Jean-Frédéric de Leusse has run the UBS' business in France since prosecutors accused the bank or criminal wrong-doing. Why he practically longed for the trial to finally commence.
The Swiss-based bank's hearing in Paris is over: French prosecutors and UBS have both rested their cases and are hunkering down for a verdict expected in February. The conclusion of the criminal trial hasn't quelled interest in the case.
The bank is accused of tax evasion and money laundering in a case which could cost more than 5 billion euros ($5.7 billion).
On Wednesday, UBS Jean-Frédéric de Leusse told Swiss daily «Le Temps» (in French only) that he had probed every nook and cranny: «I looked at everything to find out whether I worked for a criminal or even organized crime institute», he said. The former Crédit Agricole took over the reins at UBS in France in 2012, after news that the bank had maintained a series of hand-written ledgers surfaced.
«Our Defense Heard»
De Leusse said he didn't find anything. The Frenchman argued that UBS has been morally indicted in France, without a legal or criminal verdict. De Leusse said he practically longed for the trial to commence: «I wanted our defense to be heard. And for us to finally end this chapter.»
To be sure, the banker said he would have preferred a settlement with French officials, but that this would have had to meet UBS' requirements as well. De Leusse doesn't expect the bank to lose its license in France; the French subsidiary had always fulfilled its legal requirements.
His wish for a speedy conclusion to the affair is wishful thinking: analysts expect appeals to the proceeding to drag on for months and possibly years, as finews.com reported earlier this month.
