Bank may have to pay costs

The Minister for Justice, Equality and Law Reform considers the company that should bear primary responsibility for the costs of the court-appointed inspectors' investigation into the affairs of Ansbacher Cayman Limited is Ansbacher Cayman Limited, the High Court was told yesterday.

Mr Gerard Hogan SC told the president of the High Court that the Minister would also be seeking directions as to whether six other named corporate bodies should be joined to proceedings to determine if they have a liability, the extent of any such liability and whether they may seek indemnity or contribution.

The corporate bodies are Hamilton Ross Co Ltd; Guinness & Mahon Ireland Ltd; Guinness Mahon & Co (London); CRH plc; Bank of Ireland Private Banking Limited; the Irish Intercontinental Bank; and another company whose title has to be clarified.

Mr John Gordon SC, for Ansbacher Cayman, said he had just received a copy of the Minister's motion at 6.15 p.m. last Friday. The motion proceeded on the assumption his client was primarily responsible for the costs of the investigation into its affairs. The bank would say that was incorrect both as a matter of law and otherwise.

While it was for the Minister to decide against which parties he moved, Ansbacher Cayman would name other entities not included in the Minister's list. A "glaring omission" was the Central Bank, which "bears a very heavy responsibility for all of this", counsel said.

Mr Eoghan Fitzsimons SC, for the Director of Corporate Enforcement, said he was preparing to issue a motion in relation to seeking certain documents for the purposes of deciding what if any action should be taken in relation to parties who "obstructed" the inspectors in their work.

Counsel said he would be seeking directions in relation to service on two companies in Britain, represented by English solicitors, and against a number of individuals, all but two of whom were in Britain. One was in the US while another had no address but had a solicitor in Dublin.