ACC gets orders to freeze Swiss account

ACC Bank has secured orders freezing Swiss bank and other accounts held by a Limerick man and his wife as part of the bank’s efforts to recover a €1.3 million judgment previously obtained against him.

A “curiosity” of an account opened by John Walsh, St James, South Circular Road, Limerick, with Credit Suisse in Zurich was the fact it contained only €500 when he had engaged a solicitor to deal with payments into that account, Mr Justice Peter Kelly said at the Commercial Court. When asked why he opened that account, Mr Walsh had said he didn’t know and it was “very silly of me. I wasn’t thinking straight at that time.”

Under cross-examination, Mr Walsh had said his wife opened another account with Credit Suisse in her maiden name, Lorna McNamara, into which sums were paid. Mr Walsh appeared to have paid at least €315,000 into his wife’s Swiss account, counsel said.

Mr Justice Kelly said he would make freezing orders over the three accounts but allow a draw down of €5,000 from the Ulster Bank account until the matter returns to court next month. The couple also have liberty to apply to vary or discharge the orders.