A list of the people and firms involved Categories B-E(iii)
CATEGORY B
Clients of Ansbacher through College Trustees
1. Mr Douglas Armstrong
He has been involved in a number of companies in the electronic field over many years including Armstrong Electronics Ltd, Armstrong Space Communications and Wilfield Securities Ltd.
The report said he was an associate of Mr Jack Stakelum and had a long business relationship with Guinness & Mahon from whom he borrowed money for his companies.
Mr Armstrong denied when interviewed ever having dealings with Jersey, Guernsey or the Cayman Islands. However a Guinness & Mahon memo noted the loans were "adequately secured" and the security was in a category described by the bank as "College Trustees clients for whom college have arranged backing deposits here through GMCT". Mr Armstrong said he never heard of College Trustees.
2. Blue Jeans Limited and JB Agencies Limited
Blue Jeans Ltd was a Guernsey based company operated and controlled by College Trustees Ltd until it was liquidated in 1995. JB Agencies Ltd is an Irish company in the clothing trade.
The report said College Trustees channelled any money Blue Jeans Ltd had on deposit through GMCT.
However, the owners of JB Agencies, which had a business relationship with Blue Jeans Ltd, did not accept their company was a client of Ansbacher. Mr James Sweeney and Mr Terry Kennedy told the inspectors they had no knowledge of GMCT. As far as they were concerned their banking relationship was with Guinness & Mahon in Dublin, they said, and they were unaware of its connection with Ansbacher.
The inspectors concluded the company or its promoters had offshore funds.
3. Mr Ray Carroll
Chief executive of the Murray group of companies from 1977 to 1991. The company has been involved in the motor trade over many years. Mr Carroll is retired and lives in Blackrock, Dublin.
The report said the founder of the Murray group set up a trust in Jersey in 1974. It was managed by College Trustees and around 1981 the funds were channelled through Ansbacher, which was done without reference to those who controlled the funds.
Mr Carroll had a 9 per cent interest in the Murray group and had an entitlement to some of the funds. For this reason the inspectors said "he must be considered a client of the company now known as Ansbacher by reason of his ownership of part of those funds".
Mr Carroll said he never heard of Ansbacher until around the time of the McCracken tribunal.
4. Mr Liam Cassidy
A former director of Cassidy Silks Ltd. He did not present for interview by the inspectors due to ill health but was adamant in correspondence that he never had any connection with Ansbacher.
However, documentation obtained by the inquiry showed he and his wife obtained travellers cheques from Guinness & Mahon in 1985 and the cost was debited to an account in the bank called "Guinness Mahon Cayman Trust/College". This account, the report said, held monies belonging to clients of College Trustees, which College Trustees had deposited with Ansbacher, frequently unknown to clients.
5. College Trustees Ltd
This was a subsidiary of Guinness & Mahon in Dublin which was established in Guernsey in the mid-1970s.
It was a trustee company and it managed trusts for a number of wealthy Irish clients. It deposited the funds of its Irish clients with GMCT in 1981 "for reasons that remain unclear", the report said.
The company, which was sold to Credit Suisse in the late 1980s, also had accounts in its own name in Guinness & Mahon up to 1981. The inspectors said the company had been found to be a client of Ansbacher from 1981 to around 1989.
6. Mr Tom Conaty
Majority shareholder in Tom Conaty Ltd, a company involved in fruit brokering and with offices in Belfast. He is aged 80 and lives in Holywood, Co Down.
In a statement to the inquiry he said when his company received a £50,000 sterling payment from a French company in the mid 1970s. He decided to keep it offshore and contacted Guinness & Mahon in Dublin which had operations in the Channel Islands. He was told the money would be managed by a trust company owned by the bank called College Trustees. He said he asked for his funds to be held in Guernsey rather than the Cayman Islands. If College Trustees placed the money with Ansbacher it was without his knowledge and "contrary to my instructions", he said.
7. Mr Stephen Daly, deceased
A primary school teacher until his retirement in 1988, he lived in Rathgar, Dublin.
He told the inquiry before his death that he operated, during his summer holidays, a company which organised educational tours for teachers to the US called Irish Teacher Projects Ltd. He later operated ITP Travel Ltd.
The report said surpluses arising from his operations were placed with Guinness & Mahon first in Dublin and then they were transferred to Guernsey. There were two lodgements, one for £120,000 in 1977 and another for £128,000 in 1983.
College Trustees controlled the funds and Mr Daly said he was "surprised and annoyed" to learn this later. He ended his relationship with Ansbacher in 1994 after availing of the tax amnesty.
8. Mr William Forwood and Mrs Joyce Forwood
Mr Forwood, aged 75, was a partner in a London law firm before joining Guinness & Mahon in Dublin. He became its co-managing director in 1968 and resigned in 1976. He is now retired and living in Wales.
