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UBS (NYSE:UBS): Current Price $17.20

UBS’s (NYSE:UBS) annual financial report released Tuesday reveals it owes Brazil about $1.2 billion in back taxes relating to a period when it owned an investment bank in that country. The amount has been demanded by BTG Pactual Group in the form of “contractual indemnification claims” and includes interest and penalties. UBS sold its Banco Pactual SA investment bank in 2009 to a group led by Brazilian financier Andre Esteves for $2.5 billion. The back taxes have emerged from tax assessments of Banco Pactual SA for the period from December 2006 to March 2009 when it was under ownership of UBS.