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Swiss private bank to appeal French court ruling in tax fraud probe

Geneva-based private bank Reyl & Cie SA will appeal a Paris court ruling to fine it €1.875 million for helping France's former budget minister, Jérôme Cahuzac, hide undeclared funds, Swissinfo reported Dec. 20, citing a report in Le Temps.

Reyl's CEO, Francois Reyl, was also fined and given a suspended jail sentence. The deadline for launching an appeal was Dec. 19.

French prosecutors began a tax evasion investigation into a potential link between Dominique Reyl, chairman of the Swiss private bank, and Cahuzac in 2013.