He set up a Channel Islands trust for himself and his wife around 1969/1970. It was called Rockford Investments and was administered by College Trustees.
The inspectors concluded the Forwoods were clients of Ansbacher because their trust funds were invested through GMCT but they accepted the couple thought that as their trust was in the Channel Islands, their deposit was also there.
9. Mr Ronald T. Fredette
He lives in Connecticut in the US.
The report said he had a banking relationship with Guinness & Mahon in the mid 1980s. A letter obtained by the inquiry showed Mr Des Traynor requested Guinness & Mahon (Dublin) to send cash and travellers cheques to a total value of $10,000 to Mr Fredette in 1991 and to charge the amount to an Ansbacher account. The balance on the account at one stage was $101,000.
10. Mr Colm Hyland
He was a shareholder in and director of GB Miller, a US company making vacuum packaging materials.
The report said a trust was set up in the Channel Islands for the purpose of lodging overseas commission earned by the shareholders. Mr Hyland withdrew money from time to time through Mr Padraig Collery. He told the inspectors he believed the most he ever got from the scheme was £25,000.
He said he believed the money was held in the Channel Islands. However, it had been deposited by College Trustees with GMCT.
The report concluded: "Mr Hyland was a client of Ansbacher, although he was not aware of that fact".
11. Mr Denis McCarthy
Was managing director and then chairman of Odearest until his retirement in the early 1980s. He was also on the board of Beaumont Hospital and Leopardstown Racecourse.
He said in 1973 when he made £33,000 from the sale of a racehorse he contacted Guinness & Mahon about investing it. He was put in touch with Mr Des Traynor, whom he had earlier met at a dinner party. Mr Traynor suggested it could be put offshore and he agreed. He gave Mr Traynor a cheque and he arranged for the funds to be invested in a Guernsey company.
Around 1981/82 Guinness & Mahon decided to redeposit the money with Ansbacher in the Cayman Islands but Mr McCarthy claimed he was unaware of this.
12. Mr Harold F. Murray, deceased
The founder of the Murray group, set up in the 1930s, in the motor trade in Ireland over many years. He died in 1995, aged 82.
In 1974 he sold some properties and set up a Jersey-based trust called Woodward Trust, managed by College Trustees. The report said it channelled the trust funds through Ansbacher around 1981 without telling Mr Murray.
13. Mr Brian Rhatigan
A former director of Rhatigan Holdings and Rhatigan Developments. Now a self-employed project management consultant.
Mr Rhatigan, when questioned, denied any involvement with Ansbacher. The report said a document indicated he had withdrawn funds for travellers cheques from an an account in Guinness & Mahon entitled "GMCT re College". Mr Rhatigan said he not know what that account was and he couldn't recall ever getting travellers cheques from the bank.
The inspectors were satisfied the funds were on deposit with College Trustees in the Channel Islands which placed them with Ansbacher in the Cayman Islands.
CATEGORY C
Clients of Ansbacher through Mr Jack Stakelum
1. Mrs Margaret Clifford
From Tralee, Co Kerry. Her husband, the late Mr William Clifford, had a business relationship with Mr Stakelum, who looked after overseas funds for clients through his financial consultancy service.
She was unaware her husband had funds invested through Mr Stakelum until after her husband's death. Then she was informed by Mr Stakelum that the funds were offshore but she was not told where. She closed the account in 1994.
The inspectors concluded she was therefore a client of Ansbacher from the date of her husband's death in 1981 until 1994.
2. Mr Thomas Clifford
Also from Tralee, he was a director of Princes Investments Ltd.
He had a business relationship with Mr Stakelum and had money on deposit through him between 1976 and 19887/88.
The report said Mr Clifford, who was unable to assist the inspectors due to age and infirmity, may not have been aware of the exact location of his deposits.
His name was supplied to the inquiry by Mr Stakelum.
3. Mr William Clifford, deceased
From Tralee, Co Kerry, he was a director of Princes Investments Ltd.
He was the husband of Mrs Margaret Clifford (see above) and had a business relationship with Mr Stakelum. The report said Mr Clifford had money on deposit through Mr Stakelum between 1976 and the the time of his death in 1981. However the inspectors found he may not have been aware of the exact location of his deposits.
His name was also provided to the inspectors by Mr Stakelum.
4. Ms Olga Gray
She has an address in Johannesburg, South Africa.
Ms Gray also had a business relationship with Mr Stakelum. She gave money to him in the mid-1980s to invest it outside this jurisdiction and it remained under his control until 1987/88.
Mr Stakelum told the inspectors he would have sought Mr Traynor's advice in investing funds offshore. He assumed they would have gone to Ansbacher.
