Professional Documents
Culture Documents
UNDER OATH
accurate transcript of my
Stenographer
PRESENT
MS. MACKEY BL
SHEEHAN & CO
CLARE STREET
DUBLIN 2
1 THE INTERVIEW COMMENCED ON TUESDAY, 6TH JUNE 2000 AS
2 FOLLOWS:
15
19 oath.
20
23
24
3
1 you have had a substantial career in banking
14 career?
23 A. Right.
27 A. As a bank?
14 Bureau system.
18 aspect of it?
23 A. Of my own?
24 8 Q. Yes .
25 A. I do indeed, yes.
29 statement?
1 A. (Handed).
8 context.
10 brief?
20 for £125,000.
26 to Mr. Traynor.
3 remuneration as an employee?
9 they calculated?
12 (Pause).
13
19 maybe one was Hamilton Ross and that was the two
23 College/Hamilton Ross.
26 A. That is correct.
9 from the work you were doing for Guinness & Mahon?
20
27 services ?
29 24 Q. Yes?
1 A. I interpreted that to mean back-to-back loans or
15 Intercontinental Bank?
16 A. (Document handed).
26 personally.
27
9
1 personal account. I think what this may have been,
6 their benefit.
11 yes I did.
12 29 Q. You did?
13 A. Yes .
21 withdraw money?
10
1 processed the transaction, i.e. a letter would have
5 and then that draft would have been paid into, say,
15 A. Yes .
22 A. Yes .
7 example.
9 withdrawal of funds?
12
1 fairly good view of the arrangements as between
23 responsibilities.?
29 died?
13
1 A. It was.
22 just to me alone.
26 Ireland?
12 afterwards.
17 Revenue Commissioners?
20 earned?
23 1997.
15
1 kind through Ansbacher?
11 is?
13 55 Q. Yes?
26 A. It is indeed, yes.
16
1 A. It is indeed, that is my mother's account.
3 A. It is, yes.
5 Mr. Collery?
10 Collery?
11 A. My mother.
13 A. Yes .
14 62 Q. I see.
23 that account?
26 A. Kathleen.
2 for you.
5 A. Very good.
7 A SHORT ADJOURNMENT
10 AS FOLLOWS:
11
12
16
17
19 ROWAN
20
21
22
23
24
25
26
27
28
29
18
1 MR. PADRAIG COLLERY WAS EXAMINED, AS FOLLOWS, BY MS.
2 MACKEY:
9 numbers?
19
23 A. They do indeed.
26 £1,000.
27 71 Q. Is the situation that it was just one figure in the
19
1 you could direct me to where the £1,000 begins and
2 ends ?
12 £750?
15 documents ?
16 75 Q. Yes .
22 was that I had moved from Guinness & Mahon and I had
24 76 Q. Yes?
20
1 that time, we can properly check this out, that £250
8 "A/A7".
11 £1,000.
27 A. Yes .
21
1 devote less time to it?
2 A. Correct.
7 that stage?
17 working hours?
18 A. Absolutely so.
20 A. It became less.
23 recollect it, between the £750 and the £125 and you
23
1 Guinness Mahon Cayman Trust and they ran parallel to
11 thing.
15 fee separately?
29 beneficiary of.
24
1 97 Q. A beneficiary in the sense?
9 correct?
12 services.
17 100 Q. But you did say that it might have been College. I
20 A. Yes I did.
23 to that?
28 102 Q. But the fact is that you were doing work for
29 College?
25
1 A. I was doing work for College, I was indeed, yes.
9 you mean?
19 A. Okay.
25 £881 was.
26 107 Q. Right. Can you recall what the next one, lodged on
26
1 time, Mr. Traynor had negotiated with Ansbacher that
8 for me.
9 108 Q. When you say "they were", are you speaking of the
13 two related.
20 in one sum?
24 here are the amounts that are due that you can
27
1 services to date?
6 that.
9 A. Okay, fine.
11 A. Yes .
12 115 Q. Here we have the £750 and £125 which you explained
15 A. Yes it was.
18 A. Yes .
28
1 gratuities or fees?
2 A. No.
5 121 Q. May we look at the specific one and stick with that?
6 A. Okay.
7 122 Q. You did not lodge money yourself is what I'm asking
8 you?
10 123 Q. You didn't ask Mr. Traynor to put money into the
12 cash or transfers?
23 A. Correct.
25 October or September?
27 89 (Exhibit 7).
5 (Exhibit 6)?
6 A. That is correct.
12 have said.
14 you mean?
20 rather.
21 132 Q. As a fee?
22 A. As a fee.
24 personally?
30
1 for him, then he would have deemed that that was a
4 happened?
8 reason?
15 A. Correct.
8 A. Absolutely.
17 your account?
18 A. Account, yes.
20 A. Yes .
23 A. Yes, and I think 1991 was the time there was a lot
25 145 Q. So that may have been that or it may have been a fee
27 services ?
28 A. Yes .
8 A. Yes .
22 period.
10 Mr. Traynor.
12 A. Correct.
21 1997 declared.
23 (Exhibit 11).
24 A. Yes .
4 (Exhibit 12).
5 A. Yes.
35
1 163 Q. In that regard, if we could move on to page 130
6 A. Yes .
16 A. No.
18 A. You did not see the £750 but you did see the £1,000.
23 those as we go along?
36
1 whether this payment should be made or should not be
6 17) .
13 back-dated payments?
14 A. Correct, yes.
22 A. No.
24 A. Yes .
25 176 Q. This is September 1994 and we have the £750 and you
37
1 and credited it in there to my account either in
13 a premium rate.
15 the client?
38
1 A. Yes, the agreement was with Ansbacher. At this
39
1 Ansbacher at that stage; is that right?
10 187 Q. Yes?
13 in 1995/96.
22 Ansbacher/Hamilton Ross?
24 190 Q. What was the exact date in 1995 when Hamilton Ross
27 191 Q. Yes .
29 192 Q. 1996?
1 A. 1996 he moved, yes, because my recollection is that
6 the work that you were doing for Hamilton Ross was
8 versa?
9 A. Absolutely.
11 A. Yes .
15 A. Or a mistype!
21 A. Correct.
27 199 Q. Sorry?
28 A. Moize Dawood-Ketty.
29 200 Q. M-O-I-S-E?
1 A. M-O-I-Z-E D-A-W-O-O-D-K-E-T-T-Y.
4 Moize Dawood-Boye.
8 dealing and then left the States and came back and
20 through Ansbacher.
21 203 Q. Yes?
42
1 £110,000 so I approached Mr. Sam Field-Corbett and
8 A. Yes.
13 207 Q. And why does that name appear there rather than the
20 Field-Corbett's company?
25 21)?
26 A. Yes.
43
1 211 Q. I think you explained that but the actual monthly
9 this was my services for the year and all, the work
10 that I had done for him since Mr. Traynor died, and
15 A. Yes .
25 A. Yes we can.
27 to confirm that?
2 certain?
9 time.
16 right?
45
1 account to me.
4 Field-Corbett to you?
8 A. No.
9 225 Q. And the monies that you would have given him
11 Ansbacher account?
13 out of my domestic.
15 A. It is.
22 £1,000.
23 229 Q. ACL stands for?
27 A. 1995.
29 A. Yes.
46
1 232 Q. That payment from Ansbacher falls on its own in the
5 A. Yes, it does.
7 that year?
11 it is?
12 A. It does, yes.
14 A. Yes.
17 A. Correct.
26 the client would have paid and you would have lodged
27 to your account?
28 A. Correct.
47
1 explained to us but we have a sum of £55,000 again
7 (Exhibit 21)?
10 up to £55,000.
12 again?
21 cleared out.
25 A. Absolutely not.
27 A. Absolutely.
48
1 A. It was a transfer from one account to another.
6 A. Correct.
12 Ansbacher?
13 A. Hamilton Ross.
15 A. In Hamilton Ross.
17 separate entity?
26 253 Q. Right. The funds that this came out of were, tell
27 me again?
49
1 A. The pooled account.
6 256 Q. And this one came out of the Hamilton Ross account?
26 Sam Field-Corbett?
50
1 Cummins is getting it, we will look at the next one,
3 (Exhibit 25)?
4 A. Yes it is.
7 A. Correct.
9 large withdrawal?
10 A. Correct.
16 Sterling?
18 It is not Irish.
20 Sterling, is it?
21 A. That is correct.
24 267 Q. Yes .
11 A. That is correct.
12 272 Q. Yes?
5 277 Q. Yes?
10 278 Q. Yes .
14 279 Q. Yes .
16 280 Q. Yes?
53
1 described as rather than a transfer, you are still
3 A. I do.
8 is.
15 another.
17 account?
23 289 Q. Yes.
29 Ansbacher.
54
1 291 Q. We have a lodgement of this figure but we do not see
11 293 Q. I see that and I see what you are saying. What I am
21 account?
29 296 Q. I do.
55
1 A. So if you go back, the next one is page number 2.
2 297 Q. Yes. I see that and I see that the name is Hamilton
7 happened.
15 (Exhibit 34)?
56
1 A. Yes. These were all internal situations so really
7 302 Q. Yes?
9 303 Q. Yes?
13 304 Q. Yes?
21 has now been used up and we have now printed off new
25 either?
27 left-hand side.
29 A. Yes .
1 308 Q. So in fact for anyone looking at these they appear
7 sequence is taken?
9 absolutely.
11 ask you about, Mr. Collery, and not ask you about in
16 relation to that?
17 A. Absolutely, yes.
26 control?
27 A. Yes I understand.
58
1 A. Okay.
7 MACKEY
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
59
1 MR. PADRAIG COLLERY WAS FURTHER EXAMINED BY MR.
2 ROWAN AS FOLLOWS:
12 stationery?
27 315 Q. You obviously were aware why that was. How easy was
60
1 ask?
12
22 chart?
23 A. Yes .
61
1 could append to the transcript. I think it actually
2 would?
3 A. Yes.
7 Hamilton Ross?
21 £300 credit.
28
62
1 Hamilton Ross, and likewise it had its own
11
23 you.
26 intended be IIB.
27 A. Correct.
63
1 Rowan has one final question before we wind up.
6 A. (Handed).
12 that organisation?
64
1 were Isle of Man directors and shareholders.
3 A. In effect yes.
4 329 Q. Actually?
7 in and out.
11 have fulfilled?
23 death?
24 A. It did indeed.
29 334 Q. Yes?
65
1 A. Yes.
10
11
12
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
66
/ ' M <
YJoAUrs
Appendix XV (17) (l)(b)
Without Prejudice
Overview Document
1. Objective
2. Career
My entire career has been always associated with Banking. Thefollowing are the key
dates:
1.1968-1974: Lloyds Bank, London - Bank Official in Retail Banking.
2.1974-1939 : Guinness & Mahon Ltd, Dublin - Senior Bank Official with
' - responsibilities for Accounts and Computer Operations.
My main area of responsibility in Guinness & Mahon was the Management of the
accounts department of the Bank. This department was responsiblefor the
maintenance of all the customer and internal accounts of the Bank. The department
would have acted on the instructions of the customers and on instructions received
from internal sources. It also provided information to the Banks customers,
information to internal departments, Auditors, etc.
As part of my role I provided assistance in the keeping of memorandum accounts for
Guinness & Mahon Dublin Ltd's then subsidiary Guinness & Mahon Cayman Trust
Ltd which subsequently became Ansbacher Cayman Ltd.
3. Documentation
The following details the various types of documentation which existed for
Ansbacher Cayman Ltd and are part of the records in G & M Dublin.
In addition to these records there existed other documentation which werefor the
benefit of Ansbacher Cayman Ltd which related to their clients and can be best
described as fbllows:-
Memorandum accounts were maintained for sterling accounts only. These were
originally held to assist Ansbacher Cayman Ltd keep a record of transactions over its
individual clients accounts until such time as it had its own computer system. While
that requirement was resolved it was found that the system assisted in tracking that
correct postings were being made by the bank in Cayman and balances could be
obtained when the bank was not open (Time difference). In later years the system was
used to control and keep track of funds which were placed for liquidity / funding
reasons with G & M Ltd Dublin.
While instructions relating to a transaction regarding the bank account with G & M
Ltd Dublin would go on the Banks records ( G & M Ltd), separate written
instructions by Des Traynor would be endorsed on a copy thereof and would be
given to me to indicate which memorandum account / accounts should reflect that
transaction.
Trust / Company / Individual records were maintained by Mr Des Traynor.
4. Significant Dates
Over the following months assistance was given in reconciling account records and
this exercise was completed towards the end of June '95.1 continued to provide a
liaison role but had no input or otherwise to thefinancial records since June '95 for
Ansbacher Cayman Ltd, As the reconciliation of accounts was completed, Ansbacher
Cayman Ltd were satisfied that it had control of die situation, there was no need to
hold onto the old instructions on memorandum accounts given by Mr Traynor nor was
t there any need for the memorandum accounts as the bank had records if required by
the clients and there was a space limitation, the documentation mentioned in
paragraph 3 section 5 & 6 were shredded in or around Sq>tember 1995 by myself and
Mr. John Furze.
In relation to Hamilton Ross most of the clientfiles have been carried forward from
the period when the accounts were within the Ansbacher account structure,
memorandum of accounts and instructionsfrom Mr Des Traynor prior to his death
were shredded for the same reasons as above. However memorandum accounts from
the beginning of the new arrangement are available (i.e. after the death of Des
Traynor).
jf J. Schedule Transactions
From the above I trust it is clear as to the availability of documentation and non-
availability of others to the Tribunal. I would also wish to state again thatfrom '76
to '941 performed a book keeping role for Ansbacher Cayman / Hamilton Ross Ltd /
Mr Traynor. I accept that if what is stated in the schedule to the Tribunal Order for
Discovery dated 19th May'97 is true then it is likely I posted the amounts mention
therein. I do not recall such amounts nor do I have any knowledge or memory as to.
which memorandum account or accounts such amounts were posted.
