Monarch executive cannot explain £160,000 withdrawals

The former chief financial officer of Monarch Properties has said he cannot explain almost £160,000 in cash withdrawals from a company account at the time it was seeking the rezoning of land at Cherrywood in south Dublin.

Dominic Glennane suggested that the company founder, the late Phil Monahan, probably used the money to buy antique cars and furniture.

Mr Glennane denied Monarch ever paid bribes or made cash payments to county councillors. The company accepts it made substantial political donations by cheque during the 1990s.

The unexplained withdrawals were made in round-sum amounts from a Cherrywood account between 1992 and 1996, Patricia Dillon SC, for the tribunal, said.

In late 1993, when Dublin County Council was voting on the rezoning of Cherrywood, a total of £21,000 was withdrawn from the account, Ms Dillon said.

Mr Glennane replied that he knew "in my heart and soul" that no payments were made to councillors.

The tribunal is investigating bribery allegations by lobbyist Frank Dunlop in connection with the rezoning of Cherrywood.

Separately, the company has told the tribunal it made political donations totalling £230,000 to 69 politicians. The withdrawals under investigation yesterday are in addition to these donations.

Ms Dillon described Mr Glennane's explanation for the 1993 withdrawals as pure speculation and asked asked him to outline the basis for his belief that Mr Monahan had used the cash.

Mr Glennane replied that the only reason cash would be withdrawn would be for Mr Monahan to buy cars and antiques.

Ms Dillon: "Unless you were paying bribes to county councillors."

Mr Glennane: "We were never paying bribes to councillors at any time."

Ms Dillon pointed out that a total of £11,000 was withdrawn in cash on the day in November 1993 when the council was due to vote on the Cherrywood proposal.

Mr Glennane said he had no idea what had happened to this money and he hadn't written the cheques. He was happy that the payments would have been satisfactorily explained at the time.

The company's auditors, KPMG, had signed off on the accounts. He said it was quite common for Mr Monahan to withdraw cash, particularly when he was on his way to buy old cars or antiques. It was also coming up to Christmas, he pointed out, and Mr Monahan was very generous.