French Minister hid money in Manx account

Mon, 12 Dec 2016

Jerome Cahuzac

A French Minister who hid undeclared funds in an Isle of Man bank account has been jailed.

Jerome Cahuzac was found to have an undeclared Swiss bank account as well as a Manx account containing €2.7m.

The 64-year-old was appointed by President Francois Hollande to tackle tax evasion, but quit the role in 2013 after it emerged he had lied about his own finances.

A trial heard the former cosmetic surgeon and his now ex-wife Patricia Menard hid profits from his hair transplant business in offshore accounts during the 1990s.

Cahuzac was sentenced to three years in prison, while Menard will serve a two-year sentence for her involvement.