Fraud squad seeks access to papers in case relating to Tuskar director

THE GARDA fraud squad has sought information regarding the activities of Alan Hynes, a director of collapsed property investment company Tuskar Asset Management.

In the commercial court yesterday, a representative of the liquidator of a number of Tuskar-related companies told Ms Justice Finlay Geoghegan that the Garda fraud squad was seeking the release of documents relating to the case. It is expected these will then be passed on to the Director of Public Prosecutions (DPP) .

Property investment company Tuskar Asset Management collapsed three years ago with debts of €50 million after investing in a number of property deals.

Mr Hynes was one of the directors of the company. The Wexford property investor and former accountant is due to appear at a Chartered Accountants Regulatory Board (Carb) appeals tribunal in Dublin today.

Earlier this year, the accountancy regulatory body took a case against Mr Hynes for alleged breaches of the code of ethics of Chartered Accountants Ireland. However, a disciplinary tribunal in January was adjourned after two members of the three-strong tribunal stood down after Mr Hynes’s legal team raised concerns about potential conflicts of interest. Today’s hearing is an appeals tribunal, at which counsel for Mr Hynes is expected to appeal the tribunal process on a number of grounds.

The regulatory board withdrew Mr Hynes’s practising certificate in October 2010. More than 50 private investors around the State invested in Tuskar property companies, providing personal guarantees totalling several million euro.

It is believed that many of the investors were from the medical and dentistry profession.

Carb was established by Chartered Accountants Ireland to regulate its members. If Carb finds a prima facie case of misconduct against one of its members, it can appoint a disciplinary tribunal to hear the case in full and in public.

Last year, Carb announced it was postponing public disciplinary tribunals relating to four senior Anglo Irish Bank executives, including Seán Fitzpatrick and David Drumm, at the request of the DPP, amid concerns the hearings might prejudice possible future criminal proceedings.

In September last year, a two-year-old investigation initiated by Carb and led by John Purcell found Ernst Young may have a prima facie case to answer in relation to its role as auditors to Anglo Irish Bank.