Since the dead! of Mr Traynor I have had access to thefiles and have been contacted
by clients. I therefore have a greater knowledge of individual situations and
transactions. If there is any doubt I contact Mr Furze for instructions as he is the
Director and Shareholder of Hamilton Ross Ltd and therefore responsible to the
clients. As John Furze now has his Trust licence these clients will be managed by this
new company and as with Ansbacher I will have no involvement in the very near
future.
ri»c/miiy/nri»c.97/trib
Appendix XV (17) (1) (c)
.all i>iJ'i;'JiT A/r LUDUtiri
DATE PARTICULARS VALUE DATE DEBIT
•
ST £ <."JAWU(!
CREDIT BALANCE
\
3»t»77.<,0
3 »677« IrU
uooo.on 4»677.40
l?s.oo 4,802.40
m
Appendix XV (17) (l)(d)
lillSH IN TIHC O XT I m NT A t tAHK
!TF!P9fiTT A C C O T H T W I T H D R A W A L
- W W k c r t h L
I/We hereby request a withdrawal from jptffoux
the sum of
o^vs'fc
by cheque/caslr payable to
Signed
Dated
. . . M » M H > M.V. •• « • i.
Appendix XV (17) (1) (e)
Name Details Where Held
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DATE PARTICULARS VALUE DATE
2,721.95
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L J ACCOUNT NUMBER 80001386
B A L A N C E S S H O W N A R E IN:
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Telex CP 305 Cable Addict Guiiintv,
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28/02/93 81725.74
V - CARRIED FORWARD
Appendix XV (17) (1) (g)
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Appendix XV (18) Mr Cornelius Collins
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
Cornelius Collins.
i) Letter of 5 January 1973 from Alex Spain to Vincent Walsh, Arthur Cox
& Co.
UNDER OATH
accurate transcript of my
Stenographer
PRESENT
MS. MACKEY BL
WITNESS EXAMINATION
MS. MACKEY
1 THE EXAMINATION COMMENCED, AS FOLLOWS, ON TUESDAY,
9 investigation.
10
20
21
22
23
24
25
26
27
28
29
4
1 MR. CORNELIUS COLLINS, HAVING BEEN SWORN, WAS
11 A. Absolutely.
13 our...(INTERJECTION)?
14 A. Absolutely.
18 A. Right.
21 A. Yes.
28 4th April?
29 A. Yes.
5
1 5 Q. Have you got a copy of it there?
9 7 Q. Well...(INTERJECTION)?
11 8 Q. Yes?
15 9 Q. Yes?
19 A. Okay.
25 12 Q. No, no?
26 A. I don't have...(INTERJECTION).
6
1 requirement, that unfortunately we have to only have
4 that?
13 15 Q. Well...(INTERJECTION)?
28 18 Q. Very well?
2 can?
3 A. Right.
5 A. Right.
9 get...(INTERJECTION).
13 A. Okay.
16 A. Okay.
20 A. Okay.
22 A. Yes.
27 your possession?
28 A. You did.
8
1 A. No, as I said here...(INTERJECTION).
3 A. Right.
12 documents.
16 require them?
17 A. Yes.
19 A. Yes.
20 34 Q. Very well?
22 35 Q. Yes.
28 A. I would, yes.
9
1 Unfortunately you have to pay for it but that is a
2 departmental rule?
3 A. Okay.
10 A. Yes .
17 A. No.
19 about this?
23 companies ?
26 43 Q. Yes?
10
1 did not have any discussions with Mr. Traynor?
3 It was subsequent.
5 A. No.
8 A. Yes.
11 they...(INTERJECTION)?
16 49 Q. And...(INTERJECTION)?
18 say.
24 A. No.
26 A. No, I didn't.
28 A. No.
11
1 A. I don't recall going to a solicitor.
5 do?
12 the person, who was the relative, who gave you these
13 gifts?
17 57 Q. So it was in America?
18 A. Yes.
19 58 Q. It was in America?
20 A. Yes.
24 was when...(INTERJECTION).
26 A. Out of Ireland.
27 61 Q. Out of Ireland?
29 62 Q. Yes?
12
1 A. They were already in the US.
2 63 Q. Yes?
3 A. And...(INTERJECTION).
15 A. Yes.
16 68 Q. The facts were that you were advised that for tax
20 69 Q. Yes?
24 70 Q. Yes?
28 to investment.
13
1 A. Until the time I sold them.
5 73 Q. Can you just tell me now, did they give you any
8 no.
11 75 Q. Yes?
14 A. The trust?
15 77 Q. Yes?
21 79 Q. Yes. Where?
22 A. Here.
23 80 Q. In Ireland?
24 A. Yes.
14
1 aware that Stokes Kennedy Crowley had advised other
6 A. I am not sure.
9 85 Q. Sorry?
12 A. No.
15 A. No, I don't.
18 A. Discretionary?
19 89 Q. Yes?
20 A. Yes.
22 A. Yes.
26 A. Yes.
15
1 here which was a discretionary trust.
8 A. Yes.
12 96 Q. But something?
14 97 Q. But something?
15 A. Yes, it does.
21 explaining it.
24 A. No.
25 101 Q. Can you remember any other details they gave you for
27 A. No, I don't.
16
1 but it could be executed by somebody in the Cayman
2 Islands?
6 A. I don't, no.
10 A. Yes.
21 A. He acted as an accountant.
25 A. No.
27 business...(INTERJECTION)?
17
1 A. Yes.
4 A. Yes.
9 Trust?
17 it?
19 119 Q. Pardon?
27 some...(INTERJECTION)?
28 A. It... (INTERJECTION) .
18
1 the...(INTERJECTION)?
2 A. Yes.
4 A. Right.
6 A. Yes.
8 A. Yes.
13 A. Yes.
15 A. From me.
18 of US securities.
20 A. Sold some.
21 132 Q. Some?
26 A. Yes.
27 134 Q. Did you know Guinness Mahon Cayman Trust Limited was
28 a trustee company?
19
1 135 Q. You must have. Can you explain to me how this
9 A. Yes.
11 A. Instructing them?
12 139 Q. Yes?
21 manner.
26 144 Q. Yes?
27 A. Or deposit.
20
1 146 Q. No, no. Let us not -- let us be more specific?
2 A. Right.
5 Mr. Collins?
10 deposit.
12 deposit?
13 A. Yes .
15 A. Yes .
23 the trust?
24 A. Yes .
29 A. Obviously.
1 154 Q. Obviously?
2 A. Yes.
4 Redhall Investments?
5 A. Yes.
8 not so?
9 A. Yes.
12 holding deposits.
14 A. Yes.
16 A. Pardon?
18 A. I presume GMCT.
22 A. Yes.
24 behalf?
25 A. I think...(INTERJECTION).
28 165 Q. Yes?
29 A. I think.
22
1 166 Q. And the other company was yours, was it?
2 A. Redhall, is it?
3 167 Q. Yes?
6 A. Yes.
9 3) :
12
13
18
19 A. Yes.
25
28 171 Q. Yes?
29 A. No.
23
1 172 Q. How did it come about that an incorrect statement
2 was made?
5 A. No.
17 A. No.
19 was done?
21 you don't know. They are not with SKC any longer.
23 A. Yes.
25 A. Yes.
27 A. Right.
29 A. Yes.
24
1 181 Q. Do you think you could get assistance from them?
2 A. I am quite sure.
4 A. Right.
9 184 Q. In Dublin?
10 A. In Dublin.
12 A. No.
14 A. No.
20 A. Okay.
2 A. Tamarin, yes.
3 190 Q. Holdings?
4 A. Yes.
6 A. Who?
8 A. Realtor, is it?
9 193 Q. Yes?
12 A. Yes.
14 A. Yes.
22 A. No.
26
1 use of deposits in the name of Guinness Mahon Cayman
5 A. I do.
9 A. Yes.
12 A. Yes.
13 202 Q. It reads:
22
24 back to back?
25 A. Yes.
27 A. Yes.
27
1
4 incorrect?
5 A. Okay.
14 A. No, I can't.
16 A. No.
21 A. No.
23 A. No.
26 A. Yes .
3 A. Yes.
10 goes on:
14
17 that.
18 214 Q. Yes?
22 A. No.
26 A. Yes.
29
1 specific.
3 A. Yes.
11 A. 1974.
23 224 Q. Yes?
25 was AIB.
27 A. Yes.
30
1 personal use and secured by a deposit of Cayman,
3 A. Right.
5 A. I don't.
6 228 Q. Yes. Did you know Mr. Collins that you had in
9 A. Coded?
13 A. No.
18 Dublin?
19 A. No.
21 A. No.
28 A. Yes .
4 A. I do.
9 236 Q. Yes?
11 237 Q. Yes. What can you -- how can you help us on that?
16 A. Okay.
20 there?
32
1 the others he was exiting the company.
2 244 Q. Yes?
4 Alex Spain...(INTERJECTION).
10 24 6 Q. Which company?
12 247 Q. Yes?
14 or any of that.
18 A. Right.
23 in...(INTERJECTION)?
27 A. Nothing whatsoever.
28 252 Q. Yes?
33
1 253 Q. Mr. Spain then was involved in this in advising you
11 remember...(INTERJECTION)?
16 in the US.
17 258 Q. Yes?
20 259 Q. Yes.
21 A. At a loss.
27 262 Q. Yes. Can you tell me also, and also develop in your
34
1 that?
4 263 Q. Yes?
7 A. Shareholder.
8 265 Q. In what?
11 Limited?
12 A. Right.
14 A. Yes.
15 268 Q. You see Mr. Collins we will want you to give us full
17 A. Yes.
20 from...(INTERJECTION).
21 270 Q. Tell me how you used it? What did you use it for?
23 vehicle.
25 A. Yes.
29 A. Yes.
35
1 274 Q. Yes. I take it you could make enquiries in the
6 A. Yes.
10 277 Q. Yes?
13 A. Yes.
14 279 Q. You can then contact them and see what -- how they
16 A. Yes.
19 all right?
20 A. Fine.
24 out.
25 SHORT ADJOURNMENT
26
28 more questions, am I
36
1 involved in was called Westboro Investments Limited?
2 A. Yes.
4 A. Yes.
7 A. Yes.
9 Island account?
14 A. No.
18 A. Yes.
20 Atlantic Resources?
21 A. Yes.
23 A. Yes.
28 A. Yes.
29 292 Q. Can you tell me what you recall now of the Lynbrett
37
1 Trust?
7 A. Yes.
10 A. Yes.
12 A. Right.
15 the trust?
20 A. Yes.
25 was my company.
27 A. SKC.
29 A. Yes.
38
1 302 Q. This was a very big property development. Did you
13 do?
17 Coveney.
20 A. Yes.
22 A. I do not know.
27 A. I do not know.
29 A. No.
39
1 311 Q. Who were the people that were - who were your 4
2 partners in this?
3 A. Love.
5 A. Coveney...(INTERJECTION).
6 313 Q. Sorry?
7 A. Clayton Love.
8 314 Q. Yes?
9 A. Hugh Coveney.
10 315 Q. Yes.
13 A. Boland.
15 A. No.
21 319 Q. Yes.
23 320 Q. You say you did not know anything about an interest
28 A. No.
40
1 interest on those would not have been returned by
2 you?
4 322 Q. Yes. Well, what about the income that was earned on
7 Irish Revenue?
10 A. Yes .
13 A. Okay.
16
17
18
19
20
21
22
23
24
25
26
27
28
29
41
1 MR. CORNELIUS COLLINS WAS EXAMINED, AS FOLLOWS, BY
2 MS. MACKEY:
9 A. Yes .
11 A. Right.
15 A. Yes .
22
24 A. No.
25 329 Q. Well, if you turn over the page, and you look again
27
6 A. Yes.
8 A. Yes.
9 331 Q.
17 instructed to close?
18 A. It does.
19 332 Q. Yes?
20 A. Yes.
28 A. Yes.
43
1 the current accounts here in "Ansbacher", here in
3 Redhall Trust?
4 A. It does.
10 (Exhibit 7)?
11 A. Yes.
18 A. Yes.
21 A. Yes.
22 339 Q. I think you have already told us that you did not
26 nothing to me.
28 called Whitehall?
29 A. Whitehall?
44
1 341 Q. Yes.
9 344 Q. Very well. Maybe when you are doing the statement
11 A. Yes.
15 A. Yes.
19
20 A. Yes.
24 again.
45
1 be providing to us?
4 by you?
5 A. Yes.
15 A. Yes.
21 A. No.
25 or...(INTERJECTION)?
28 A. Heffernan's Travel.
46
1 A. I am MD.
3 A. Effectively, yes.
7 A. Thank you.
9 MS. MACKEY:
10
15 A. Yes.
18 A. Yes.
20 available to you?
24 365 Q. Yes.
25 A. I need a...(INTERJECTION).
28 that...(INTERJECTION).
47
A. Not at all, thank you.
THE EXAMINATION WAS THEN CONCLUDED
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
48
yvvx^
§ TVXX^ ^ O O O
Appendix XV (18) (l)(b)
n
^ CI COLLINS
\1 Glenfeeen. Gfanmire.