The inspectors concluded she may not have known where the money was deposited.
5. Mr Gerard Keane
The owner of Gerry Keane Ltd, a wholesale and retail paint and wallpaper business in Dublin.
He was a client of Mr Stakelum, to whom he gave money from 1983/84 on to place on deposit for him in an offshore account. He said he did not know where the money was held.
The report said some of the money on deposit was used to buy a house in Heytesbury Lane, Dublin, in 1988. The house was bought by a Channel Islands-registered company owned by Mr Keane and the money for the property was transferred to the company from an Ansbacher account.
The house was rented to Mr Keane and in 1990 Mr Keane borrowed money from Allied Irish Finance to buy the house from his own company.
6. Mr Austin C Murray
A Dublin-based architect. Both he and his wife, Ms Jean Murray, are directors of the firm Austin C Murray.
In 1974, Mr Murray placed money on deposit with Guinness & Mahon. It was placed in an account in his name in the Channel Islands. Later Mr Stakelum took charge of the account and Mr Murray told the inspectors he was not aware of where the funds were looked after by Mr Stakelum.
7. Mr William Quinn and Mrs Eileen Veronica Quinn, both deceased
They lived in Sutton, Dublin. Mr Quinn, the report said, had a business relationship with Mr Stakelum from the late 1970s until Mr Quinn died in 1985. He asked Mr Stakelum to invest funds for him outside the jurisdiction but the inspectors believed he may not have known where the money was deposited.
Mrs Eileen Veronica Quinn continued the account after her husband's death. She died in 1997.
Their son, Mr Paul J. Quinn, in a letter to the inquiry, said the account was closed after her death in 1997.
8. Dr Tom Tiernan
A resident of Howth Road, Raheny, Dublin, he was a client of Mr Stakelum, to who, during the period 1976 to 1980, he gave monies to place on deposit.
Dr Tiernan said he had no knowledge of where the deposits were held or any contact with any financial institution. He made no withdrawals until Mr Stakelum advised him in 1997 that he was retiring and transferring the balance on his account to a new deposit account with the Irish Permanent Building Society in the Isle of Man.
Dr Tiernan said he took professional advice from Mr Stakelum in good faith and "it was not put to me that this investment was illegal or fraudulent".
9. Mr Patrick Tolan
A resident of Elkwood, Rathfarnham, Dublin, he also was a client of Mr Stakelum to who, during the period 1983 to 1988, he gave untaxed income which, Mr Tolan said, had been paid to him in an annual lump sum by cheque.
Mr Tolan's understanding was that Mr Stakelum would place the money on deposit in an undisclosed account, which also held the monies of other persons. He said did not know where the money was held.
Last January, Mr Tolan's solicitors wrote to the inspectors saying their client wished to dispute the preliminary conclusion that Mr Tolan was a client of Ansbacher. "Our client was not aware that any funds owned by him were deposited with Ansbacher and Ansbacher were not aware that any funds held by it belonged to our client," they wrote.
CATEGORY D
List of persons whose sole involvement was the establishment of Ansbacher trusts to which they never transferred any assets.
1. Mr Neil McCann
Mr McCann is a director of Fyffes plc, the fruit and vegetable dis- tributors. A letter from John Furze to Mr McCann refers to a trust set up by GMCT for the benefit of Mr McCann and his family. Mr McCann said no assets were ever transferred to this trust and the inspectors accepted his evidence. Mr McCann was an Ansbacher client, but only to the extent that it established a trust for him, to which no assets were ever transferred.
2. Mr Philip Monahan
Mr Monahan lives in Castleknock, Dublin. He is a property developer and shareholder and director with several companies. Three Cayman Island trusts, the Red, White and Blue trusts were set up by GMCT in 1972. Mr Monahan was named as a poten- tial beneficiary of the White trust. His solicitors said the trusts were set up as part of a venture which did not proceed. No money was transferred to the trust and Mr Monahan received no benefits from it, they said.
3. Mr Alex Spain
Mr Spain of Upper Mount Street, Dublin, is a former partner of KPMG. He was named as a potential beneficiary of one of three Cayman trusts set up in 1972 by GMCT. Mr Spain told the inspectors the trust was set up in connection with a property development but it was never activated and no assets flowed into it at any time. The inspectors accepted this but said it constituted the carrying out of business for him by GMCT.
CATEGORY E
List of persons for whom Ansbacher conducted business other than the holding of funds.
CATEGORY E (i)
Lists of persons to whom Ansbacher provided a service or loans in the ordinary course of business.
