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BUDGET

Former budget minister charged after confession

France's former Budget Minister Jérôme Cahuzac confessed on Tuesday to having hidden €600,000 in a foreign bank account for the last 20 years. He was subsequently charged with the offence of "laundering the proceeds of tax fraud".

Former budget minister charged after confession
Budget Minister Jerome Cahuzac. Photo:Patrick Kovarik/AFP

French Budget Minister Jérôme Cahuzac resigned last month after prosecutors announced a probe into a Swiss bank account he allegedly used to hide assets from the tax authorities.

At his own request, Cahuzac was interviewed by the two French judges in charge of the case on Tuesday afternoon. After admitting to holding foreign bank accounts the ex-minister was charged with "laundering the proceeds of tax fraud".

In a statement released after the hearing, Cahuzac, who had up until today refuted the allegations, describing them as "crazy", issued an apology and said he was 'devastated by guilt'.

The minister, who faces five years in prison and a fine of up to €375,000 said he had been "caught up in a spiral of lies and lost his way."

"I apologize for the damage I have caused to my parliamentary colleagues and my constituents, I wish to convey my sincere and deepest regrets to the French people. I have also disappointed my colleagues, my friends and my family," the former minister and key ally of President François Hollande said.

"I met the two judges today. I confirmed to them the existence of the account. I also told them that I have already instructed that all assets deposited in this account, around €600,000, be transferred to my bank account in Paris.

"It was an indescribable mistake to think that I could avoid confronting a past that I wanted to consider behind me. I will now face this reality with all transparency."

Cahuzac's resignation was described by political commentators as the first crisis of Hollande's presidency, which looks only set to deepen now that the former Socialist Party heavy weight has been charged.

In a statement released shortly after Cahuzac's admission, Hollande said the minister "had committed an inexcusable moral error" by denying the facts.

"The president takes the admissions of Jérôme Cahuzac with great seriousness," the statement added.

Cahuzac's stepped down last month hours after prosecutors announced a full investigation into claims by the Mediapart news website that he had an undeclared account with Swiss bank UBS until 2010.

The prosecutors said they believed Cahuzac was the man heard discussing the alleged account in a taped conversation which the investigative site used to substantiate its report.

Mediapart has reported that Cahuzac held funds in the Swiss account until 2010 and had, in breach of French law, failed to declare the account to the national tax authorities.

According to Mediapart, in the recorded conversation with one of his aides, Cahuzac voices concern about the UBS account coming to light but claims he has "dealt with the matter". Mediapart alleged that the contents of the Swiss account were transferred to Singapore.

Reports that Cahuzac had requested a hearing with the judges was broken by satirical newspaper Le Canard Enchâiné.

According to the newspaper, Cahuzac opened an account at a branch of the establishment Reyl & Co. in Singapore, after closing a first bank account at UBS in Switzerland in the late 2000s.

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MEDIA

French president’s ex girlfriend says she has been sacked by magazine

Valerie Trierweiler, the ex-girlfriend of former French president François Hollande, said on Thursday that she had been sacked by Paris Match magazine.

French president's ex girlfriend says she has been sacked by magazine
Valerie Trierweiler wrote a tell-all book about the former president's affair. Photo: AFP

The journalist took revenge on Hollande for spurning her for actress Julie Gayet with a sensational 2014 kiss-and-tell memoir called Thank You for This Moment, which all but sank Hollande's presidency.

The book became an instant bestseller, and Hollande, a Socialist, never lived down his alleged references to the “toothless” poor.

Trierweiler, 55, had worked for the glossy weekly as a political correspondent, interviewer and columnist for three decades.

 

“I discovered in the middle of my summer holidays in an extremely brutal way that I have been sacked from Paris Match after 30 years,” Trierweiler said on Twitter.

“This sacking was for no reason and has left me shocked and astonished,” she added.

Trierweiler was famously admitted to hospital after Hollande's affair was revealed by paparazzi images of his nightly visits by scooter to Gayet's apartment.

The politician had tried to portray himself as a safe pair of hands “Mr Normal” in contrast to his mercurial predecessor, Nicolas Sarkozy.

As well as spending most of her career at Paris Match, Trierweiler also interviews politicians for the French television channel Direct 8.

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