The top of the Swiss bank UBS did not receive a discharge during the annual shareholders’ meeting. The shareholders are angry about a billion-dollar fine that the group has received in a French tax case and the way the board handles the issue.

UBS is said to have helped wealthy French people avoid tax by putting the money in secret Swiss accounts. But the bank was so convinced of its innocence that it brought the matter to court. He then ruled that UBS had to pay 4.5 billion euros. The group then appealed and barely set aside any money for the sentence.

If a board is discharged, the directors are no longer responsible for everything that happened in the past period. The majority of UBS shareholders did not agree with this.

Recently, ING’s directors also received no discharge. Money laundering problems caused dissatisfaction in the Netherlands. The bank was fined 775 million euros last year for failing to prevent money laundering. In March it came to light that ING was also blamed on Italy for similar shortcomings.

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