Banque Reyl and its chief executive officer will appeal the verdict a French court reached in the case of former budget minister Cahuzac.
Geneva-based Banque Reyl and its CEO, François Reyl, will appeal the verdict reached by a French court in the case against Jérôme Cahuzac. The company confirmed it would appeal, «AWP» newswire said. «Le Temps» had first reported on the move.
The Paris court in early December convicted the former minister and condemned him to a prison sentence. The judge also ordered Banque Reyl to pay a fine of 1.875 million euros. The bank's CEO received a suspended jail sentence of one year and a fine of 375,000 euros.
In Accordance With Swiss Law
The court concluded that the bank had been used as a cover. The accusations focused on a cash sum retrieved in 2011 – 10,000 euros according to Cahuzac, 20,800 euros according to Reyl. The money is said to stem from an account at the Geneva-based institute containing so-called black money which had been transferred to Singapore from Switzerland in 2009.
Banque Reyl didn't further comment its decision. It argues however that it hasn't violated Swiss law.
Delays
With the appeal, the company will have to live with the effects of the scandal for months to come. A second trial may not be held before 2018.
