Stephanie was, for more than ten years, marketing and communications manager of the French subsidiary of UBS, the Union of Swiss Banks, an establishment specializing in wealth management. Enthusiastic about the idea of highlighting a brand, she organizes events in golf courses, restaurants and even hotels, to attract high-end clientele, including those of the competition. “I loved my job very much. Everything was fine.” Stephanie.
“In nine years at UBS, I have never heard the word tax evasion or the word tax fraud.”
On June 25, 2008, she learned that a search had just taken place in the office of the bank's general manager. This search follows the denunciation, by an American employee of UBS, of fraud for the benefit of clients of the bank's American subsidiary. The hierarchical superior of Stephanie asks him to destroy all files relating to customer events that are stored on his hard drive. “What did the destruction of my Excel files containing the names of clients attending the events I have organized for ten years have to do with this search?” Stephanie.
It turns out that the American affair is not an isolated case. Stephanie finds it hard to believe: “I tell myself that we are in France, that there are control authorities, internal and external audits, accounting…” Stephanie.
“I go home completely stunned, telling myself that I am at the heart of a scandal whose ins and outs I do not know.”
It is the director of the Strasbourg office who alerts Stephanie : by organizing events for the benefit of ultra-rich clients, she would have encouraged illicit canvassing which led to many French people being able to invest their money in Switzerland and thus avoid paying taxes in France. She learns that a large number of transactions are not declared in the bank's official accounts. “If I had known that UBS's banking model was to help clients commit fraud, I would never have gone into it, with the values and education that I have. I felt cheated, and guilty for not having seen anything.” Stephanie.
But instead of deleting the disputed data, Stephanie goes through all the files she has at home. She finds recommendations and techniques for evading the tax authorities. At the same time, she suffered harassment at work from her superior, who constantly insisted that she delete these documents. One thing leading to another, Stephanie finds himself before the labor inspectorate who recommends that he file a complaint against UBS. “UBS is the bank of the people who own the entire economy. What would happen to me if I filed a complaint? ” Stephanie.
Stephanie finally decides to file a complaint, for six reasons, including the illegal canvassing of Swiss bankers in France, but also the harassment suffered from her superior.
Two years later, French customs intercept Stephanie at Rolland-Garros and ask her for very specific information on the clients who participated in the events she organized. “They give me instructions and I obey because I tell myself that these people are my saviors.” Stephanie.
“We say that whistleblowers are citizen watchdogs who set an example, but those are words.”
Feet on the ground Listen later
Lecture listen 31 min
In February 2012, Stephanie is dismissed. Since then, she has not found work. However, thanks to its revelations and its collaboration with French customs, UBS was fined 1.8 billion euros on appeal and does not wish to comment on the current legal cases. Today, Stephanie lives without any resources, and was forced to leave Paris. Bercy refused to compensate her, under the pretext that she was only a witness in this affair. “One wonders if it is not better to be corrupt.” Stephanie.
Thanks to Stéphanie Gibaud and David Koubbi.
- Reportage : Clawdia Prolongeau
- Realization : Etienne Gratianette
Ending music : “JU$T”, Run The Jewels (feat. Pharell Williams & Zack de la Rocha) – Album : RTJ4 (2020)
To go further
- The work of Stéphanie Gibaud, “The woman who really knew too much”published by Le Cherche Midi in 2014.
- The Radio France file on Stéphanie Gibaud
- The Mediapart file on the UBS affair: “UBS, hunt for the rich and whistleblowers”
- “Bercy presses the whistleblower of the UBS affair”, MediapartSeptember 14, 2023
- ” “I have been dying slowly for 16 years”: Stéphanie Gibaud, whistleblower of the UBS scandal”, West FranceAugust 6, 2024.
- Regarding the letter from the Defender of Rights which recognizes Stéphanie Gibaud as a whistleblower: “Tax fraud at UBS: Frenchwoman Stéphanie Gibaud officially recognized as whistleblower”Le Temps, September 29, 2022.
- The UBS press release on the decision of the French Court of Cassation of November 15, 2023 which validates the conviction of UBS but annuls the appeal judgment in its provisions relating to penalties and civil interests: “The French Court of Cassation refers an old UBS case to the Court of Appeal”November 14, 2023.
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