French investigating magistrates have proposed that UBS pay a fine of 4.88 billion euros ($6.14 billion) in an investigation into whether the Swiss bank helped wealthy French individuals dodge tax, according to a judicial source.
Billionaire wealth in the UAE surged to $132 billion in 2014 from $45 billion last year, marking a worldwide record increase of 193 per cent, a report said.
The number of billionaires in the UAE also increased to 46 from 37 in 201
UBS AG booked a near $300 million charge in the second quarter mainly to settle claims it helped wealthy Germans to dodge taxes, the latest in a string of lawsuits that have targeted its private banking business.
UBS raised its dividend and increased bonuses for bankers by nearly a third yesterday after the Swiss bank returned to a fourth-quarter profit, reaping benefits of a revamp of its investment banking business.
The turnaround follow
The global billionaire population reached a record 2,170 individuals in 2013 and the total billionaire wealth in Asia surged nearly 13 percent, making it the fastest-growing region, a new report said.
At current growth rates, Asia
A Dubai court has dismissed a Kuwaiti sheikh's $21.4 million claim against UBS AG in which he alleged the Swiss bank failed to pay him for helping it become lead arranger on a $9 billion asset sale by Kuwaiti telecom operator Zain.
UBS will pay $885 million in a settlement with a US regulator over allegations the Swiss bank misrepresented mortgage-backed bonds during the housing bubble, paving the way for billions more to be paid by other banks.
Swiss bank UBS has been placed under formal investigation for alleged complicity in suspected illegal sales practices, the French prosecutor's office said yesterday, a week after the bank's French business suffered the same fate.
Islamic fund managers in the Gulf are increasingly choosing foreign domiciles for their products, favouring their cost-efficiency and reputation for strong regulation as investors seek to avoid any suspicion of money laundering or tax evasion.