High Court unfreezes accounts to allow €170,000 to go to the State
Hundreds of thousands of euro held in bank accounts of a father and son that were frozen under proceeds of crime legislation are to go to the State, the High Court has heard.
Myles Connors snr (73) and Myles Connors jnr (48), both of Belgard Heights, Tallaght, Dublin, held the accounts in Permanent TSB, Old Bawn, Tallaght.
The accounts were frozen following a court application three years ago by the Criminal Assets Bureau (Cab) under the Proceeds of Crime Act 1996.
Mr Justice Kevin Feeney made orders yesterday, on foot of the consent of Cab and Mr Connors snr, unfreezing two accounts held by him containing more than €171,000.
Mr Connors snr had agreed to the appointment of Cab legal officer Declan O’Reilly as receiver over the money and to transferring the bulk of them to the Minister for Finance, Gráinne O’Neill, for Cab, told the court. A sum of €20,000 is to be paid out to Mr Connors, whose late wife Ann had been a joint holder of the accounts.
Similar proceedings against Ms Connors, who died in 2011, were struck out yesterday. It is believed the €20,000 is to go towards her funeral expenses. Another €5,000 is to be used to pay Mr Connors’ accountant’s fees under the consent agreement.
Mr Justice Feeney was also told Myles Connors jnr, who is believed to be living in England, held €111,681 in a deposit account in the same bank branch as of July 2010.
He had discharged his solicitors and was not in court yesterday, although he was aware of the hearing, Ms O’Neill said.
Cab was granted similar unfreezing orders in relation to that money so it could be used to partly discharge a €1.3 million tax assessment raised against Myles jnr, she said.
A Cab revenue official said the assessment covered 1999 to 2009 and included €734,985 in interest accrued over those 10 years, plus about €225,000 in capital gains tax.