Co Cork. Ireland.
Telephone: (021)821535
Fax: (021)866088
CJC/gh
4th April, 2000
Office of the Inspectors Appointed by Order of the High Court to
Ansbacher (Cayman) Limited,
3rd Floor,
Trident House,
Blackrock, 0$ F'- ^
Co. Dublin.
Dear Sirs,
I refer to your letter of the 20th January, 2000 and hereby set out my statement
as requested.
I had extensive dealings with Guinness & Mahon from the 1970'stothe late 1980's
I had deposits with Guinness & Mahon Cayman Trust for a time during the mid
1970's These deposits contained monies gifted to me by a relative who lived and
worked outside of the State. These gifts were reported to the Revenue Authorities
here and all relevant taxes paid. The decision to keep the monies on deposit
abroad was based on the best professional advice available at the time.
With regard to the request for any books and documents, I have no such records
-.J in my possession save for copies of documents sent to me by G & M.
G & M have forwarded documents to both the Mc Cracken and Moriarty Tribunals.
Despite repeated requests by me G & M have failed to confirm that I have been
furnished with copies of everything they have sent to the two Tribunals.
In the late 1980's I lost everything as I had to sell off ail my assets to repay Banks on
foot of personal guarantees. I also lost my home in that I had to hand over the Title
Deeds to Allied Irish Banks as security for an outstanding debt of £400,000.00 and
I had to dispose of the building that I operated from. In addition I reached
a full and final agreement with the Revenue. Consequently there was no reason,
after a period, to hold on to any records that I had stored.
If Guinness & Mahon have not already supplied you with all their records relating to
my dealings with them I would ask that you request them to do so. In this regard. I
attach a letter of authorisation.
c> n
^ C.J. COLLINS
Glenkeen. Glanmire.
Ca Cork Ireland.
Telephone: (021)821535
Fax: (021)866088
With regard to the specific queries raised in Appendix C the following is the
situation to the best of my knowledge.
1. A trust, Lynbrett, was set up by G & M in the early 1980's as a vehicle for an
investment in a property development in the US. I was one of five that
participated in that development. I am not aware of any other trust.
2. I did not avail of this service. I have no knowledge of Amiens Securities Ltd.,
Amiens Investments Ltd or Kentford Securities Ltd.,
3. I never had any dealings with Irish Intercontinental Bank Limited.
4. I did not avail of this service.
5. No -1 never had dealings with Irish Intercontinental Bank Limited or
Kredietbank N.V
6. In the case of Lynbrett I assume G & M sought and obtained exchange control
permission.
7. I do not recall any dealings with Guinness & Mahon Jersey Limited
or Guinness & Mahon Channel Islands. Limited. However College Trustees
Limited seems to be a familiar name, but it may simply have been used
by Guinness & Mahon in some property transaction or joint venture we were
involved in.
J
8. i know of no such bodies.
Finally in 19841 requested a borrowing facility from Guinness & Mahon to purchase
shares in Atlantic Resources to be secured by the shares. The facility was granted
and the vehicle used by Guinness & Mahon was Guinness Mahon Cayman Trust.
Yours faithfully,
tJLJ*
Cornelius J. Collins.
Appendix X V (18) (l)(c)
w
GUINNESS MAHON CAYMAN TRUST LIMIT©
A M*mMr»f Uit GuioAM* Mahon MweJuat Banking Oreup
Titaphon* Na 9—4283/4 P.O. to* 8S7
C 303
Tdm ' anndOmm,
Clbte Addnas Oo&hmm ffrtttoi W«tt '•^tf
yourN*
out if JAF/£i
T
• ' StzJiting —— — wiwk -crm, V
bateauis. by vixtue. o{ the. intzAiM attorned pUo/i to cxmve/uion.i
t'.
ShMt
On tht aump&ton that goa. mitt Be. i* « petition to ag*tt the ftftte&ta
ilaMti thorn ix tkt uctMed accotmts, wt have mi tomvttad «
balances to U.S. doitaiu at anexc&aujt xaU o{ T.S5. AUo imbued -
cju. a&tamt* at lUne^txtzptiued Jtt U.S. dottaJU axd l
pnopoit tivct the&t iox» tht 6±Us o{ iatwu'dccai^tina. vixJuzz* oca.
•would &e fund enough to £tt*t btoa nkztSUn. you ague*, thtit liawiu
4*d alio aduiit ate i{ yoa has)t ang qtwtlu.
ToutOy now to tht account* o( KedfuUl T w t , 1 am Jx tkt. *
namcfc tmhuUngi acaounti which J think yoa »Ut ibid iUA&aLutatoxtf •
both 4* Pound StMl&a and in il.S. ioltaJU. <MctmeUA,pej3u»&tfau
uottfd bt kind enough to &on(Z>aa t/ooK a&tzemutt to the doUaxUsttJUi
4o that tot cmi uuuftt you/L /wcoxdA a&nit tilth own.
Knotty, 7 uauJtd noitia n that tktAt a.totatL avfjtdM.it at tht bonk,
account o{ KedhaU Txvut«ml as tkext wilt bt exjxnieAtfve*. tkt rirt
two month* Jn tht {e*m o{ Bovekiatext itti, etc. {o* Xedkatt JwtitaaKts
U*it*d, I pupost JMtxucUAB J* I um*d to e&Le
dzpaUt account Kemittlng tkoie. {votii to tu {a*, audit to the. cukAxnt
account o£ Hedhall IwJtMntnti Umited. I tab* It this aaUonmzUi
with youx apptovat.
Oven. the. cowut oi the. next tea days, I uOi be vaulting to go* iuvLim.
s&nilafi. accounts both -in. round SteklUy end U.S. daUatu to* the. vatfoui
ao a ua
entitle with which at ant wataaUn imolvvL. ** ** ™ *^u4
Yotvti sinccnely, . .
JOHN A. FURZE
Ends.
Appendix X V (18) (l)(d)
Ahv. Ji eyy.
amuTML-
Shout Capital tjtt.OO
Lotw Capital St,171.61
•PKolit S Lo&i Account
to 31-3-197$ S5.6M.t1
to J5-J0-I97S 15,797,34
to 30-11-1976 44,US.74 m,tn.t9
iJ 74,667.SO
Tteptetented byi-
Asserst-
Natz 1 The U.S. "OoltaA. Call Depoiit eanAi&ti o{ US$790.51 which u04 placed
on deposit voZm 2Mi Oc£obe/t, 7976 at 4 l/t% p.a.
•I «EomL imsrmtrs umttep
•
INCOME;-
kuttmJM o{ Loom
64S.1t
1t1,11t.1t
mi,tS7.u
XEDHAU TUVESrUMS LIXTTEP
f.O. Box U7, B/uud Cayman, 3.U.J.
LIABILITIES:-
SheUt Capital 165,00
Loan Capital 96,14$.16
tHotft t Loss Account
to 3!-3-1975 91f751.U
to t3-i<r~ms 16,065.61
to 30-11-1976 74,019.41 197,(54.f7
US$2titW.43
Represented bsft
ASSETS
Saipenit. Account 6t,0t0.17
Investment 1,337.50
Loans Uu ScJudult) 101,064.45
fixed Deposit - US$ liet Note 1) 76,963.76
Calt Deposit - US# Uee Hate, 2) 790.5.1
Cu/uient Account 12.94
(tS4t*t, 149.43
Nott ] The. U.S. VoZlaA fixed Deposit was plated on dapoiit value
J5th CetobeA 1976. maturing 15th ApUt 1977 at 71 p.a.
V »
REVHALl IWESTJMBTO LIMITS?
- hudbtUi H La<ixi
Jttdha&t VutU
Ditto. tiatdixgi Ud. jaa, bodjo
rv
r*
Appendix XV (18) (l)(e)
Miltown Grange,
Castlabellinfehan,
Co. Loath.
The Directors,
Guinness & Mahon Caymaq Trust Limited,
P.O. Box 887,
Grand Cayman,
British Vest Indies.
Dear'Sira,
I refer to a Deed of Settlement dated 31at March* 1972, whereby John
Andrew Turxe appointed Guinness and Mahon Cayman Trust Lladted aa Trustee?
of a Settlement for tha benefit of the'issue of the late Charlas McCann and
Koaetta McCann.
In their capacity aa Trustees, Guinness & Mahon Cayman Trust Limited, through
their nominees own the entire issued share capital of Bine Limited.
I hereby authorise you to transfer at par to'&eil Collins to his nominee the
entire issued- share capital of Blue Limited..
Yours faithfully,
r *
* • *
15th. , 1976.
It*
J .A.Furt«, b q > »
GvliMMn Mahon ChyMW T r t w t L t d . ,
P.O.Box. 887,
Grand CaypM.
BRITISH WEST IH0I6S.
Otmr John,
I thank you for y e a r l«t-hw d«t»d 9 t h . D*c*nb«r, 1976, t o g r H w
w i t h w i e l o s u r w . As rtqQMtod I » t t « c h d r a f t I n t h « » « of
Oollars r f p r m n t l i * prtnclpal plus TirNrwt t o on
thmWT" r>
Yours » 1 n c « r « l y /
T X
ACCOUNTS.
Ene/I.
Appendix X V (18) (1) (g)
TfLKX M E S 4 A 6 B
TEST:
RE: TAMARIN
I a w a i t y o u r I n s t r u c t i o n s on A/XI a n d A A 3 .
R e g a r d s , Ru L e o n a r d . . . ^ J ^
AUTHORISED BY:
DEBIT:
COST:
HLfc
Appendix XV (18) (1) (h)
FL/hna
Dear Ru,
Re:
Your a sincerely.
o o
Appendix X V (18) (l)(i)
Kennedy Crowley 8c Co. Chartered Accountants
Harcourt House Haxcourt Street Dublin 9 Telephone (01) 757971 Telex 4404
aad.tfiitaand J i m Tm«t«
D u e Tlaent:
banaficlary.. '7
-vriteals "to HalV/McC«na. an*.-PWWP -v..:^*
•lax. Spain.
T
Appendix X V (18) (1) (j)
Registrar of Companies.
Limited hereby notifies y accordance with Section 195 of the Companies! 1963
tha
<3VV jtcJU 'Solm^xsi^ , H~lSj rV. Cyr^JUiLa l-SRs=> c^f^criJ^/ of- -jfc*
specify nature
of change. If <A cjj Mr A. S^yct^ U<ud
consisis of the
ent of a new
or Secretary
also particulars
below. Particulars of new Director* or Secretary (Columns 1, 2 and 3 only need be completed for a Secretary).
(1) (2) (3) (4) (5)
Name
e case of an individual, present Nationality Business occupation and particulars of .
an name or names and surname.^ Any former Christian name or Usual residential address (if not Irish) other directorships of bodies corporate
case of a body corporate, the names and surnamej (in the case of a body corporate, the registered office) fl incorporated in the State §
Corporate name) fl Q
\
O
J>
0
ChtLsta -—
/^Lr&^ra".—7 \
4 J p ™ ^ r
>n
... u
x
o
c
w
m
1
r
H
O
\
0
01
o
o
o
1 i
A
CO
NOTES
"surname"
any person who occupies the position of a director by whatever name called, and any person in accordance with whose directions or instructions the directors of the company are accustomed to act.
nchi.Us a forename, and
U'lmc" and "former surname"
in the case of a person usually known by a title different from his surname means that title.
do not include: —
? of a person n.nally known by a title different from his surname, the name by which he was known previous to the adoption of or succession to the title; or
? of any person, a former Christian name or surname where that name or surname was changed or disused before the person bearing the name attained the age of eighteen years or has been changed or disused for a period
(ban twenty years; or
• of a married ^ o m a n the name or surname by which she was known previous to the marriage.
: names of all bodies corporate incorporated in the State of which the director is also a director should be given, except bodies corporate of which the company making the return is the wholly-owned subsidiary or bodies
,lly.iiwn»d subsidiaries either of the company, or of another body corporate of which the company is the wholly-owned subsidiary. A body corporate is deemed to be the wholly-owned subsidiary of another if it has no
an,I that other's wholly-owned subsidiaries a n d its or their nominees. If the space provided in the form is insufficient, particulars of other directorships should be listed on a separate statement attached to this form
tn, is in a linn are joint secretaries, the name and principal office of the firm may be stated.
ie sipr.etl by a director or the secretary.
r*
r* • ""1UUI/4
COMPANIES" ACT, 1963 I
Form No. « .
1heperiod —Zxf—
.~if.Xit>
•Mb (••• Ita I
M4
JM^nmkMMU.
(To bo lied with the Kcfjetnir wkhia Mae month after the allotment is made).
Nonas:—
L When a r i Infinite* Tienl Allon»«nti Mite ondiHerentdatea, thodataeof oniy the fat and Uet ofsuch
Allotments iheuid be entmd, u d the registration of the return should be e&caed within one month of the
fast date.
2. When a retanirelatn to one Allotment only, nauie on wieperiteul^ be iraertad
and the ipacet br the second data Mradt out and the wort "made" substitutedfix the word "from" after
the word^AHetmcala."
3. Fife 3 need not be cceraleted ia a eaae where Shan* arc allotted to the number* of a ocsnpany
en a npiimlfaetinn or prontaully allotted on ariffca issue.
fmmbifirflmi " .
-
NAMBS, ADDUSSSS, AND OCCUPATIONS OS TH* ALLOTTHS
fb
earn***?
7 4
. :
1
I
I
;
!
i
i |
i •
i !
j 1
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i
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• " i
i
•
Appendix XV (19) Dr Patrick Finbarr Collins
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Dr
Patrick Finbarr Collins.
