Two directors of one Ireland's leading property developers Bovale, have reportedly made a settlement with the Revenue Commissioners in the region of €25 million.
Brothers, Tom and Michael Bailey are controversial figures, having been found to have obstructed the Planning Tribunal by giving false evidence in relation to its investigation into payments for planning favours.
The Irish Independentreported today the Roscommon-born brothers made a settlement in the region of €25 million following an investigation by the Revenue's Special Investigation Branch.
A spokesperson for Bovale was unavailable for comment today but RTÉ reported that the Baileys issued a statement confirming they made a settlement but refusing to make further comment.
The tax defaulters' list is published quarterly by the Revenue Commissioners. The next one is due at the end of the month, covering the period to the end of March.
While not all settlements appear, it is likely the settlement would feature in the upcoming list or the next one to appear at the end of September.
Bovale recently abandoned its limited liability status, having recorded a loss to the end of June 2005 of €270,000.
The previous year, it was the most profitable property company in the State, recording a surplus of €69.17 million.
As an unlimited entity, Bovale is no longer obliged to file annual accounts with the Companies Registration Office.