• Switzerland's news in English
 

Cahuzac 'tried to invest millions in Swiss fund'

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.

"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
Rights court hears Swiss appeal of 'genocide' case
Turkish politician Dogu Perinçek. Photo: AFP/File

Rights court hears Swiss appeal of 'genocide' case

The case of a Turkish politician who declared in Switzerland that the Armenian genocide is an “international lie” is to be reconsidered by Europe’s top human rights court in Strasbourg on Wednesday. READ  

Restructuring costs reduce Roche profits
Photo: Roche

Restructuring costs reduce Roche profits

Global restructuring costs ate into profits as Swiss drugs giant Roche on Wednesday recorded a 16 percent drop in net income to 9.5 billion francs ($10.5 billion) for 2014. READ  

Tennis: Australian Open
Nishikori win sends Wawrinka to semifinals
Photo: Greg Wood/AFP/File

Nishikori win sends Wawrinka to semifinals

Defending champion Stan Wawrinka wasted five match points before sealing a straight sets win over Japanese fifth seed Kei Nishikori to reach the semifinals at the Australian Open on Wednesday. READ  

Right-wing group seeks national face veil ban
Member of the Islamic Central Council of Switzerland wears niqab while distributing flyers in Ticino against veil ban in 2013. Photo: Fabrice Coffrrini/AFP

Right-wing group seeks national face veil ban

The same group that launched the initiative to ban the construction of new minarets in Switzerland is now seeking a national law to prohibit the wearing of veils and other face-covering headgear. READ  

Swiss docs 'worst' for leaving items in patients
Photo: AFP

Swiss docs 'worst' for leaving items in patients

Swiss hospitals may have a good reputation but doctors from Switzerland have the worst record in Europe for leaving medical instruments or “foreign bodies” inside patients after operations, according to an OECD report. READ  

UN rights chief alarmed over Egypt clashes
Zeid Ra'ad Al Hussein: worried by Egypt developments. Photo: UNHRC

UN rights chief alarmed over Egypt clashes

The United Nations human rights chief in Geneva voiced deep concern on Tuesday over the killing of at least 20 people in clashes between demonstrators and security forces in Egypt in recent days. READ  

Novartis notches higher profit on strong sales
Photo: AFP/File

Novartis notches higher profit on strong sales

Swiss pharmaceuticals giant Novartis said on Tuesday that strong sales of new products helped push its net profit up 12 percent in 2014 from the previous year despite harsh competition from cheaper copycat generic drugs. READ  

Swiss ski resorts offer exchange rate deals
Obersaxen ski area. Photo: Switzerland Tourism

Swiss ski resorts offer exchange rate deals

Certain Swiss ski resorts are offering European tourists discount exchange rates for the euro to offset the impact of the strong franc, although some critics are not happy about the practice. READ  

Wikileaks slams Google 'attack on journalism'
Baltasar Garzón: Google's action "illegal and unacceptable". Photo: Rodrigo Buendia/AFP

Wikileaks slams Google 'attack on journalism'

A controversial Spanish former magistrate slammed Google in Geneva for handing over emails from Wikileaks staff to the FBI without informing the whistle-blowing website. READ  

Refugees get 'priority over foreigners' for jobs
Photo: Seco

Refugees get 'priority over foreigners' for jobs

The federal government is backing moves by the cantons, municipalities and employers’ groups to give priority to hiring refugees living in Switzerland over workers from outside the country. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Business & Money
FATCA: 'The age of financial privacy is over'
Sponsored Article
Avoid the costs of wild Swiss currency swings
Features
Anglophone expats in Switzerland mine creativity to earn crust
National
Number of 'immigrants' swells to third of Swiss population: report
International
Pricey Switzerland tops latest global cost of living study
National
Swiss travel agents and retailers cut prices after franc surge
Technology
Solar Impulse team unveils round-the-world route for sun-powered plane
Business & Money
Swiss central bank's shock move to let franc rise sparks debate
National
Markets panic as Swiss National Bank scraps euro rate cap
National
VIDEO: Swiss soldiers publish pictures of antics on internet
National
A portrait of modern Switzerland in ten stats
National
Europe in statistics - from Spain to Sweden
Features
Geneva-based expat pens seismic novel about Haitian homeland
Features
Tons of explosives finally removed from hundreds of Swiss sites
International
'Don't succumb to fear': Swiss President Sommaruga on terrorism
Sport
Federer claims historic 1,000th win at Brisbane tennis tournament
National
Swiss newspapers condemn deadly Charlie Hebdo terror attack
Business & Money
Hackers steal client information from Geneva cantonal bank
National
Charlie Hebdo terror attack in Paris sparks Swiss rallies
National
Pop star Madonna leaves her mark during Swiss mountain holiday
National
Disassembled Solar Impulse heads to Emirates in jumbo jet
National
US ambassador in Bern sparks flap over Swiss ski lift line 'chaos'
National
New President Sommaruga lauds 'bold' Swiss democracy
National
Hopes fade of finding missing Scottish researcher still alive
National
Scientists in Lausanne and Belgium step up search for alien life
National
Nude 'selfie' mayor heads Switzerland's top ten scandal list
Features
The Local's top ten snow sport alternatives to skiing in Switzerland
Culture
Suspected stabber Nabilla given conditional release from detention
International
Swiss hotel school grad 'hero' among Australian café siege victims
Business & Money
Switzerland cracks top ten list of best countries for business
Business & Money
Swiss National Bank imposes negative interest rates
Politics
Federal cabinet ministers rapped for accepting new limouisines
International
Swiss chocolate café at centre of hostage-taking drama Down Under
National
Why has The Local got a new logo?
Features
Exploring the 'most beautiful village' in French-speaking Switzerland
Business & Money
Italian thieves steal 260 tons of Swiss Lindt & Sprüngli chocolate
National
World's longest train tunnel — under the Swiss Alps — set to open in 2016
National
Porn film on video screen spices up fare at Swiss McDonald's restaurant
National
Masturbation scene in Swiss TV ad for Media Markt draws complaints
National
Cantonal lawmakers end 'happy hours' tippling in Vaud pubs and bars
Politics
Former concert pianist Sommaruga elected as next Swiss president
Culture
Jailed German art forger's paintings go on sale at Bern gallery
Business & Money
Ikea founder Ingvar Kamprad's family listed as Switzerland's richest
Features
Long-time expats face dilemma: to be or not to be a Swiss citizen
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

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

1,312
jobs available