UNDER OATH
accurate transcript of my
Stenographer
PRESENT
MS. MACKEY BL
MR. ROWAN 30 - 37
MS. MACKEY 47 - 50
1 THE EXAMINATION COMMENCED, AS FOLLOWS, ON WEDNESDAY,
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
4
1 DR. BARRY COLLINS, HAVING BEEN SWORN, WAS EXAMINED
2 AS FOLLOWS
10
12 A. Morning.
15 that right?
17 3 Q. A general practitioner?
19 4 Q. In Cork?
21 5 Q. Just retired?
22 A. Yes.
25 7 Q. Yes?
28 been...(INTERJECTION)?
5
1 9 Q. Nothing else?
2 A. Yes.
5 A. Yes.
7 A. Yes.
11 "Ansbacher"?
12 A. That is correct.
14 Trust?
15 A. Yes.
17 non-executive Director?
18 A. Yes.
19 15 Q. Of Westboro Investments?
20 A. Investments.
27 18 Q. C.J. Collins?
29 company.
6
2 A. So, he asked me to invest in it.
3 20 Q. Yes?
5 21 Q. Yes?
8 22 Q. Yes?
10 investment.
11 23 Q. General property?
12 A. Yes.
16 25 Q. Yes?
17 A. Is Patrick Finbar.
18 26 Q. Patrick Finbar?
19 A. Collins.
25 A. Yes.
29 30 Q. Yes?
7
1 A. ... were bankers.
2 31 Q. Yes?
6 33 Q. Yes?
7 A. Yes.
9 A. Yes.
11 it?
16 36 Q. I see?
18 37 Q. Remuneration, yes?
21 A. No.
22 39 Q. Directors meetings?
23 A. No, no.
26 Securities?
27 A. No.
29 A. No.
8
1 42 Q. That is fine. Could I then just ask you to have a
3 (Same Handed)?
4 A. Thank you.
6 see there?
7 A. Yes.
10 45 Q. Was he?
11 A. Yes.
14 A. Yes.
16 A. Yes.
18 A. Yes, yes.
23 second page?
24 A. No.
28 is?
9
2 A. But I don't know...(INTERJECTION).
4 A. No, never.
6 A. No.
8 there?
11 A. Yes.
13 paragraph of it there.
17 A. No.
20 it out to you?
28 be located?
29 63 Q. I am asking you?
10
1 A. Yes, honestly I...(INTERJECTION).
5 A. No.
10 whatsoever of that.
12 This is 1976?
15 A. I probably was.
21 that be?
22 72 Q. Around 1974?
24 securities.
25 73 Q. Yes?
28 74 Q. Right?
11
2 A. And I was advised to sell those shares.
3 76 Q. Yes?
5 invest it.
6 77 Q. Yes?
8 Westboro Investments.
14 A. No, no.
15 81 Q. So...(INTERJECTION)?
17 82 Q. Yes?
19 83 Q. Yes?
20 A. In Westboro Investments.
21 84 Q. In Westboro?
22 A. Yes.
24 A. Yes.
27 A. That is right.
12
1 A. Right.
3 A. I am not, no.
7 idea.
15 93 Q. Yes?
17 way.
18 94 Q. Yes?
19 A. But... (INTERJECTION) .
21 Westboro?
23 heard of it.
13
1 I.E.C. shares at cost and he says:
9 bank located.
13 A. Right.
17 100 Q. Right?
19 101 Q. Yes?
25 A. AIB.
27 A. Yes.
29 recollect?
14
1 A. Well, I can't honestly say.
6 A. I ... (INTERJECTION) .
7 108 Q. You must know if you had bank accounts Dr. Collins?
8 A. Well... (INTERJECTION) .
23 A. Yes.
29 certificates to my brother.
15
1 115 Q. Right?
3 116 Q. Yes?
8 118 Q. Yes?
9 A. By an uncle of mine.
10 119 Q. Right?
12 120 Q. Yes?
14 121 Q. Yes?
15 A. Standard Oil.
16 122 Q. Yes?
18 123 Q. Yes.
20 Bottle.
26 126 Q. Yes?
28 to dispose of them.
16
1 that are being referred to here are shares that were
5 A. Yes .
7 A. Yes .
10 A. Right, yes.
13 say...(INTERJECTION)?
15 unfamiliar to me.
16 131 Q. Yes?
20 is .
26 A. Yes .
3 foreign to me.
10 A. My brother.
12 A. C.J. Collins.
14 A. Yes.
19 Tamarin Holdings?
20 A. No.
24 A. Yes.
26 A. No.
28 Neptune Investments?
29 A. No.
18
1 145 Q. Cayman Realtors?
2 A. No.
5 Agar...(INTERJECTION).
9 A. No.
11 Charlemont Estates?
12 A. Yes.
14 A. Yes.
17 canal.
23 don't...(INTERJECTION).
26 154 Q. Right?
29 155 Q. Yes?
19
1 A. P.J. Carroll were there.
6 A. I had no say.
8 Was he...(INTERJECTION)?
10 no...(INTERJECTION).
21 was.
25 A. Yes, yes.
27 with Westboro?
29 Investments.
20
1 166 Q. You mean it was a subsidiary of Westboro?
6 of Westboro?
10 shareholder?
15 A. Yes, definitely.
18 173 Q. Well...(INTERJECTION)?
19 A. Do I?
20 174 Q. Yes?
25 his brother.
27 A. Yes.
29 A. Yes, certainly.
21
1 178 Q. And anybody else?
4 A. No.
6 Westboro Investments?
9 A. Yes.
11 Westboro Investments?
12 A. Yes, yes.
14 A. To my knowledge, yes.
20 practice.
22 A. Yes.
24 an involvement with?
27 A. Yes.
22
2 189 Q. Were you?
5 A. Pardon?
8 non-executive Director.
10 A. Yes.
14 A. No.
26 199 Q. Yes?
28 developing it but...(INTERJECTION).
23
1 A. Yes, what I think...(INTERJECTION).
7 A. Yes.
10 A. No, definitely...(INTERJECTION).
12 A. Definitely not.
16 A. No.
19 209 Q. Yes?
25 A. No.
28 A. Thank you.
24
1 Mr. Lee to Mr. Ru Leonard of Guinness & Mahon
2 Limited?
3 A. Right, yes.
7 A. Right, Okay.
12 217 Q. Now:
20 A. Yes .
25 A. Right, yes.
26 220 Q. You told me a while ago that you could not remember
29 A. Yes .
25
1 221 Q. However, here is an account in Guinness & Mahon. Do
7 A. No.
10 no.
14 hotel.
15 226 Q. Yes?
16 A. In Blarney.
17 227 Q. Yes?
19 228 Q. Yes?
22 A. Yes.
23 230 Q. Can you explain what the reference to the cheque for
25 A. No, I can't.
28 telling you?
26
1 232 Q. Did you ever received any bank statements in
3 A. No, never.
5 A. No.
7 A. No.
14 A. Yes .
16 A. Yes .
27 securities.
27
1 trying to say. I gave these to my brother.
2 240 Q. Yes?
7 A. He did, yes.
8 243 Q. Yes?
9 A. Yes.
11 A. Yes.
18 this letter?
21 A. Yes.
23 A. Yes.
27 A. Yes.
28
1 A. I don't, no.
2 251 Q. That you never heard of it? You never knew you had
4 A. No.
8 253 Q. However, did you ever hear that you had an account
9 there?
15 A. No.
17 Dr. Collins.
18 A. Yes.
19
21
22
23
24
25
26
27
28
29
29
1 DR. COLLINS WAS EXAMINED, AS FOLLOWS, BY MR. ROWAN
6 Investments?
7 A. Correct.
21 bring me profits.
24 brother?
29 A. No.
30
1 264 Q. He never told you?
2 A. No, no.
7 went.
13 it.
15 A. Yes.
16 269 Q. While you have told us that you do not know what
17 proportion?
18 A. Yes.
20 A. Yes.
22 A. Yes.
24 A. Right, yes.
28 Westboro Investments.
29 274 Q. So...(INTERJECTION)?
31
1 A. I put money in and got nothing out.
5 that.
7 in...(INTERJECTION)?
9 277 Q. Your brother took those from you and put them into
10 Westboro?
11 A. Yes.
14 A. Yes.
16 into cash?
25 283 Q. Did your brother come along to you one day and say
29 liabilities"?
32
1 A. He just said, "Look, things have gone all wrong".
4 lose what I had put in. I asked him what had gone
18 A. Right.
20 brother's liabilities?
27 involved on a day-to-day...(INTERJECTION)?
28 A. I never was.
29 290 Q. Interest?
33
1 A. Yes, yes.
3 A. Yes .
5 A. Yes .
11 accounts of Westboro?
20 to...(INTERJECTION)?
28 his borrowings?
34
1 299 Q. Without telling you?
6 money.
9 A. Possibly, yes.
16 303 Q. Right?
20 304 Q. Right?
22 305 Q. Right?
23 A. And...(INTERJECTION).
25 A. For me.
35
1 that is what happened, and then I didn't pay
12 above...(INTERJECTION)?
13 A. Well...(INTERJECTION).
15 eventually...(INTERJECTION)?
19 Atlantic Resources?
21 313 Q. Yes?
23 314 Q. Yes?
27 A. It is nonexistent.
28 316 Q. It is nonexistent?
29 A. Yes .
1 317 Q. It has stopped trading?
6 A. To my knowledge, yes.
9 A. Not to my knowledge.
11 A. Thank you.
12
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
37
1 DR. COLLINS WAS EXAMINED, AS FOLLOWS, BY
5 Dr. Collins?
6 A. Yes.
7 323 Q. You said that you sold the shares that you had
13 A. Right, Okay.
14 325 Q. How long had you been back from the States at that
15 stage?
16 A. 1932.
17 326 Q. I see?
18 A. Yes.
20 A. No.
22 A. No.
25 330 Q. Yes?
38
2 333 Q. That was in 1974?
5 A. No.
10 337 Q. In Cork?
11 A. In Cork city.
13 A. No.
16 A. Yes.
20 341 Q. Yes?
23 342 Q. Yes. Did you hear the name Don, Mr. Don Reid,
24 mentioned at all?
27 A. I did, yes.
28 344 Q. That slipped your mind when I was asking you the
39
1 A. Well, you know, I really don't know about these
4 A. Yes.
10 A. I met him.
12 A. Playing golf.
16 A. Never, no.
18 A. Yes.
20 A. No.
24 A. Sorry?
40
1 A. Gosh, never.
2 358 Q. Never?
3 A. Never.
4 359 Q. You had no idea that your brother had entered into
8 A. Yes.
10 A. Yes.
12 A. Yes.
14 company?
15 A. I see, yes.
16 364 Q. Is it not?
20 366 Q. Pardon?
22 attention.
24 A. It is a possibility.
28 your company?
41
1 369 Q. Why not?
8 A. No.
13 ago.
17 A. No.
19 A. No, no.
21 A. Never, no.
23 A. Right.
24 379 Q. That you did not know anything about the association
26 Limited?
27 A. Yes.
28 380 Q. Is this the first time that you have learnt of it?
29 A. Yes.
42
1 381 Q. Today?
2 A. Today.
4 A. This morning.
7 this time.
8 384 Q. Yes?
13 A. No.
14 386 Q. Now...(INTERJECTION)?
16 387 Q. Would you just look at the paragraph which you have
18 A. Yes .
19 388 Q. It says:
25
26 A. Yes .
29 money, you had -- which you said was in the AIB Bank
43
1 in New York, may have been put into this company
4 390 Q. Yes?
5 A. No, I...(INTERJECTION).
6 391 Q. Can you explain then why the money was being sent to
8 A. No, I can't.
10 of that paragraph?
13 393 Q. But...(INTERJECTION)?
17 Limited...(INTERJECTION)?
18 A. Now...(INTERJECTION).
24 396 Q. Can you explain how your money, the proceeds of the
28 397 Q. Yes?
3 399 Q. Yes. When you said you sold your shares in 1974 or
7 400 Q. Yes?
8 A. Yes.
9 401 Q. This was the time that you or your brother discussed
13 A. Yes.
18 404 Q. Yes. Did he ever show you any of the documents, any
21 A. No, he didn't.
25 A. My solicitor?
26 407 Q. Yes?
29 A. Yes.
45
1 409 Q. Was he your brother's solicitor?
7 don't know.
18 415 Q. I see?
27 A. Yes.
29 questions?
46
1 A. All right.
4 COSTELLO.
12 A. No.
13 421 Q. Never?
14 A. No.
16 A. No.
18 A. No.
21 A. Right, yes.
23 A. Gosh, yes.
25 A. Yes.
26 427 Q. Did he come into Westboro at the same time that you
47
1 428 Q. How did he...(INTERJECTION)?
5 430 Q. Yes?
7 431 Q. Yes?
9 that.
11 A. Yes.
13 A. Yes.
19 A. Yes.
22 438 Q. Yes?
24 439 Q. Yes?
48
1 have to ask him that.
5 A. Yes .
8 444 Q. In Cork?
9 A. In Cork, yes.
11 A. McCarthy Travel.
14 not?
16 you wish.
17 A. Thank you.
20 of this evidence.
