PARIS, Feb 22 (Reuters) - Investigating prosecutors have finished a formal investigation of Swiss bank UBS and its French unit in a long-running probe into allegations the bank helped clients avoid taxes, the financial prosecutor said. This opens a period of three months when parties can exchange information or demand further documents before the financial prosecutor makes requisitions. UBS said it had been informed about the decision to close the investigation. “After an investigation lasting more than five years, we look forward to the opportunity to respond to unfounded allegations and also take adequate action to address unprecedented leaks to the media which stand in violation to a fair and confidential judicial process,” UBS said in emailed statement to Reuters. UBS was placed under formal examination in 2014 and the investigating judges ordered UBS to provide a 1.1 billion euro bail. UBS lost appeals in France and filed an application with the European Court of Human Rights to challenge various aspects of the French court’s decision. In March 2015, the French unit of UBS was also placed under formal investigation, while it paid bail worth 10 million euros. “It will be up to investigating judges to send the parties to trial or not,” the prosecutor’s office said. Reporting by Gerard Bon and Joshua Franklin; Writing by Maya Nikolaeva, editing by David Evans
French authorities have finished an investigation into corruption and its French unit over whether it helps clients avoid taxes . This now signals the opening up of a period of six months where clients may exchange information or demand further documentation prior to the prosecutor making requisitions .