In summary, the Minister is of the opinion that there are circumstances suggesting that:

1) The Company is a company to which S.8 applies by virtue of S.17 of the Companies Act, 1990 since it carried on a business in Ireland.

2) Its business in Ireland was carried on with an intent to defraud its own creditors, namely the Revenue Commissioners, in respect of the activities of its Irish branch.

3) The business was also carried on with intent to defraud the Revenue Commissioners being the creditors of third parties, namely the Irish-resident individuals and companies with whom it dealt.

4) The company and certain of its officers, agents and Irish clients, were knowingly a party to the carrying on of the business of GMI and IIB with intent to defraud creditors of any other person or for any fraudulent purpose, contrary to section 297 of the Companies Act, 1963 (as amended).

5) Officers of the Company destroyed, mutilated or were privy to the destruction, and mutilation of books and documents, contrary to section 243 of the Companies Act, 1990.

6) The Company operated a banking business in Ireland without a licence contrary to the provisions of S.7 (1) of the Central Bank Act, 1971 for a period of some twenty years.

7) The company solicited deposits, by personal canvassing or otherwise, in contravention of section 27 of the Central Bank Act, 1971 for a period of some twenty years.

8) Certain officers and officials of the Company would also appear to be culpable by virtue of section 60 of the Central Bank Act, 1971.

9) The Company has failed to comply with the requirements of the Authorised Officer to produce to him specified books and documents, contrary to section 19(5) of the Companies Act, 1990.

10) The Company established a place of business in Ireland and failed to comply with the requirements of Ss.352, 353 and 354 of the Companies Act, 1963 for a period of some twenty years.

11) The Company facilitated breaches of exchange control regulations made under the Exchange Control Acts, 1954 and 1978 for a lengthy period until these regulations ceased to have effect in or about 1992.

12) Certain Irish limited companies which obtained loans negotiated by Mr Des Traynor from GMI and IIB which were secured on cash deposits provided by the Company did not disclose the existence of such security in their accounts as required.