24 A. Yes .
27
29
TfVAo-C^ GUOWIV-VK (\i
•Sc>VkCx-Vor*
ST Slogo
Appendix XV (19) (l)(b)
GUINNESS MAHON CAYMAN TRUST LIMITED
A Monter of tht Gubtn** Mahoa Mffchwt atflJcfna Graup
ffo 9—0253/4
T«lflj>hQfiB
Tilwc C?305
Grand Cjryman
CabJ»Add**» Gubimm
Mlfrh W r n IndUs
yourm#
OttflHf JAF/&1
Uh Vezzmbvi, 1976
Ibu FJtank Let
r.Uontznottz
' : IREUIW
.flttft fotfll*,
JOm A. FURZE
Encli.
/for*. Arr^ti^c
um\mesi-
Skant Capital. Hi. 00
Loon Capital $t,t71.61
TKoUt t Loii Account -
ta $1-3-117$ $S,m.t1
to 15-10-1976 15,197.34
to $0-11-1976 44,ttS.74 116,U1.t1
kJ74,66J.50
TUfXMtxted byi-
ASSETS i-
fcT7*,MJ.50
Note Z The. U.S. Dollax Call OepoUt eomiiti of US$790.57 utkich wa* placed
on depoiit value ttth Octobex, 1976 at 4 1/t% p.a.
teoHALL mesnms L1KTJW
INCOME;-
foJuJgn txcJuutgt pio{it 44,ttZ.lt
7k£mcit Juntivablt 3.46
k4*,ttS.74
645.12
ftl,fff.ff
klU,lS7.U
n
KBDHALL 1NV£STUENTS IXOTTBP
7.0. Box it7, Stand Cayman, B.W.I.
ilABXUTJESi-
Shaxe Capital 165,00
Capital 96,149.16
P>to&it S Lou Account
to 31-5-1975 91,751.t4
to 15-10*1916 t6,065.61
to 30-11-1976 74,0l9.4t
KepteAtntxd btft-
ASSETS:-
Suspenst Account 6t,OSO.t7
Investment 1,837.50
Loans (see. ScheduleJ t0l,064.45
Fixed DeposJt - US$ Uti Mete 1) 16,963.76
Call Deposit - US$ Utt Mote. Z) 790.5.T
CuMtnt Account 11.94
US$2M,149.43
Note. 2 Tht U.S. VottaA. Call Deposit mas placid on deposit value
2Sth October 1976 at 4 J/tt p.a.
REDHAU TWIST
. Capital 1,064.45
AuvUt-
ga Itoftatt lmiuiMtnH ltd.
Sfcttu tiki iaek
1 Mff M • faM ZKttXM&ioml Ltd.
' Saul dj usjf.oo took
(100.55) CoMcnt Account
US^TIOXMS 05*1,^.45
Appendix XV (19) (1) (d)
1 A. Yes.
2 114 Q. Very well. You Bee this refers to a trust "Redhall
3 Trust" and "Redhall Investment Limited"?
4 A. Yes.
5 115 Q. would you tell me about that?
6 A. X recall those. I assume they were used to hold
7 some of those deposits.
8 116 Q- No, no. Tell me about it? Tell me about Redhall
9 Trust?
10 A. X recognise the name.
11 117 Q. However, tell me more than that. How was it that it
12 came to be established in the Cayman islands?
13 A. I assume by SKC. There were a lot of companies
14 effectively pulled off shelves. That was one of
15 them. I remember the name.
16 118 Q. Tell me about it then? What do you remember about
17 it?
18 A. I assume it held monies on deposit belonging to me.
19 119 Q. Pardon?
20 A. X assume it held monies on deposit belonging to me.
21 120 9- What monies?
22 A. The proceeds of the sale of US securities.
23 121 Q. Perhaps, you would tell me then a bit about that.
24 This was apparently a trust established, was it?
25 A. X don't recall it as such as a trust.
26 122 Q. Yes. However, it must have got
27 some...(INTERJECTION)?
28 A. It...(INTERJECTION).
29 123 Q. It must have got funds. I mean look at
1 the...(INTERJECTION)?
2 A. Yes.
3 124 Q. Look over the page?
4 A. Right.
5 125 Q. You see the accounts over the page?
6 A. Yes.
7 126 Q. Balance sheet, profits it made in 1975/1976?
8 A. Yes.
9 127 Q. Tell me about how it was established Mr. Collins?
10 A. I assume it was established between SKC and
11 Guinness & Mahon.
12 128 Q. Yes. Mr. Lee or you got accounts about it?
13 A. Yes.
14 129 Q. Where did it get its funds from?
15 A. From me.
16 130 Q. Do you recall what funds you gave it and when?
17 A. Specifically, no, but they would have been the sale
18 of US securities.
19 131 Q. You sold US securities?
20 A. Sold some.
21 132 Q. Some?
22 A. If not all at some stage, yes, securities.
23 133 Q. Some of the securities then were sold and were
24 deposited then or transferred to Guinness Mahon
25 Cayman Trust Limited?
26 A. Yes.
27 134 Q. Did you know Guinness Mahon Cayman Trust Limited was
28 a trustee company?
29 A. Yes, I must have.
1 135 Q. You must have. Can you explain to me how this
2 Redhall Trust was established and apparently
3 Guinness Mahon Cayman Trust was managing it?
4 A. It would have been established by SKC in conjunction
5 with Guinness & Mahon.
6 136 Q. On your instructions?
7 A. Yes, on the foot of their advice.
8 137 Q. Yes. You did instruct them to so establish it?
9 A. Yes.
10 138 Q. Can you remember that now?
11 A. Instructing them?
12 139 Q. Yes?
13 A. What I can remember is the advice being given and
14 accepted and, "Yes, go ahead."
15 140 Q. What was the advice?
16 A. The advice was to keep the monies out of Ireland.
17 141 Q. No, no. It is much more specific than that. What
18 advice were you given and you said, "Go ahead", in
19 relation to the establishment of the Redhall Trust?
20 A. The advice I was given I assume was to do it in this
21 manner.
22 142 Q. What manner?
23 A. They already had.... (INTERJECTION) .
24 143 Q. What manner?
25 A. Setting up this trust.
26 144 Q- Yes?
27 A. Or deposit.
28 145 Q. No, no?
29 A. With Guinness & Mahon.
No, no. Let us not -- let us be more specific?
Right.
You do not set up a deposit. You put money on
deposit. Was this not a trust established
Mr. Collins?
I can't honestly say it was. A trust is something
that goes on.
What can you honestly say then?
it was a vehicle to take monies that I gave it for
deposit.
As far as you know then was that money was on
deposit?
Yes.
Would you have a look at the accounts?
Yes.
Where does it show in these accounts that the
Redhall Trust had money on deposit? Would you look
at the last page or the second last page. Yes, the
last page. It is The Redhall Trust statement of
affairs. It is capital 1,064.45. The assets: 100
shares in Redhall Investments. 1,000 shares in
Agar International and the current account. That is
the trust?
Yes.
Is that not so?
That is what it says, yes.
There was a trust and that is the statement of
affairs of the trust in 1976?
Obviously.
• rN
1 154 Q. Obviously?
2 A. Yes.
3 155 Q. Then it appears that the trust held 100 shares in
4 Redhall Investments?
5 A. Yes.
6 156 Q. It looks then as if Redhall Investments then was the
7 vehicle which carried on, held, the funds, is that
8 not so?
9 A. Yes.
10 157 Q. What was Agar international Limited?
11 A. Agar I think was another company set up, just
12 holding deposits.
13 158 Q. Holding deposits?
14 A. Yes.
15 159 Q. Where were the deposits?
16 A. Pardon?
17 160 Q. Where were the deposits?
18 A. I presume GHCT.
19 161 Q. Yes. Who was the beneficial owner of these funds?
20 A. I had funds and a brother of mine had funds there.
21 162 Q. No, these particular ones?
22 A. Yes.
23 163 Q. That were being sent to Mr. Frank Lee on your
24 behalf?
25 A. I think...(INTERJECTION).
26 164 Q. who owned these?
27 A. I think Agar, in fact, was my brothers.
28 165 Q. Yes?
29 A. I think.
1 Q. And the other company was yours, was it?
2 A. Redhall, is it?
3 167 Q. Yes?
4 A. I would think so, yes.
5 168 Q. Yes. is that Dr. Collins, your brother?
6 A. Yes.
Appendix XV (20) Lady Carole Conyngham (formerly Carole
Power Yorke)
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to
Lady Carole Conyngham.
Dear Carole,
Capoyo Limited
Martin C. Xeane.
Appendix XV (20) (1) (b)
MCX/BY 14th June, 1977.
Dear Carole,
Thank you for your letter of 10th June.
I confirm that the cheque has been sent for credit
to the account of Capoyo Llaited with GuLnnass Mahon Cayaan
Trust Liaited who have been told to hold the aoney on
Call Deposit Account.
Could you drop ae a note in good time before
you next come to Ireland so that we can arrange for a
half day to deal with all outstanding aatters In relation
to the Trust etc.
Kind regards*
Yours sincerely,
Martin C. Keane.
Appendix XV (20) (1) (c)
August 26th
/J, Q, Keane
791 QpJLLege Qreen
guinness Mahon
Dublin. 2
£ire
!/ours Sincerly
c w e yu-fe
Qarole Q yorke
T
Appendix XV (21) Mr Hugh Coveney, deceased
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
Hugh Coveney.
•*»•••'-V .M
. _ IE .v » •
-
f •••.•. • - • • ~ •• ••
• '>4 ' • ••
TO:' JOHN POBZE. GUINNESS MAHON CAIMAN THtJST LTD., -
• 4 .. •• . . •
' DATE: 27"Uu Pet. 1976.
" c „"•. TEST:
• . "re8 G.M.C.T. HC. DOLLAR DEPOSIT,
AUTHORISED BY:
•DEBIT:
COST:
" FILE:
f :
Appendix XV (21) (l)(b)
APRIL 9/79
GM DUBLIN
ATT7 P. COLLERY
RET- H.C. -US'- DOLLAR DEPOSIT
PLEASE DEBIT THE ABOVE ACCOUNT WITH THE DOLLAR EQUIVALENT OF STG.
20C0.C0. PLEASE THEN REMIT AS QUICKLY AS POSSIBLE THE SUM OF STG
2000 TO MIDLAND SANK LTD, 86 HIGH STREET,COWES,ISLE OF WIGHT FOR
CREDIT TO THE CURRENT ACCOUNT OF MR HUGH COVENEY*
GUIWESS MAHON CAYMAN TRUST
5205 MARS El
05GU1WESS CPV Srv
52C3 MARS El
• • • * i • •
s
Please pay Chase attan Bank, 110 'West 52nd Street, New York
10019 4the sum of .$ 2,280 for account fWfern'Account No. 037-1-0607T
Debit G.II.C
Vo Lmk
. /
d j
Appendix XV (21) (1) (c)
S .-.Vts'?'.-
S3***
770269
George Town,
Grand Caymn
770270
of all descendants male and female of King George
• Fifth living on the date hereof (whichever- shall
first occur"), or
(c) such earlier date as the; Trustee shall at
its absolute discretion by deed appoint.
(vi) "Property" means real personal movable or immovable
prooerty of any description and wheresoever situate
including policies cash and choses in action.
(t) The Trustee hereby declares that the Trustee will
hold the Trust Fund uoon the trusts and with and
subject to the powers and provisions hereinafter
contained.
(it) The Trustee shall have the right at any time during
the continuance of the trust hereby created to
accept such additional property as may be donated
to such trust by any person or persons either
personally or by testamentary act or disposition.
(i) The Trustee shall stand possessed of the capital
.and income of the Trust Fund in trust for all or
such one or more' exclusively of the others or other
of the Beneficiaries at such age or time or
respective ages or times If more than one in such
Shares and with such tnists for their resoectlve
benefit and such provisions for their respective
advancement maintenance and education at the
discretion of the Trustee as the Trustee shall by
any deed or deeds revocable or irrevocable executed
before the Perpetuity Date appoint.
(ii) No appointment shall be made revoked or revocable
on or after the Perpetuity Date.
(in) Any revocable aoDointment may be made or revoked
by the Trustee for the time being notwithstanding
that the persons who make the appointment and
revoke the appointment may not be or include the
same persons.
(i) In default of and subject to any such appointment
as aforesaid the Trustee may until the Perpetuity
date pay or apoly the whole or such part as the
Trustee' shall think fit of the income of the Trust
Fund as it arises to or for the maintenance
education advancement or benefit of all or such
one or more of the Beneficiaries for the time beln<?
in existence in such oroportions or manner as the
Trustee shall in the uncontrolled discretion of
the Trustee from time to time think fit;
(ii) Subject as1 aforesaid the Trustee shall until che
770271
Petpetuity Date deal with the income of the Trust
Fund or so much thereof a? shall not be paid or
applied as aforesaid by accumulating the same as an
accretion to the capital of the Trust Fund.
5, In default and subject as aforesaid the Trustee shall
stand possessed of the capital and income of the Trust Fund upor
trust for such of the Beneficiaries as shall be in existence
iBiaediatelv before the Perpetuity Date if more than one in such
share as it shall think fit in its absolute discretion or if
there shall be no such person then uoon trust for the charitable
institution named in the second schedule hereto absolutely.
o. The Trustee shall have and may exercise at its absolute
discretion at any time or times and from time to time power to
pay or aoply the" whole or any part or parts of the Trust Fund
Co'or for the advancement or benefit of all or any one or more
exclusively of the others or other of the Beneficiaries in such
manner as the Trustee shall in its absolute discretion wichout
being liable to account for the exercise of such discretion
think fit including the purchase of an annuity. for any
Beneficiaries but so that the Trustee may at any time but at its
absolute discretion release this present power in whole or in
part.
