• Switzerland'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
Swiss refuse to ban controversial weedkiller
File photo: Phillippe Huguen/AFP

Swiss farmers can continue to use the weedkiller glyphosate after the lower house of parliament decided on Friday not to ban it.

People in Switzerland ‘fly too much’ says environment body
File photo: Swiss International Air Lines

People in Switzerland travel by plane twice as much as their neighbours, a WWF spokesperson has said.

Bern: shared parental leave ‘too expensive’
Switzerland has no statutory paternity leave. File photo: Robert Valencia

Parliament rejects a bill which would have granted fathers some paternity leave.

UN: Fear of ageing 'shortens your life'
The number of people over 60 worldwide is set to double by 2025. Photo: Hernan Pinera

New data from the World Health Organization highlights the widespread prevalence of ageist attitudes worldwide.

Swiss helicopter crash: technical fault ruled out
Two pilots died in the crash on the Gotthard pass. Photo: Michael Buholzer/AFP

Technical failure was not to blame for the crash involving a Swiss army helicopter on the Gotthard pass on Thursday.

Turkey angry after Swiss tout ‘kebab ban’
Is banning the burqa as 'foolish' as banning the kebab? Photo: Jason Ramos

Turkish kebab chefs are up in arms after they misunderstood a spoof campaign to ban the kebab in Switzerland.

Study: Swiss ski resorts are losing their snow
Snow was thin on the ground in Gstaad last December. Photo: The Local

Could spring skiing soon be a thing of the past?

UBS fined $15m for misselling investments
File photo: Martin Abegglen

The Swiss private banking giant is accused of selling risky derivative investments to inexperienced investors in the US.

Two dead in Swiss army helicopter crash
The crash happened near the hospice on the Gotthard pass. File photo: swiss-image.ch/Heinz Schwab

Two people died and one other was injured when a helicopter crashed on the Gotthard pass in the Swiss alps on Wednesday.

Bern wants Swiss women to work longer
File photo: Candida Performa

The lower house of parliament has voted to extend women's retirement age by one year to 65.

Sponsored Article
7 tips for learning Swiss French
Photo: Lara de Salis
Features
11 things the Swiss get tired of hearing abroad
Photo:  Ivo Scholz/Swiss-image.ch
Lifestyle
Survey: expats in Switzerland have money but few friends
Photo: AFP
Politics
Swiss press criticize Bern’s 'capitulation' on immigration
Sponsored Article
Why Jordan is the ‘Different’ East
Photo: Jura Trois Lacs tourism
Lifestyle
German ex-policeman is Swiss city’s new hermit
Photo: Dmitry A. Mottl
Politics
Ticino votes to favour local workers over foreigners
Photo: file
Health
Some deodorants could cause breast cancer: Swiss study
Photo: Royal Savoy
Lifestyle
In pictures: Inside the latest Swiss luxury hotel
Photo: AFP
National
Geneva airport bomb hoaxer faces 90,000-franc bill
Photo: Schaffhausen police
National
Mother leaves toddler son alone in car to go clubbing
Photo: Fabrice Coffrini/AFP
Swiss populist attacked by knife-wielding pensioner
Photo: File
Politics
Bern argues over passports for 3rd generation foreigners
Photo: Broad Bean Media
Education
Muslim pupils must shake hands – ‘no ifs and buts’
Photo: AFP
Society
Swiss ‘slave children’ to finally get compensation
Photo: Jan Geerk/Swiss-image.ch
Lifestyle
Zurich named ‘greenest’ city on the planet
Photo: Swiss
National
Brawl over seats forces Swiss to abort flight
Photo: Daniel Stockhammer
Culture
Research shows typical Swiss chalets ‘not actually Swiss’
Photo: AFP
National
Switzerland to get nationwide disaster alert system
Photo: S3
National
Swiss space firm boss left badly injured in violent attack
Photo: ETH Zurich
Education
ETH Zurich crowned best uni in continental Europe – again
File photo: Martin Abegglen
National
Report: Swiss citizenship rules leave some stateless
Photo: Fabrice Coffrini/AFP
National
Fatal crash: pilot told to fly below safe altitude
Photo: Peter Linke
Business & Money
Elderly Italian on benefits stashed €1m in Swiss bank
Photo: Stuart Richards
Society
Court sides with chickens in dispute over noisy henhouse
4,381
jobs available