Judgment reserved in Byrne review

The High Court has reserved judgment on a bid by multimillionaire property developer John Byrne to overturn part of the Ansbacher inspectors' report into illegal offshore accounts.

Lawyers for Mr Byrne contend that a reference in the report that he could use a trust set up in the Cayman Islands at all times was inconsistent with findings that he was "truthful".

Mr Byrne (86), of Simmonscourt Road, Ballsbridge, Dublin, has also strongly disputed that he was the beneficial owner of the trust. He claims the inspectors, in relation to how he is dealt with in their report, had acted in breach of fair procedures and in excess of their powers.

The judicial review application was opposed by the inspectors - Judge Seán O'Leary, Noreen Mackey, Paul Rowan and Michael Cush.

In submissions yesterday - the final day of the hearing - Lyndon MacCann SC, with Shane Murphy SC, argued the inspectors were entitled to cut through the legal and company facades in order to meaningfully report to the court in relation to the Ansbacher situation.