Swiss banking major UBS has paid 1.1bn ($1.4bn) security deposit for allegedly helping wealthy French clients evade taxes even as it continues to challenge the accusations.
The payment "has been made, subject to the legal recourse open to UBS," Denis Chemla, a lawyer of the firm told new agency AFP.
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The company proceeded with the payment due September 30 after a Paris appeals court upheld a July order by French prosecutors last week.
The judges requested the payment amount on grounds that it reflects the size of the fine UBS could pay if found guilty.
UBS is under investigation for allegedly encouraging tax evasion between 2004 and 2012 and has already been fined EUR10 million by French financial regulators for control failures that could have allowed clients to avoid taxes.
The Swiss bank had already paid 2.875m guarantee in the case.
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By GlobalDataThe bank is also the subject of investigations in Germany and Belgium.
