• France's news in English
 
app_header_v3

Cahuzac 'tried to invest millions in Swiss fund'

AFP · 7 Apr 2013, 18:06

Published: 07 Apr 2013 18:06 GMT+02:00

"He is thought to have tried to invest this money in a financial management firm in Geneva, but the establishment is believed to have refused for fear of future complications, Jérôme Cahuzac being a politically prominent figure," RTS said on its website, citing unidentified banking sources.
   
The sum was many times bigger than that evoked up to now in connection with Cahuzac, who was charged in France on Tuesday with tax evasion.
   
Cahuzac — who was responsible for cracking down on tax evasion while minister — finally admitted on Tuesday to having a foreign bank account after weeks of denials.

The 60-year-old announced his resignation on March 19th after prosecutors opened a probe into an overseas bank account, which held some 600,000 euros ($770,000).

On Saturday, the Zurich-based Tages Anzeiger newspaper said the politician had lied to a Swiss bank by asserting that funds paid into his account had been declared to French tax authorities.
   
After Switzerland agreed to conform to OECD rules on tax evasion in 2009, Cahuzac sought to keep the funds secret, closing his 600,000-euro account at Swiss UBS bank and transferring the money to Singapore to a branch of private
Swiss bank Julius Bär with the help of Geneva-based banking group Reyl & Cie.
   
The Geneva prosecutor's office which seized the bank documents concerning the account at UBS and Reyl said it had not looked into details of the account movements.

This should be done by Paris prosecutors who requested legal assistance in the case.
   
So far there has been no search at Julius Bär bank but prosecutors in Geneva have not ruled out that such a request will be made by Paris.
   
RTS television said "more substantial sums were deposited or transferred via Geneva in previous years", i.e before 2009.
   
The figure of 15 million euros mentioned in the RTS report corresponds to that given by Mediapart, the French online investigative journal, which broke the story.
   
Experts contacted by AFP would not rule out the existence of another account as the funds transferred to Singapore were relatively small given the fees charged for such transactions.
   
A French survey meanwhile showed that nearly two-thirds of French people are in favour of a government reshuffle following the tax fraud scandal.
   
Critics have rounded on President Francois Hollande -- already in the doldrums in opinion polls.

Story continues below…

"For the French, the Cahuzac affair is not an isolated act. There is mistrust towards their elected representatives," Frederic Dabi, deputy head of Ifop, the polling company that conducted the survey, was quoted as saying.

Your comments about this article

Today's headlines
Fêtes de Bayonne
France's wildest festival gets underway amid tight security
Festival goers in Bayonne - a sea of red and white. Photo: AFP

Over the coming days around a million revellers are expected at what is arguably the wildest, most raucous and most colourful event in France.

Media in France pull photos of jihadists to stop 'glorification'
Many media in France will stop publishing photos of the likes of Toulouse gunman Mohamed Merah (above).

Mainstream media in France decide to stop publishing photos of jihadists behind terror attacks to avoid giving them the notoriety and glory they seek.

France could cancel summer events over terror fears
Photo: AFP

Summer events in towns and villages across France could be cancelled if there is a lack of security.

VIDEO: Police raid on French church captured on video
Photo: Le Telegramme

Part of the police stand-off at the church in northern France where two jihadists killed a priest was caught on camera by a witness.

EU picks Frenchman to lead Brexit talks with UK
Photo: AFP

A Frenchman will lead the fraught Brexit talks between the EU and the UK over the coming years.

France seeks unity and resists calls to toughen terror laws
Photo: AFP

Does France need tough new laws or cohesion and unity among its communities?

The best and worst things about France in the summer
Photo: AFP

There are some things that make France the best place to be in summer, and then there are others that drive us mad.

Air France passengers set for week of travel misery
Photo: AFP

One third of Air France flights to be scrapped on Wednesday as week-long strike begins.

How was 'ticking time bomb' free to attack French church?
Photo taken from Facebook page believed to belong to Adel Kermiche.

France facing more questions about security measures after priest slain during mass by known extremist who was awaiting trial.

France faces same big questions after latest attack
Photo: AFP

The latest terror attack has left France facing similar questions to those it has tackled numerous times since the Charlie Hebdo attacks in January last year. So how will France react?

Sponsored Article
5 reasons to try dating in Paris with The Inner Circle
France: A timeline of terror since the Charlie Hebdo attack
Sponsored Article
Why you should attend an international job fair
A timeline of terror in France since Charlie Hebdo
Culture
Thirteen free and easy ways to learn French
Culture
32 mistakes foreigners make when they arrive in France
National
Here are the worst scams to avoid whilst driving in France
Analysis & Opinion
Isis can simply be a conduit for the violent desires of psychopaths
Features
Six outdoor bars in Paris you simply must visit
Culture
The open-air Villette cinema has been cancelled over security fears
Sponsored Article
Why Swiss hospitality graduates are in demand
Culture
Henri Rousseau exhibition proves huge hit in Paris
National
Frenchman caught trying to sell Nice massacre souvenirs online
Society
OPEN NOW: Here's why you should head to the Paris Plages
Sponsored Article
Why expats choose international health insurance
Culture
What's on in France: Still plenty to see and do in July
Lifestyle
Treasures of Versailles to go on display in Australia
National
How to keep cool during France's heatwave
Sponsored Article
Why you should attend an international job fair
National
Nice attack: What we know so far
National
Nice attacker: Body-building, drug-taking, violent flirt
National
IN IMAGES: Drawings in tribute to Nice attack victims
Sponsored Article
Why Swiss hospitality graduates are in demand
Society
Promenade des Anglais: The iconic heart of the French Riviera
France faces more questions after latest deadly attack
Sponsored Article
Why expats choose international health insurance
National
Why is France the target of choice for jihadist attacks?
National
Nice truck attack: 'Bodies went flying like bowling pins'
Nice attack: Families of missing make pleas on Twitter
Politics
Boris Johnson cheered and booed at Bastille Day party
2,764
jobs available