French prosecutors have launched a formal investigation over Reyl Group, a Swiss based wealth manager, in connection to allegations that it helped former French budget minister Jerôme Cahuzac hide money from the tax authorities.
The bank is contesting charges filed by Paris judges regarding the Swiss accounts of Jerome Cahuzac.
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The launch of a formal investigation follows the hearing of the bank’s chief executive François Reyl in April at Paris.
The bank said that no more details of the investigation have been released.
However the bank added that it had now access to case documents in order to restore the truth about the facts as well as it will be shown evidence gathered by the investigating judges.
The hearing has allowed the bank to show that it had acted in accordance with applicable regulations and legislation.
Reyl Group has assets under management of CHF9.3 billion as of June 2013.
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By GlobalData
