Mr Liam Lawlor has admitted to the Mahon tribunal that he was the sole beneficiary of a Liechtenstein bank account through which hundreds of thousands of pounds were channelled.
The former Fianna Fáil TD had previously told the tribunal in evidence in December 2000 that the late Mr David Morgan had sole control over the Landesbank account, into which nearly £700,000 (€889,000) was lodged in the 1990s.
The politician had insisted that he was introduced to the bank by Mr Morgan, and had therefore regarded the account as being under Mr Morgan's control. However, he admitted today under stern questioning from both the tribunal chairman, Mr Justice Alan Mahon and Mr Des O'Neill SC that he was the sole beneficiary.
"David Morgan was the originator of this account, I derived the benefit from it," he accepted. However, he still failed to accept that the account was his, despite the tribunal producing a document from the bank, signed by Mr Lawlor, showing that it was opened by him, in his name.
Mr Lawlor said this money was lodged in two separate payments on the strength of a loan agreement negotiated between himself and Mr Morgan. This was set up as a means of recouping monies he claimed he was owed by a former business partner, Mr John Caldwell.
Mr Lawlor claimed Mr Caldwell owed him a substantial amount of money from a number of property deals, but had refused to accept liability.
