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UBS (NYSE:UBS): Current price $17.17
According to UBS, it owes Brazil a minimum of $1.2 billion in back taxes dating back to when the lender owned an investment bank there. In its yearly financial statement released on Tuesday, UBS said that BTG Pactual Group, which was created when it divested the investment bank in 2009, had submitted “contractual indemnification claims” worth that amount, among which includes interest and penalties. UBS subsequently sold the division to a group led by Brazilian financier André Esteves for $2.5 billion in 2009, so as to raise money for credit-related losses in the aftermath of the world financial crisis of 2008.
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