UBS must pay $1.4bn bond

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UBS must provide a $1.4bn security deposit required by French investigators after an appeal was denied.

Bloomberg News reports that a Paris appeals court upheld the bond request on Monday, made in July to cover a potential criminal penalty for alleged money laundering, said a court official.

French President Francois Hollande has increased efforts to crack down on tax fraud since his former budget minister, Jerome Cahuzac, was forced to resign after his secret Swiss account was exposed. In a July statement, UBS denounced the French demand for a security deposit as 'unprecedented and unwarranted,' and said the process had become 'highly politicized.'

Investigative judges in Paris, led by Guillaume Daieff, demanded the deposit after settlement talks broke down in July when UBS balked at pleading guilty, two people familiar with the events said last week. 

Hit the link below to access the complete Bloomberg News article:

UBS Loses Court Appeal of $1.4 Billion French Bail Demand

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