7. Notwithstanding any of the trusts Dowers and orovislons
herein contained the Trustee shall have Dower at any time or
times before the Perpetuity Date by deed revocable or irrevocable
to release any power right or discretion vested in the Trustee
under the trusts hereof.
8. No benefit devolving on any Beneficiary under this trust
shall form or constitute" a portion of any communal or joint
estate of such Benefi&iary but such benefit shall be and remain
Che sole separate and -exclusive orooerty of such Beneficiary
and should such Beneficiary be married or marry In community of
property then any benefit so devolving shall be expressly
excluded from the community and in the case of the Beneficiary
being female such benefit shall also be free from the
interference control or marital oower of any husband of such
Beneficiary for the eurposes of this Clause the word "benefit"
shall include movable and 1 removable property and the provisions
of this Clause shall apply moreover not only to the benefits
actually devolving on any Beneficiary but also to the
property for the time being representing the same anc the incone
thereof.
9. In addition to all the powers vested in trustees by law
or statute the Trustee without the interposition of any
Beneficiary shall have and may exercise from time to time the
following powers:
To r e t a i n a n y o r o p e r t y b e l o n g i n g t o o r f o r m i n g
p a r t o f t h e T r u s t Fund i n t h e a c t u a l s t a t e o r
c o n d i t i o n i n v h i c h t h e same s h a l l b e r e c e i v e d b v the
77097?.
Trustee so long as the Trustee shall think oroDsr
- * without being answerable for any loss occasioned
thereby.
(ii) To sell alienate or otherwise dispose of all or
any property at any time forming part of the Trust
Fund in such manner by public or private treaty and
for such price in money or other consideration
and on such conditions as the Trustee may think
prooer and to receive the consideration price and
grant discharges therefor.
(ill) To exercise all the voting oowers attaching to
any shares stock debenture or Other securities
(hereinafter called "securities") at any time
forming part of the Trust Fund.
(iv) To exchange property for other property of a like
or different nature and for such consideration
and on such' conditions as- the Trustee may consider
advisable.
(v) To comoromise and, settle for such consideration
' and upon such terms and conditions as the Trustee
may consider advisable all matters arising in
relation to the trusts hereby created or the Trust
Fund and all such compromises and settlements
shall be binding on all the Beneficiaries.
(vi) To surrender and. deliver up any securities forming
part of the Trust Fund for suh consideration and
upon such terms and conditions as the Trustee
- may aporove to any company or corporation reducing
its capital and the Trustee may receive such
consideration in the form of cash securities or
other assets &s may be agreed between the Trustee
and such other corporation.
(vii) To consent to any re-organisation or re-cons true tior.
of any company or corporation the securities of
which" form part of the Trust Fund and to consent
to any reduction of capital or other dealings
with such securities as the Trustee may consider
advantageous or desirable.
(viii) To invest or lay out any moneys forming part of
the Trust Fund or the proceeds of sale without
regard to the provisions of The Trusts Law (Law
6 of 19S7) or any Act passed in amendment thereof
or in substitution therefor in the purchase cf
or at interest upon the security of such stocks
funds shares or* securities or other investmer.es
or property movable or immovable of whatsoever
nature and situated anywhere in the world and
whather in possession or. reversion (including
770273
the purchase of any freehold or leasehold land
with* or without any house or other buildings thereor
or plant or live or dead stock or chattels for
the-beneficial occupation use or enjoyment of
any Beneficiary or Beneficiaries ana including
any policy of assurance on the* life of any person
or any endowment or other policy and the payment
of the premiums in respect thereof) and whether
In the name of the Trustee or in the names of
nominees or in any other manner giving the Trustee
control of the .same or upon such Dersonal credit
with or without security as the Trustee at its
absolute discretion shall think fit and in addition
(but without prejudice to the generality of the
powers hereby given) trust moneys may be laid
but in paying for any improvement addition alteratic
demolition amendments cleaning repair
to or of any house or other building or chattels '
for the time being forming cart of the Trust Fund
to the intent that the Trustee shall have the
same full and unrestricted power of investing and
varying investments and property in all respects
as a beneficial owner (including all the powers
of a beneficial gvner as regards charging leasing
management and otherwise In respect of any
freehold or leasehold property including surrender-
ing or dealing with any policy of assurance
forming part of the Trust Fund).
(ix) To purchase or otherwise acquire or to invest
reinvest or refrain from investing the Trust Fund
wholly or partially in common stock or in any
other*securities (without regard to whether such
shall.be listed on.any stock exchange or other
public market' registered with any securities
commissions or similar bodies or subject to
contractural legal or other restrictions including
"investment letter" restrictions) or other type or
types of assets whether or not such assets
snail be productive of income or shall constitute
"Securities" in any sense including but not limited
to bonds notes debentures mortRa?es preferred
stocks puts or calls beneficial Interests in land
trusts interests or shares in common trust funds
mutual funds "open-end" or "closed-end" investment
trusts or funds real estate investment trusts or
savings and loan or building and loan associations
oil gas or other mineral interests or natural
resources livestock o r o t h e r animals comodities
foreign exchange insurance or endowment p o l i c i e s
annuities variable annuities o r other p r o p e r t y o r
undivided interests i n p r o p e r t y f o r e i g n o r domestic
and t h e Trustee is e x p r e s s l y authorized t o make
speculative investments i f it deems s u c h a d v i s a b l e
without limitation by a n y 'prudent man r u l e 1
or r u l e of reasonableness o r anv o t h e r statute
COIAriM 4
or rule of law regarding investment by trustees
and the making of such investments shall In no
event be construed as a breach of trust and-in
that connection without limiting the generality
of the foregoing to invest the Trust Fund or any
part thereof in any oartnership limited partnership
joint venture or association and to be able to
have and exercise all the powers of management
and participation in.the management necessary
and incident to an investment in such partnership
limited partnership or other venture including
the incurring of joint and several liabilities
with other members and the making of any election
available under any tax law by such partnership
or venture and at any time to participate in the
incorporation of any such partnership or vednture
Co open accounts margin or otherwise with brokerage
firms, banks or other wheresoever in the world
to invest the funds of the Trust Fund in and to
conduct maintain and operate such accounts directly
or through an agent for the purchase sale and
exchange of commodities stocks bonds and other
securities and in connection therewith to borrow
money obtain guarantees and engage in all other
activbities necessary or incidental to conducting
maintaining and operating such accounts.
(x) To pay out of the income or capital of the Trust
Fund all the costs of and incidental to the
preparation execution and stamping of this Deed.
(xi) To determine whether any sums received or disbursed
are on account of capital or income or partly
on account of one and partly on account of the
other and in what proportions and the decisions
of the Trustee whether made in writing or implied
from the acts of the Trustee shall be conclusive
and binding on all the beneficiaries.
(xii) a) To employ and pay for such professional
or other assistance as the Trustee may deem requisi
in the discharge of the duties of the Trustee.
b) To act oh the opinion or advice of or
information obtained from any financial adviser
lawyer valuer surveyor broker auctioneer or other
expert or professional person and so that the
Trustee shall not be responsible for any loss
depreciation or damage occasioned by acting or
not acting in accordance therewith.
(xiii) To d e t e r m i n e a l l q u e s t i o n s and m a t t e r s o f d o u b t
w h i c h may a r i s e i n t h e c o u r s e o f t h e m a n a g e m e n t
administration realisation liquidation partition
o r w i n d i n g up o f t h e T r u s t Fund.
770275
(xiv) Generally to perform all acts of alienation
•• hypothecation and other acts of ownership to the
same extent and with the same effect as the Trustee
might • have done if it had been the beneficial
owner and the decision and action of the Trustee
whether actually made or taken in writing or irapller
from the acts of the Trustee shall be conclusive
and binding on all the Beneficiaries.
(xv) To erect buildings on and effect improvements
to any property forming oart of the Trust Fund
and also to conduct farming operations on and
lease all or any part of such -property.
(xvi) To institute and defend proceedings at Law and
to oroceed to the final end and determination
thereof or compromise the same as the Trustee
shall consider advisable.
(xvii) To incorporate any company or companies in any
place in the world at the' expense of the Trust
Fund with limited or unlimited liability for the
purpose of (inter alia) acquiring the whole or
any part of the Trust Fund the consideration on
the sale of the Trust Fund or any part thereof
to any company incorporated pursuant to this sub-
clause may consist wholly or partly or fully paid
debentures or debenture stock or other securities
of the company and may be credited as fully oaid
and may be allotted to or otherwise vested in -
the Trustee and shall, be capital moneys in the
Trustee's hands.
(xviii)To exercise or concur in exercising the voting
and other.rights.attaching to any securities for
the time beint forming part of the Trust Fund
so as to become a director or other officer or
employee of any company and to ba entitled to .
vote and to be Daid anei to retain for the Trustee's
use and benefit reasonable remuneration for the
Trustee's services.
(xix) To borrow money whether on security of the Trust Func
or otherwise at any time and from time to time and
pay or apply the money so raised in any manner in
which money forming part of the capital of the Trust
Fund may be paid or applied, and to execute and delix
such security documentation for said loans as may
from time to time be required.
(xx) To deposit the securities title deeds and other
documents belonging or relating to this Trust for
safe custody with any bank.
(xxi) To hold any part of the Trust Fund in the name or
the names of any nominee of the Trustee.
770276
T
(xxii) In Che event that income or capital shall become
distributable to a minor beneficiary or to a
' beneficiary under.other legal disability or
to a beneficiary not adjudicated incompetent
by reason or illness or" mental, or physical
disability is in the opinion of the Trustee unable
properly to administer such amounts then such
amounts may be•paid out by the Trustee in such
one or more of the following ways that the Trustee
shall deem best (i) directly to the said beneficiary
(ii) to the legally appointed guardian or committee
of stich beneficiary (iii) to a oarent or some
relative or friend for the care and support and
education of such beneficiary or (iv) by the Trustee
using such amounts directly for- the benefit of
such.beneficiary and as regards (ii) and (iii)
without having to see to the application thereof
and the receipt of any such distributee shall
constitute a full release and discharge of the j
Trustee. j
(xxiii)In the event of any Income nrobate estate or other j
duties fees or taxes becoming payable in the Cayman 1
Islands or elsewhere in respect of the Trust Fund
. or any part thereof on the death of any Beneficiary ,
or othexvise- at its discretion to pay all or any [
part of such duties fees - and taxes out of the
Trust Fund without recourse against any beneficiarv
or to refuse to pay the same, or any part thereof >
unless indemnified and to determine the time and
manner of such payment (if any).
10. Notwithstanding any of the trusts powers and provisions
herein contained the Trustee shall have power at any time
or times before the Perpetuity Sate at the absolute discretion
of the Trustee by any .irrevocable deed or deeds and without
infringing the rule against perpetuities to apppoint that
the whole or any part of the Trust Fund shall thenceforth
be held upon the trusts and with end subject to the powers
and provisions of any other trust (including this present
proviso) not infringing the rule against perpetuities applicable ,
to this trust and approved by the Trustee and in favour or
for the benefit of all or anv one or more exclusivelv of the
others or other of the Beneficiaries and upon any such appoint-
ment being made the Trustee may transfer to the trustee or
trustees for the time being of the said other trust the propertv
comprised in the said appointment and thereupon the trusts
herein declared concerning such property shall cease and
determine and the said property shall for all purposes be
subject to the trusts powers and provisions contained in the
said other trust and be subject to and be governed by the
proper law of the said other trust whether such proper law
shall be the proper law of this trust or not.
11. Notwithstanding any of the trust powers and provisions
herein contained the Trustee shall have power at any titae
770277
or times before the Perpetuity Date and without infringing
the rule against perpetuities at the absolute discretion of
the Trustee by any irrevocable deed or deeds to retire as
Trustee and to appoint a new trustee or new trustees outside
the Cayman Islands as Trustee hereof and to declare that the
trusts hereof shall be read and take effect according to the
laws of the country of the residence of incorporation of such
new trustee or trustees and upon such appointment being made
the Trustee shall immediately stand possessed of the trust
fund upon trust for the new trustee or trustees and shall
transfer the same to the new trustee or trustees as soon as
possible so that the Trust Fund shall continue to be held
uoon the trust hereof but subject to and governed by the law
of the country of residence or incorporation of such new trustee
or trustees and thereafter the rights of all persons end the
construction and effect of each and every provision hereof
shall be subject to the exclusive jurisdiction of and construed
only according ta the law of the said country which shall
become the forum for the administration of this trust (but
so that nonetheless the. Trustee or the new trustee or trustees
may by deed declare that the trusts hereof shall continue
to be' read and take effect according to the laws of the said
Cayman Islands as orovided by Clause 20 hereof) AND Clauses
17*and 20 hereof shall take effect and be subject to the trusts
hereinbefore declared by this Clause AND any such new trustee
or trustees may by deed make such amendments hereto as are
necessary to ensure that the trusts hereof are effective and
legal in such new jurisdiction.
12. The Trustee shall keep accurate accounts of its trusteeshio
and may have them audited annually at the expense of the Trust
Fund or th.e income thereof as . the Trustee shall determine
by a firm of accountants selected by the Trustee.
13. The customary expenses in connection with the adminis-
tration of this trust including the remuneration and charge
of the Trustee hereinafter provided for and of the investment
and reinvestment of any part of the Trust Fund and the collectior
of income and other sums derivable therefrom shall be charged
against the income of the Trust Fund but if such Income is
insufficient for that purpose then the same shall be charged
against capital or so much of the capital as may be required
in addition to the income for that purpose.
