Over 100 Irish tax residents identified as clients of bank

The Minister for Enterprise, Trade and Employment, Ms Mary Harney, has identified more than 100 Irish tax residents who were clients of Ansbacher (Cayman) Ltd., the High Court heard.

Mr Justice Johnson heard that due to the failure of the company to co-operate with the examination of the authorised officer, Mr Gerard Ryan, his Report to the Minister and Tanaiste contained an incomplete picture of the company's operations in Ireland since 1971.

Mr Ryan was of the view that there were many other unidentified persons resident in Ireland with whom the company had a commercial relationship and who dealt directly with the company during the 1980s and 1990s. The sums identified by him involved some £50 million placed by Ansbacher (Cayman) on deposit in Guinness Mahon in 1989 rather than the £38 million indicated in the Mc Cracken Report.

Mr Paul Appleby, of the Department, said an examination of 120 clients of the company or connected with deposits placed with it, suggested that cash deposits and investments of which they were beneficiaries may have been far greater than the £50 million placed by the company on deposit in Guinness Mahon. Mr Appleby said that according to Mr Ryan's report to the Minister it was likely that the total assets of the off-shore trusts and companies may have been of the order of several hundred million pounds.

He said the Minister believed the business of Ansbacher (Cayman) Ltd was carried on with an intent to defraud the Revenue Commissioners and that certain of its officers, agents and Irish clients were knowingly a party to the carrying on of the business with intent to defraud.

She was aware officers of the company destroyed, mutilated or were privy to the destruction and mutilation of books and documents, contrary to the Companies Act and that the company had operated a banking business in Ireland without a licence for 20 years.

Ms Harney had also been made award that the company had solicited deposits, by personal canvassing or otherwise, in contravention of the Central Bank Act and that officers and officials would appear to be culpable. The company had facilitated breaches of exchange control regulations for a lengthy period and certain Irish limited companies which had obtained loans negotiated by Des Traynor had not disclosed the existence of security on cash deposits provided by Ansbacher (Cayman).