Mr P.J. Mara apologised several times to the tribunal yesterday, admitting he was "negligent" and "deficient" in failing to disclose fully details of all bank accounts in his name as directed by the tribunal in December 2000.
The tribunal heard Mr Mara's lawyers had written to the tribunal last Friday disclosing details of two accounts held for a company called Pullman Ltd at the Royal Bank of Scotland (RBS) in the Isle of Man.
On December 7th, the tribunal had requested details of all accounts held by Mr Mara or on his behalf from January 1st, 1988, to date.
In January, Mr Mara provided details of four accounts with AIB, three with a building society and a number of other bank accounts and credit card accounts.
He did not disclose the existence of any account held outside the jurisdiction of the State, the tribunal heard. However, Mr Mara said he had given details of everything he remembered "at that time".
He said he had later come across a reference on a bank statement and realised he had not disclosed the Isle of Man accounts. He immediately passed the information to his lawyers.
Monies lodged to the accounts included a cheque for £20,000 sterling and an amount of $20,000 from a client in the aviation business - a "dollar business", Mr Mara said.
He said the "great, great bulk" of the money lodged to the RBS accounts was later withdrawn and brought back to his accounts in Ireland, where he paid tax on them in the normal way.
Asked why he had gone to the trouble of setting up the accounts when the money was brought back here, Mr Mara said he may have had "bad thoughts" at the time but later changed his mind.
Mr Mara apologised to the tribunal for failing to disclose the information. The omissions were "in no way an attempt on my part to evade my responsibilities or my obligations".
In response to repeated questions about his failure to disclose the accounts, Mr Mara said: "I was deficient. I have apologised to you and I can do no more, Ms Dillon."