1. Mr Vincent Ferguson
Mr Ferguson, from Sligo, is a director of Independent News & Media and a former director of Fitzwilton plc and Atlantic Resources Ltd. Through Mr Traynor, he obtained a number of loans from Ansbacher. One £1 million sterling loan to Ascot Holdings, in which Mr Ferguson had one-third interest, was guaranteed by Sir Anthony O'Reilly, Independent News & Media executive chairman. The guarantee was eventually called in by the bank and paid off by Sir Anthony O'Reilly in 1998.
Among them was a loan was for £375,000 sterling to buy Atlantic Resources shares. Mr Ferguson told the inspectors he believed Dr O'Reilly eventually negotiated a settlement of this debt. Describing the pressure of his debts, Mr Ferguson said he had sold his house, and "a lot of my art through auctions". He wanted Dr O'Reilly to know that he had made "strenuous efforts to reduce the liability".
2. Mr James McCarthy
Mr McCarthy is a former chief executive of Dockrells and a former member of the board of Fitzwilton plc, Independent Newspapers and Atlantic Resources plc. He became an executive director of Arcon about 1997 and has now retired. Cheques drawn by Mr McCarthy were lodged to an account in the name of Kentford Securities. This company was used by Des Traynor for making lodgments to and withdrawals from Ansbacher accounts in Guinness and Mahon and Irish Intercontinental Bank.
Mr McCarthy said the cheques were repayments to Mr Traynor for loans taken to buy shares. The inspectors were satisfied with this explanation.
3. Celtic Helicopters
A Dublin company which provides helicopter services, its directors are Mr Ciarán Haughey and Mr John Terrance Barnicle. The inspectors said it was clear that Ansbacher carried out business for Celtic Helicopters by providing security for loans.
In 1991, Celtic Helicopters obtained a loan from IIB secured upon a cash deposit placed by Ansbacher. In 1992, IIB provided Celtic Helicopters with a guarantee for a loan from Bank of Ireland and this was further secured by a guarantee and cash deposit from Ansbacher.
A 1993 lease contract with Jet Aviation was guaranteed by IIB and by a Hamilton Ross guarantee and cash deposit. In 1992, funds debited to an Ansbacher account were lodged to a Celtic Helicopters account and used to repay an IIB loan.
4. Mr Colm McLoughlin
Mr McLoughlin lives in Dubai and has done so at all relevant times in this report. His business affairs in Ireland were handled by his brother, Mr Ray McLoughlin.
In the early 1980s, Selima Investments with an address c/o Guinness Mahon Cayman Trust borrowed £460,000 from Guin- ness and Mahon. The inspectors accepted that Mr McLoughlin was the beneficial owner of Selima.
According to his brother Ray, the loan was for shares in James Crean Ltd. Guinness and Mahon furnished Mr McLoughlin with Selima Investments for this purpose, he said.
CATEGORY E (ii)
List of persons provided with an Ansbacher company for the purpose of purchasing property.
1. Ms Barbara Breen
Ms Breen is managing director of Merops Nutrition and Windsor Nutrition, and is a director and shareholder of Windsor Foods Ltd and Windsor Nutrition Ltd.
The companies were all owned by the late Thomas McLaughlin, a close friend of Ms Breen, the inspectors say. Funds were placed on deposit with Ansbacher by him, but the inspectors say they are satisfied she is not the beneficial owner of them. She was a client of Ansbacher only to the extent that Ansbacher managed a company which purchased and held a property in Portugal on her behalf.
CATEGORY E (iii)
List of persons who owned Ansbacher-managed companies which were potential beneficiaries of the Lynbrette Trust.
1. Mr Francis Boland
Mr Boland is chairman of the Port of Cork Company Ltd. In 1980 Barclays Bank International sent $50,000 to an account in the name of Guinness Mahon & Co in New York. Mr Boland gave evidence of involvement in the Lynbrette Trust, set up for a consortium which planned to carry out a development near Phoenix, Arizona. The trust had five bene- ficiary companies representing the interests of the five Irish participants.
Mr Boland remembers contributing $212,000 in total, in three or four tranches of which the $50,000 must have been the first. The development was unsuccessful and all the participants lost their investments.
2. Mr Patrick J. Dineen
Mr Patrick Dineen of Blackrock Road, Cork, is a businessman and company director who has also served as a non-executive director on several well-known Irish companies. In May 1981 he and seven others set up a consortium for property development in the US (see Mr Boland, above). It caused a discretionary trust called the Lynbrette Trust to be set up, of which GMCT was the trustee.
It had as beneficiaries five Cayman companies, representing the interests of the five Irish members of the consortium. He was uncertain about the name of the company representing his interest, although the inspectors believe it was Overseas Nominees Ltd.
The inspectors concluded that Mr Dineen was an Ansbacher client only to the extent that he was benefically entitled to the interest held by Overseas Nominees in the Lynbrette Trust.