14. The Trustee may appropriate any part of the Trust Fund
in the actual state or condition of investment thereof at
the time of appropriation in or towards satisfaction of the
share of any person in the Trust Fund as to the Trustee may
seem just ana reasonable according to the respective rights
of the persons interested in the Trust Fund.
77027S
n
IN WITNESS WHEREOF this Deed has been duly executed the day and
year first before written. ^
Witness
770281
THE FIRST SCHEDULE
770282
J icci^ca frtk&M 6 its: Hc£w£j
^ The initial property investment relatedto the development near Phoenix, Arizona of a 90 acre
v ' residential trailer park (mobile homes) and associated amenities. These type of developments
in a 'sun belt' location like Phoenix were particularly attractive at that time to seasonal retired
residentsfrom the colder Northern States.
'/!: L . The 3 American investors were advised, for U.S. tax planning purposes, to seek out 50% non
U.S. partners andto operatefrom an acceptable and established off-shore location. .
I was asked by either N. Collins or F. Boland if I would be interested in looking at the merits of
the proposal. They asked a few other businessfriendsas well. The group comprised, in
addition to Neil Collins and Frank Boland, Mr Clayton Love Jnr., Mr Pat Dineen and myself.
At that time NeQ Collins had extensive business interests in the U.S. and had established a close
banking relationship with AIB in New York. Accordingly, he approached them about putting
up the bulk of the funds for this property investment A detailed assessment of the project was
undertaken for A.I.B. and for the proposed Irish participants by the New York office of property
consultants, Jones Lang Wootton. They visited the site in Arizona and reported positively on
the development and profit projections ($ 10m). Guinness and Mahon who were well known
to most of the Irish group were also contacted. Mr Desmond Traynor of that bank advised
about the kind of structure required to meet the demands of the project
Personal, joint and several guarantees were required by AIB from thefiveIrish participants. I
signed the guarantee at AIB, 66 South Mall, Cork on the 23rd of June 1981.
sa
Lynbrett was to participate in 50% of the profitsfrom the developments (after the repayment of
loans). The U.S. investors were entitled to the other 50%. It was envisaged that the group
would involve itself in other similar property opportunities and a second project, Bullhead City,
was under active consideration.
In addition to the A.I.B. borrowing of $2.775m the Lynbrett Trust was also required to put up
$950 000 in the initial development My share of that amounted to $212 500 (22%).I negotiated
a venture capital type arrangement with Desmond Traynor acting for Guinness Mahon Cayman
Trust Ltd. That arrangement involved G. M. Cayman Trust providing a loan facility of up to
$500000 to Eclipse Holdings Ltd. for the purpose of investing in the Lynbrett Trust
Eclipse Holdings was entitled to it's share (approx. 22%) of Lynbrett's profits. Eclipse was
owned by G. M. Cayman Trust and it had to repay G. M. C. T. the amount loaned together with
40% of Eclipse's share of Lynbrett's profits. This 40% profit share was in lieu of interest In
exchangeformy personally guaranteeing £50 000 sterling of Eclipse's borrowings I was given
an option to acquire all of the shares in Eclipse at par (£50) as soon as the amount loaned to
•Eclipse had been repaid together with the 40% profit share. This structure made good
commercial sense for me in that it limited my financialexposure while entitling me to 60% of
Eclipse's profits. Unfortunately events conspired to ensure that I never acquired Eclipse
Holdings.
Despite the attractive projections and extensive due diligence carried out by AIB and ourselves
the enterprise ultimately turned out to be an unmitigated disaster and an absolute nightmare for
tiie other Irish participants and myself Roadhaven filedfor bankruptcy in 1985; the securities
put in place against our borrowings from AIB by AIB's lawyers proved to be defective and
practically worthless and we were leftfightinga number of actions to try to minimise our losses.
AIB New York called on the guarantors, by letter dated February 18th 1986, to pay, within 30
days, the sum of $2 527 730. A protracted and publicised dispute followed between AIB, their
lawyers and ourselves which was ultimately settled out of court late in 1993. That settlement
involved each of thefiveof us in net payments of practically $400 000 (spread over six
instalments). To add to our misery one of the five, Neil Collins was unable to meet his
commitments under the terms of the guarantee and the other four have had to pay his share as
well which brings the overall cost for each of the four up to practically $500 000. ($2.4m to
AIB less $425000from lawyers.)
G. M. Cayman Trust called on my £50000 sterling guarantee by letter dated August 14th 1987
and I paid it, in Irish Pounds, in October 1987. To do so I had to sell 50000 shares in Aran
Energy. I endorsed the IR£ cheque from Stockbrokers Goodbody James Capel and sent it to
Desmond Traynor with a covering letter, both for transmission to G. M. Cayman Trust Receipt
was acknowledged by letterfrom G. M. C. T. dated October 29th 1987.
Appendix XV (22) Mr George Crampton
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
George Crampton.
c) Profit & Loss a/c for year ended 31 December 1974 - Starling Securities
Limited.
e) Starling Securities Limited call deposit a/c with GMCT - June 1973.
UNDER OATH
accurate transcript of my
Stenographer
The Inspectors: MR. JUSTICE COSTELLO
MS. MACKEY BL
SHEEHAN & CO
I CLARE STREET
DUBLIN 2
INDEX
Vvc-ck ^oc
1 THE HEARING COMMENCED, AS FOLLOWS, ON TUESDAY, 8TH
2 FEBRUARY 2 000
11 coffee.
12 A. Fine, yes.
15 Limited in 1948?
16 A. I was a Director.
18 A. Yes.
21 retired?
26 years?
27 A. Yes.
29 company?
4
2 7 Q. You had a business relationship with Guinness &
4 A. Yes.
8 A. Correct, yes.
11 11 Q. Was it substantial?
13 recession.
16 A. Yes.
22 think?
27 A. Correct.
29 A. Yes.
5
1 17 Q. Was Mr. Reid your personal accountant?
2 A. No.
4 A. Craig Gardner.
6 A. Yes.
9 21 Q. Of Charter House?
19 Donnybrook.
21 them ...(INTERJECTION).
22 A. Joint venture.
24 A. Yes.
25 27 Q. They were?
28 A. Yes.
6
1 result of his introduction that you met Mr. Don
2 Reid?
3 A. Correct.
8 us?
9 A. Correct.
12 A. Yes.
17 A. Yes.
29 A. Yes.
7
1 35 Q. Now, if you would like to just take your statement,
5 A. Yes.
10 A. Correct, yes.
13 of the site?
14 A. Yes.
15 38 Q. Mr. Lowe gave some advice, and did Mr. Reid give
16 advice also?
17 A. Correct.
20 A. Yes.
22 A. That is right.
25 A. Right.
28 Crampton?
8
1 43 Q. The Court Laundry site.
2 A. Yes .
3 44 Q. Now, you also got advice from Mr. Don Reid, which
8 separate advice?
9 A. That is correct.
17 Trust.
19 A. Yes .
23 49 Q.
"The Trust was set up on 29th March
24 1972 and funds appear to have been
passed to it from two companies;
25 namely, Winchester Investments Ltd. and
Corowna Ltd."
26
23 A. He did, yes.
10
1 involved at this particular stage.
4 that stage.
9 Exhibit 1?
10 A. Yes.
11 61 Q.
"My understanding is that the Trust
12 lent the monies to a company called
Starling ... "
13
18 A. No, I am not.
24 Mahon.
26 A. Yes.
27 65 Q. In Dublin?
11
1 66 Q. You say that originally you understood the money
8 68 Q. In Dublin?
13 experts.
15 A. Right.
16 70 Q.
"The monies referred to above were the
17 only investment made by me into the
Trust." Exhibit 1.
18
20 A. No.
12
1 73 Q. You haven't got it?
9 A. Yes .
13 given them.
23 a Settlor.
3 should be done.
5 ...(INTERJECTION).
10 A. No.
14
18 A. Correct, yes.
14
1 was asked to sign a Letter of Wishes, but I cannot
6 MR. CRAMPTON).
7 A. Thank you.
12 A. Yes .
17 A. Yes .
20 A. Correct, yes.
22 A. No.
10 A. I don't know.
21 A. I did?
25 A. Yes.
28 A. Yes.
29 107 Q. Isn't that quite clearly showing what the money was
16
1 which was obtained by Starling Securities and it is
3 A. Correct.
21 Islands.
24 held in Dublin.
25 112 Q. Why?
26 A. I cannot remember.
27 113 Q. What caused you to realise that the monies were held
28 in Dublin?
7 that stage.
9 code?
11 was a code.
21 ...(INTERJECTION).
24 ...(INTERJECTION).
25 121 Q. What sort of problems could there have been, did you
26 know?
18
1 wasn't being done legally correct.
10 "no".
13 problem.
15 A. No, no.
17 A. No.
19 A. No.
27 paid.
29 A. I did, yes.
19
1 134 Q. Did you say that to Mr. Traynor?
9 A. Yes.
13 A. He was ...(INTERJECTION).
17 that he was.
18 140 Q. What caused you to think that tax should have been
19 paid on it?
21 right.
22 141 Q. Why?
28 A. In the Cayman.
20
1 A. Yes .
6 the Cayman.
11 1980's.
22 A. Yes .
3 A. From Dublin.
4 153 Q. Did you notice that the accounts were all in Irish
5 pounds?
8 154 Q. Sterling?
11 in pounds Sterling.
12 A. Yes.
13 156 Q. Did that cause you any surprise, that they were in
14 pounds Sterling?
16 Islands.
25 at times.
27 A. Yes.
29 A. Yes.
2 A. Yes.
6 Sterling.
10 A. Invariably, yes.
12 A. Correct.
15 A. Yes.
17 A. Sometimes.
18 166 Q. Sometimes?
21 it?
25 would go?
26 A. Yes.
23
2 171 Q. Do you remember how it was given?
4 172 Q. Cash?
13 maximum.
15 A. Yes.
16 177 Q. You got this from him in either Guinness & Mahon or,
20 A. Correct.
23 Mr. Traynor"?
24 A. He did, yes.
27 too sure.
28 180 Q. You think there were not many withdrawals, you left
24
2 181 Q. This is the note that we have been given and they
6 page on "Investments":
10 A. Yes.
17 a house we used.
25 was that?
25
1 190 Q. Who was the joint venture with, Cramptons?
4 ...(INTERJECTION).
9 A. Yes, "Cramptons".
15 A. "Cork Investments".
16 195 Q. Yes, but when you say "we", was this the company
18 A. Yes.
20 Mr. McGowan?
21 A. Correct, yes.
23 A. Correct.
24 198 Q. The Trust used the money that you had provided for
25 the purpose?
26
2 A. Yes.
5 paragraph number 4?
6 A. Yes.
10 A. Yes.
11 202 Q. It says:
28
27
1 about that?
4 203 Q. A residence?
5 A. Correct.
10 to, Exhibit 1?
17 207 Q. I am asking you about the fact that the loan was
18 backed by a deposit?
19 A. Yes .
22 209 Q. You see, the answer you have given, "I am aware of
26 Mahon?
28
1 one, I want to get it right. I asked about a loan
5 a back-to-back arrangement.
7 you?
29
2 218 Q. I am just wondering why you were able to tell us in
4 that?
9 A. Yes.
18 questions.
26 A. No.
30
1 A. Yes .
8 recollection is correct?
14 Exhibit 6?
15 A. Yes .
17 A. Yes .
19 recall?
31
1 a back-to-back deposit. Can you explain why there
4 A. No.
14 A. All right.
15
16 SHORT ADJOURNMENT
17
21 yesterday?
22 A. Yes .
27 A. Yes .
29 A. Yes .
1 240 Q. Were these fellow Directors of yours?
2 A. Correct.
6 A. No.
8 about this?
11 A. Mr. O'Connor.
13 A. Correct.
33
2 252 Q. Well, we needn't delay, but the next paragraph of
7 The scheme was that you were not to sign the Letters
13 A. Yes.
15 handwritten letter.
16 A. Yes.
17 255 Q.
"I authorise you to transfer £20,000
18 from the above account of which I am
the beneficial owner, the account of
19 J.D. Traynor."
20
22 A. No.
24 A. No.
25 257 Q. This was to Mr. Furze in the Cayman Islands and you
28 A. Yes.
34
1 deposit?
5 A. Yes.
6 260 Q. Now, I want you to look at this file that you gave
11 A. Yes.
13 A. Yes.
15 A. Yes.
17 A. Yes.
23 A. Yes.
26 A. Yes.
28 arrangements?
35
1 267 Q. Do you know about what date was this?
3 suppose, ago.
8 A. Yes.
11 A. Yes.
14 A. Yes.
17 A. Yes.
24 ...(INTERJECTION).
29 which was done legally, the taxes paid and the money
36
1 that was left in the bank was sent back to the
2 Cayman Islands.
5 Dublin.
9 A. On my behalf.
15 trade.
21 questions.
22 A. Yes .
23
25 COSTELLO
26
27
28
29
1 MR. GEORGE CRAMPTON WAS EXAMINED, AS FOLLOWS, BY
2 MS. MACKEY
10 think?
15 Exhibit 7?
24 O'Connor?
25 A. Yes.
38
1 289 Q. Thank you very much. Now, if I could just refer you
4 Exhibit 1?
5 A. Yes.
11 A. Yes.
15 A. Yes.
17 ...(INTERJECTION).
19 Trustees.
21 ...(INTERJECTION).
25 expenses.
28 296 Q. The Trust we have been talking about all the time,
39
1 A. No, the Trust for the property.
3 A. Yes.
8 a Trust.
11 moment?
14 your solicitor.
27 304 Q. To you?
