• France edition
 
Cahuzac 'tried to invest millions in Swiss fund'
Jérôme Cahuzac and Foreign Trade Minister Pierre Moscovici in March 2013. Photo: Miguel Medina/AFP

Cahuzac 'tried to invest millions in Swiss fund'

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

Disgraced former French budget minister Jérôme Cahuzac tried to invest some €15 million ($19.4 million) in a Swiss fund in 2009, Swiss public television network RTS reported on Sunday.

"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.

"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.

Don't miss...X
Left Right

Your comments about this article

Today's headlines
Syrian refugees set up home in Paris park
Syrian refugees children and women sit on April 21, 2014 in the Edouard Vaillant parc in Saint-Ouen, north of Paris. Photo: Joel Saget/AFP

Syrian refugees set up home in Paris park

Around 150 Syria refugees are living a desperate existence in a small park to the north of Paris. NGOs and France's Green party are urging authorities to do more to help the families while they wait for their asylum requests to be processed. READ () »

French foot licker jailed for attack on elderly lady
A French fetishist got 18 months behind bars for a foot licking attack on an elderly woman. Photo: Twon/Flickr

French foot licker jailed for attack on elderly lady

A French fetishist was so smitten with an elderly lady’s feet he burst into the terrified woman's home and lunged at her trotters, which he then proceeded to sniff, lick and rub. The lewd act cost him 18 months behind bars. READ () »

Wolves continue their advance on Paris
Wolves are getting closer to Paris, but they won't be biting Parisians anytime soon. Hopefully. Photo ErranAT/flickr

Wolves continue their advance on Paris

The contentious issue of wolves in France was once again in the spotlight this week after one of the predators was captured on camera for the first time within 250 km of Paris. An expert says they will come even closer but thankfully "they won't be biting Parisians". READ () »

France unveils raft of reforms to boost jobs
France says its economy will grow despite billions of euros in planned budget cuts. Photo: Euros.

France unveils raft of reforms to boost jobs

France laid out a new package of reforms on Wednesday to respect EU rules, cut spending, boost jobs and put its economy in shape to compete on world markets. READ () »

North Koreans snubbed by French cheese college
Kim Jong-un's bid to send two North Koreans to learn how to make French cheese has been refused by a prestigious French college. Photos: Zennie62/Amandabhslater/Flickr

North Koreans snubbed by French cheese college

A bid by North Korea to send experts to a prestigious French cheese-making training school, seemingly at the behest of its fromage-loving leader King Jong-un, has been rejected. It did not fit with the institution's "priorities or strategy", it seems. READ () »

Paris launches new battle against French jihadists
Will a new French plan to stop the flow of jihadists to Syria have the desired effect? Photo: AFP

Paris launches new battle against French jihadists

France’s so-called top cop unveiled a dozen proposals on Wednesday aimed at stemming the flow of its residents toward the jihadist cause in Syria. Though some experts see the plan as a cynical political move ahead of European elections. READ () »

Getting married in France
How to avoid any French wedding nightmares
How to avoid any French wedding nightmares. Photo: Shutterstock

How to avoid any French wedding nightmares

France is a popular choice for foreign couples tying the knot including a fair few celebrities – but beware the pitfalls. Here, The Local speaks to a France-based wedding planner and a bride-to-be about how to have a hassle-free French wedding. READ () »

France vows to punish death of Mali hostage
French citizen Gilberto Rodriguez Leal sitting between two armed guards in an undisclosed place. A jihadist group in Mali on April 22, 2014 announced the death of the French hostage. Photo: AFP

France vows to punish death of Mali hostage

French President François Hollande has vowed to find out the truth behind the death of a French hostage in Mali and promised "it will not go unpunished". It comes after a jihadist group announced on Wednesday the death of Frenchman Gilberto Rodrigues Leal. READ () »

British duke takes €20m hit on Paris markets
A man walks on August 4, 2013 in the Clignancourt flea market in Saint-Ouen, outside Paris, that has cost the UK's Duke of Westminster a cool €20 million. Photo: Bertrand Guay/AFP

British duke takes €20m hit on Paris markets

Britain's Duke of Westminster has bailed out of an investment in two famous Paris antiques markets nursing a reported loss of over €20 million, it emerged on Tuesday. READ () »

French writer's inequality book tops Amazon list
Thomas Piketty, whose book tops Amazon's best sellers list and appears to be liked by the White House. Photo: Fred Dufour/AFP

French writer's inequality book tops Amazon list

A book by a French economist praised by some as being one of the most important works in recent times and derided by others as a neo-marxist 'bizarre ideological creed' has shot to the top of Amazon's best sellers list. READ () »

RECEIVE OUR NEWSLETTER AND ALERTS
National
How to avoid a French wedding nightmare
Opinion
Reader Rants: Why sacked French ministers deserve no pity
Gallery
How well do you know your French text message lingo?
National
Divorced from reality? French plan for puppy custody laws
Travel
'Burgundy is for wine not wind': Will wind farms ruin famous wine region?
National
Why does France have a record number of people behind bars?
Society
VIDEO: Take a look inside Paris’s first luxury hotel for cats
Education
French parents are the most laidback about their kids' education. True?
Tech
What do French TV viewers complain about the most? Yes it's English
Business & Money
French tax declarations: The key points to remember
Gallery
French slang: Everyday words you need to know (but use cautiously)
National
Paris cops told to ‘purge’ Roma from posh neighbourhood
Advertisement:
International
VIDEO: ‘Anti-French’ Cadillac ad sparks anger in France. See why.
Features
Buying property in France? Here's 10 things you need to think about
National
What will the future map of France look like? The answer lies within.
Politics
'The 27 French regions aren't the problem, it's the 36,000 towns'
Culture
Ex underage call girl Zahia picked to embody Marie Antoinette
Gallery
Buying a house in France? Ten things you need to think about
National
France bans work emails after 6pm! Sadly it's not quite true.
Opinion
Reader Rants: Why don't the French do charity? Is it down to taxes?
Society
VIDEO: The Paris zoo is back but this time the animals are in charge
National
This will be the most expensive road in France - Only €1.66bn for 12km!
Society
Only in France? Gourmet pensioners party lands village in hot water
Sponsored Article
Why it pays to avoid banks when making overseas transfers
Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se