• Switzerland 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

"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
Glacier 3000 opens new mountaintop bridge
The new bridge connects Glacier 3000 with Scex Rouge. Photo: Peak Walk by Tissot

Glacier 3000 opens new mountaintop bridge

The new ‘Peak Walk’ at Glacier 3000, the world’s first suspension bridge to connect two mountain peaks, was inaugurated on Friday. READ  

Snake smugglers caught by Swiss border guards
Two boa constrictors were found in Basel. Photo: Anup Shah

Snake smugglers caught by Swiss border guards

Swiss border guards discovered four snakes during the course of two separate controls this week, federal customs authorities said on Friday. READ  

Report: Switzerland ideal for Mars simulator
UNIL's report said Switzerland would be ideal for a Mars project. Photo: UNIL

Report: Switzerland ideal for Mars simulator

Switzerland could play a vital part in the mission to Mars, according to a report by the University of Lausanne (UNIL) which concludes that Romandie is the perfect place to test conditions faced by humans in a journey to the red planet. READ  

Basel private bank raided in German tax probe
Safra Sarasin is based in Basel. Photo: Michelle Kinsey Bruns

Basel private bank raided in German tax probe

Police in Switzerland have raided the offices of the private bank Safra Sarasin as part of a probe by German authorities into alleged tax fraud, Swiss newspaper Tages Anzeiger reported on Friday. READ  

Swiss banker arrested over Hoeness tax fraud
Hoeness was jailed for tax evasion to the tune of 28.5 million euros. Photo: Stuart Franklin/Pool/AFP

Swiss banker arrested over Hoeness tax fraud

Polish authorities said Thursday they had arrested a Swiss banker wanted by Germany on suspicion of tax fraud that a report said may involve the jailed former Bayern Munich president Uli Hoeness. READ  

Federer reaches quarters in hometown event
Federer celebrates another win in Basel. Photo: AFP/Fabrice Coffini

Federer reaches quarters in hometown event

Roger Federer shrugged off dropping the first set against journeyman Denis Istomin on Thursday before hitting back to win 3-6, 6-3, 6-4 and reach the Swiss Indoors quarterfinals. READ  

Hitler coffee cream pot company faces closure
Hitler and Mussolini featured on the creamer lids. Photo: SRF

Hitler coffee cream pot company faces closure

The company that designed the coffee cream pot lids featuring images of Hitler and Mussolini is facing bankruptcy after Swiss supermarket chain Migros said it planned to terminate its contract with the Bern-based outfit. READ  

Body of Czech climber found after 40 years
The body was found near Mount Titlis. Photo: Caroline Bishop/The Local

Body of Czech climber found after 40 years

The body of a Czech hiker who disappeared 40 years ago after an avalanche in Switzerland has been found on a glacier in the Bernese alps, Bern cantonal police reported on Thursday. READ  

Doctor: Schumacher needs 'years to recover'
Schumacher suffered severe head injuries in a ski accident in December. Photo: AFP

Doctor: Schumacher needs 'years to recover'

A French doctor treating stricken former Formula One champion Michael Schumacher said on Thursday that the German ace was making progress, but will need years to recover. READ  

Roche reveals towering plans for Basel site
Roche's development will include the highest building in the country. Photo: Roche

Roche reveals towering plans for Basel site

Swiss pharmaceutical giant Roche is to invest three billion francs ($3.14 billion) in its Basel headquarters over the course of the next ten years in a massive redevelopment project which includes the construction of the tallest building in Switzerland. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
National
Red faces at Migros over Hitler and Mussolini coffee cream pots
National
Majority of Swiss back proposed new immigration curbs: poll
Features
Eritrean asylum seekers find refuge in Swiss monastery town
National
Expat American professor disputes 'unjust' Swiss citizenship rejection
National
Sputtering eurozone drags down Swiss economic growth forecast
Features
Swiss-based English expat writer lauds immigrant 'brains and brawn'
International
Our survey: Switzerland third priciest for food and drink from back home
National
Zurich market gardener sets world 'record' for heaviest pumpkin
National
Report: Switzerland's residents richer than before economic crash
Features
Geneva lab sleuths use high tech to help art world uncover fakes
National
Father of Scot missing since early September fears Swiss trauma
National
Foreign women give birth to rising share of newborns: latest figures
National
'Giant's penis' bloom in Basel uni botanical garden bigger than ever
National
Switzerland's voters reject public health insurance proposal
National
Zooming foreign immigration continues to boost Swiss population
National
Scientific study rings alarm over wellbeing of Swiss cows with bells
National
Geneva MP seeks ban on charging for tap water in restaurants
Business & Money
Switzerland's residents top world financial wealth list: Allianz report
National
Saint Maurice abbey in Valais celebrates 1,500 years of history
National
Streaming movie video service Netflix arrives in Switzerland
National
Professional Chilean base jumper dives to death in Swiss Alps
Education
ETH Zurich remains top university in Europe: QS world rankings
National
Switzerland's housing vacancy rate jumps: new federal figures
National
Swiss football club fires team masseuse over explicit sex video
National
Geneva police arrest easyJet passenger over hand luggage row
Business & Money
Latest forecasts for Swiss economic growth turn less bullish
Sport
Formula One legend Schumacher to continue treatment at Swiss home
National
Former federal planning official calls for nine Swiss cantons
Features
The Local gets the lowdown on mushroom picking in Switzerland
National
Virgin boss Richard Branson's son rescued from peak of Matterhorn
National
Swiss President Didier Burkhalter's commute turns Twitter sensation
Features
High-tech cameras give dizzy view of Eiger's north face (VIDEO)
Politics
Baden municipal council strips 'nude selfies mayor' of duties
Business & Money
Switzerland stays atop competitiveness table for sixth year
National
Federal parliament secretary agrees to step down over nude selfies
National
Swiss residents pick Swedes as ideal European soul mates: survey
National
Zurich officials call project to move prostitutes to 'sex boxes' a success
National
Swiss gays recognized as parents of child born to surrogate mother
Health
Increase in mountain bike accidents keeps Swiss hospitals busy
National
Swiss policeman belatedly honoured for saving Jews from Holocaust
National
'Suicide tourists' to Switzerland double in three years: study
National
Swiss Post SMS scheme gets stamp of approval after pilot project
Business & Money
American tax evasion crackdown hits Swiss private banks' bottom line
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

2,241
jobs available