France Swiss banking giant UBS could face a fine of $6.3bn if found guilty of helping wealthy French clients hide money in offshore accounts.
Swiss newspaper Le Temps claims that it had seen a legal document showing the bank could face a penalty of up to EUR5bn.
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The bank, which has denied allegations, termed the publication of the documents ‘irresponsible’ and said the basis for any calculations of potential fines was artificial and speculative.
"We cannot control the irresponsible disclosure of confidential documents or their selective interpretation. This matter is currently still in the stage of a formal investigation and we will continue to defend ourselves strongly," the Swiss bank said in a statement.
A French court has already ordered UBS to deposit a EUR1.1bn guarantee to cover a portion of potential fines in the case.
UBS also paid a $780m fine and handed over data on 4,500 clients in the US in 2009 to settle charges it helped American clients evade tax authorities there.
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