case to trial.

On Thursday, UBS said that a judge in France had decided to put the bank under "formal examination" over possibly interfering with a witness, but not over "moral harassment," another accusation by the former employee who made the complaint. …

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