By Li Hongmei

French President Francois Hollande has granted a request by the French Budget Minister Jerome Cahuzac to terminate his responsibilities and accept his resignation.

According to French media reports Bernard Cazeneuve has been appointed as his replacement.

In early 2013 the Paris prosecutor's office began a preliminary investigation into the affairs of Cahuzac who is suspected of tax evasion.

The case was initiated after an internet resource called Mediapart reported that the minister had a secret Swiss bank account, from which funds were transferred to Singapore.

Bernard Cazeneuve previously served as Minister for European Affairs and before that was the official representative of the Hollande campaign.