UBS to pay $780 million in tax case (2) February 19, 2009
Posted by dhirendra1972 in Expressing Disappointment, High profile investigation.Tags: Charges, Conspiracy, Court Development, Dismissal, Evidence, Fugitive, Misconduct, Profile Investigation, Wealth Management Business
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After 18 months the US Government will recommend dismissal of charges against UBS providing it honors the terms of the agreement. The UBS charges and agreement represented the latest court developments in a long-running, high-profile investigation.
In January, the former head of UBS AG’s wealth management business, Raoul Weil, was formally declared a fugitive after failing to surrender to US authorities on charges of conspiring to help wealthy Americans hide assets from US tax authorities. A lawyer for Weil, Aaron Marcu, issued a statement expressing disappointment that Weil’s indictment was not dismissed as part of the settlement.
“Mr. Weil is a highly respected banking executive in Switzerland who engaged in no misconduct. The Swiss Financial Market Supervisory Authority (“FINMA”) expressly found in a report released today that there was no evidence that Mr. Weil was aware of or participated in any conspiracy to violate US law.”
Reference: indianexpress
