UBS Faces German Case Seeking $93 Million Fine in Tax Probe

May 07 2019, 2:13 PMMay 07 2019, 2:49 PMMay 07 2019, 2:13 PMMay 07 2019, 2:49 PM

(Bloomberg) -- German prosecutors are seeking a fine of 83 million euros ($93 million) against UBS Group AG for helping customers evade tax.

The request was made in a local court in the German city of Mannheim, prosecutors said Tuesday in an emailed statement. Managers at UBS helped "numerous" clients evade taxes, partly by making cross-border bank transfers appear as though they were within Germany, according to the release. The allegation covers action between 2001 and 2012.