28 A. Correct.
40
1 A. Mr. Traynor would have been involved, yes.
4 307 Q. What were told about College Trustees or how did you
5 get involved?
11
13
14
19 A. Yes .
20 309 Q. You said that some of that advice came from Mr. Reid
21 of Kennedy Crowley?
22 A. Correct, yes.
27 accountants.
3 you on that?
4 A. Craig Gardner.
7 314 Q. You took advice when the Trust was set up?
8 A. Correct.
11 A. Yes.
17 in order.
22 A. No.
24 A. Exactly.
29 A. Mr. Traynor.
42
1 322 Q. Mr. Traynor?
2 A. Yes .
5 1992, when the tax amnesty was on the go, that you
8 that is not what you said, but what you said was you
12 A. Yes .
14 A. Yes .
18 Mr. Traynor?
25 328 Q. You have said to us that you did not discuss this
29 separate?
1 A. Well, yes. I accepted Mr. Traynor's advice on that
16 know.
21 A. Yes .
26 document.
5 A. Yes .
7 A. Correct.
8 335 Q. Did you devise these ideas yourself or was this with
21 happened.
25 ...(INTERJECTION).
26 A. No, the money went back into the bank and that was
2 questions I have.
10 something clarified,
17 A. No, I do not.
29 Securities?
46
1 A. No, all the money from that is back in Ireland now.
4 A. Yes.
7 during 1998.
9 you, in 1998?
14 paid up to now.
17 348 Q. But I think you told us earlier that no tax had been
20 that.
24 assistance.
29 do it or will you?
47
1 A. You, please.
48
1 I just want to understand.
9 353 Q. But you have got, have you not, this documentation
11 A. Correct, yes.
20 backed by a deposit?
21 A. Yes, if it happened.
22 356 Q. If it happened?
23 A. If it happened.
26 A. Yes.
28 A. Yes.
49
1 Sterling loan? Is that
3 earlier?
8 Sterling loan?
9 A. I don't know.
14 seems to be a reducing
18 balance £51,000.
50
1 to me this morning. I will chase those up. I do
4 that, too.
6 now?
20 ...(INTERJECTION).
28 these documents.
51
1 MR. JUSTICE COSTELLO: We would also require you
6 A. Yes
11 A. Yes.
13 it is just a formality,
18 A. Yes, right.
21
23
24
25
26
27
28
29
52
VAcxrv^ C^tVA-^'vS
S O VJ-U^xjCS
Appendix XV (22) (l)(b)
STATEMENT OF
GEORGE CRAMPTON
RE: Response to request of Inspectors appointedtoAnsbacher (Cayman) Ltd by
letter dated 21st December 1999.
I am a Director of the Construction Company G & T Crampton Ltd and have been
since 1948. Certain of the information in this Statement is based on my memory
which I regret is unclear as to detail. Other information is based on facts which have
come to light following recent investigations.
G & T Crampton Ltd had at that time a business association with Guinness & Mahon
Bank in Dublin. Apartfrom normal banking arrangements it was involved in a joint
venture company with the Bank to develop housing, generally in the Dublin Area.
During the course of these dealings I became acquainted with Des Traynor who was a
Managing Director of the Bank at that time. He suggested that the'proceeds referred
to above be placed in an off-shore trust based in the Cayman Islands.
Don Reid of Kennedy Crowley Accountants advised on the tax aspects of the
proposal. [ understand that he in turn obtained an opinionfrom Raymond O'Neill
S.C. in relation to the taxation aspects of the proposal. I recall Noel Garland B.L.
also gave advice. I believe a Solicitor involved at the time was John Darly of Fred
Sutton & Co Solicitors. On the advice given I jpas satisfied that the proposed
structure was an acceptable tax avoidance scheme. The investment was duly made
however 1 am unaware as to the particularfinancial details involved as these were
handled by Des Traynor.
The Trust was set up on the 29th March 1972 and funds appear to have been passed to
itfrom two companies namely Winchester Investments Ltd and Corowna Ltd. I am
not aware of any detailsregardingthese companies. The Trustee nominated to the
Trust was Guinness & Mahon Cayman Trust Ltd.
My understanding is that the Trust lent the monies to a company called Starling
Securities Ltd which in turn held these funds on deposit in Ansbacher (Cayman) Ltd.
(the Company). The Company in turn held an account in Guinness & Mahon Bank in
Dublin, and I understand that these monies together with other monies were deposited
in Dublin. I became aware of this fact in the late 1980's. The monies referred to
above were the only investment made by me into the Trust.
Whitethorn No. 6 Trust is a discretionary trust and its beneficial objects are the issue
of my parents the late George James Crampton and Olive Elizabeth Crampton and
other parties as set out in the letter dated 19th June 1998from John James of Cayman
International Trust Company to my Solicitor. I signed the Trust Document at the
time but I do not have a copy of it now and I do not recall having had a copy of it in
my possession. M y memory is that Des Traynor made all the arrangements in this
regard.
My dealings with the Company were always through the late Des Traynor during his
lifetime and after his death with Padraig Collery. I do however recall having some
dealings with a John Lipscombe in relation to the acquisition of a property in Spain to
which 1 will refer below.
In the early years the monies earned deposit interest and this was reflected in the
accounts of Starling Securities Ltd. These accounts were posted/delivered to me by
Des Traynor on an annual basis and I signed them to confirm they were in order.
This practice continued up to Mr. Traynor's death and ceased thereafter.
I believe the main activities in relation to these accounts fell intofour categories -
1. Accrual of Interest
2. Withdrawals
3. Payment of fees
4. Further investments.
1. Accrual of Interest
The accounts of Starling Securities Ltd disclosed increases in monies on call deposit.
It was due to the accrual of interest thereon. The rate varied from time to time
however I had no role whatsoever in detennining what that rate actually was.
2. Withdrawals ^
3. Fees
The accounts disclose fee payments to various third parties. While I am not now
familiar with the detail of such fees I am satisfied that they were correct as I
presumed they were approved / checked by Des Traynor. I did not nor was I in a
position to question the particular amounts. I note in the accountsreferencesto
College Trustees Ltd. I was not particularly aware of the function of that Company
but I now know that it had a management role in relationtothe premises in Spain.
4. Investments
There were two significant investments made by the Trust via Starling Securities Ltd
Thefirstwas the purchase of a house in Spain and the second was an investment in an
American Company known as Cork Investments Lie. The U.S. investment occurred
in or about 1985. This company hasrecentlybeen liquidated in the US and the
surplus funds have been repaidtome via the Trust
The Spanish property was bought in the name of Marazul Properties, a Panamanian
company on the advice of Des Traynor. It was he and I believe a John Lipscombe
who made the arrangements in this regard. The monies tofinancethis purchase were
transferredfrom the Starling Securities Account to Spain tofinancethis purchase.
I refer now to Appendix C of your letter dated the 21st December 1999 and the
following are my replies to the specific matters raised therein using the numbering
system set out
t
Cavman Island Trusts and Trust Companies
(1)
a) Please see details set out above in response to this question
b) In or about March 1972.
c) There were no further additions to the best of my recollection.
d) I refer to the two investments set out above namely the purchase of premises in
Spain and the investment in the US Company. Apart from these there were
payments made in favour of family members and one or two payments in favour
of myself. I do not recall the particular extent or details of same other than those
which have already been furnished by way of cowespondence.
e) I do not recall the name of the settlor specifically but I think a Mr. Paul Harris was
involved in some way at the time. He may have been a trustee. Funds were
transferred by Des.Traynor and I have no idea how this was done.
0 I do not recall every signing a letter of wishes.
g) Oral instructions were given to either Des Traynor or Padraig Collery. I do not
have any correspondence in this regard.
(2)
a) Des Traynor c/o Guinness & Mahon Bank. I am not in possession of any
correspondence in this regard.
b) There were no further sums deposit.
c) There were no specific lodgments
d) By way of oral instruction to Des Traynor. Please see details set out above.
e) Not to my knowledge
f) I do not know.
(3) 1 do not recall any involvement with Irish Intercontinental Bank.
(8)
a) (i) Starling Securities Ltd, (ii) Marazul Properties, (iii) Cork Investments Inc
b) None that I am aware
c) None that I am aware
d) Whitethorn No. 6 Trust
(9) Noted
QMacnutmMbtJf
Appendix XV (22) (1) (c)
fi TABLING s e c u r i t i e s limited
REVENUES
less EXPENDITURE:
Incorporation Expenses ^50.00
Management Fees 817.25
Government fees and 7 f0t 3 5
7
n ivr1 3«n
Sundry Disbursements ' . i' 7-60
Ii 11,149.01
STARLING SECURITIES LIMITED
LIABILITIES
represented by:
ASSETS
LIABILITIES:-
Capital Account _ 100.00
Profit to 31st December, 1974 57,074.35
Corowna Investments Ltd. - Loan Account 12.50
Winchester Investments Ltd. - Loan Account 50,000.00,
& 107,186.85
represented bys-
ASiSETS:-
fa' y t^-
Appendix XV (22) (1) (f)
•• ' ""
. PERSONAL
•r
G+JUI '• G U I N N E S S + M A H O N LTD
wBANKERS
IV 9 17 Colleae Green Dublin 2 RQ Box 55A Telenhone:782444
Mr. George-Crampton,
G. & T. Crampton Limited,
158, Sfrelbourne Road,
DUBLIN 4.
Dear Sir,
lurther to recent negotiations we write to confirm that
we are prepared to-make a facility available to you subject
to the following terms and conditions:
(1) Borrower: Mr. George Crampton.
(2) Amount: £50,000.00 (Fifty Thousand Pounds)-
Irish £.
(3) Term: In accordance with normal banking
practice all sums advanced are
repayable on demand but in any case
we shall review the Account on the
6th January 1979.
(4) Drawdown: You may avail of the funds by way of
overdraft* on a fluctuating basis as
and when required.
(5) Interest: We propose chaarging interest on the
Loan at 14% per annum fixed. Interest
will be debited to your Loan 'Account
and become payable by you on the
31st March, 30th JUne, 30th September,
31st December annually and at maturity
of the Loan,
(6) Security: The funds are being made available
on an unsecured basis.
Continued...
Tdtgnms:Man.
Oub1l7n.CoT
ain
t;Gr
3t
3t
0n
3.
. Dublin Z Oulim we
:uthJtoMOirH,iott
G:
ufci
n«u.Diimond Tremor lOtpuiy Chf'"ninl. Mwr,,
R
egl
»nr
«d O
ffi
ct: l
aaa
fttgisitrad Nunttec 1OTS2, Non-tucutiv* ObtctonNgilbt a
c J.
P. Dtwbwy. M fPe.
hB
ai
l QJu.innftndu. lc.i. t. O'KMy. toMm^ng).
- - : H .W .
Jtotflian: Cftld C.J. MtC'adnn. Ev
trln. A. . us. J .
E.A
.B. Q
uln
nm, J.C Lov« Jnr., O.T,.
/WU (* A U U a « AWU W ** I -
Tours falthfully}
for GUINNESS + MAHON LIMITED.
©
P. J. Flynn,
Banking Manager,
P. O'Dwyer,
Loans Officer.
Appendix XV (22) (1) (g)
Kennedy Crowley & Co. Chartered Accountants
Dear Mr Crampton,
I am sorry that it has talcen me rather longer to come back to you with
the draft Letter of Wishes. I an now enclosing si* copies of this
draft so that it may be considered by each of the individuals concerned.
I think that the terms of the letter are fairly self-explanatory and
should not give rise to any problems but, should anyone wish to discuss
them with me I would be happy to do so.
Since I saw you we have sent to the Cayman Islands the revised draft
Trust Deed, together with the detail.i required to complete the appointed
class in each case.
For ease of reference, and to avoid too much Identification, we are calling
the Trusts the Whitethorn Trusts, Your own will be the Whitethorn A Trust,
Mr Clark*is the Whitethorn B Trust, Mr gast's the Whitethorn C Trust, Mr
O'Connor's the Whitethorn D Trust, Mr Seymour'a the Whitethorn E Trust, and
Mr Webb's the Whitethorn F. Trust.
As soon as the Trusts are drawn up I will have the Letter of Wishes signed
in each case by Paul Harris who la the settlor. Two formal steps will then
remain to be taken. The first is the formation by the Trustees of a company
(or companies) to receive income from deposits or Investments on behalf of the
Trustees. The second will be the execution by Paul Harris of a Deed (in
blank) assigning his powers ss Appointor of the Trusts.
rs sincerely,
Ends.
x
l:.f!M«>-vyl O I :«!;rir Torn." * ('•him ill a n t IVir.i'ip::! M.«'iii;i-i's
iV, f: |H ..liin:. U' \ fcttUKllI li-it;'I" V
Ci>ll..r<Vi:« U ! V \ i<rc:i) OV.i.ii»:r .U'\ Ural.! \Ylur!. .- I V \ n Iti!..
l,a:iv»i'vC .iv.vli-i- K'.\ iVivi'l lli>'At'
IVllT I.VIK'i!
Ni;<!'.lWloA v'V \ ,M. v Sskii i'V 'i
U*. lit'ii!
NO. 712 P. 13-'19
i . 7.FEB.2000 17:29
7 H t y k
fo- fif^cA / f y ?
J
GUINNESS MAHON CAYMAN TRUST LIMITED
A Member of the Guinness Mahon Merchant Banking Group
P.O. Box 887
Telephone No 9-4853/4 Grand Cayman
Telex CP 305 British West Indies
Cable Address Guinness
your ret
1 3 t h M a r c h 1 9 7 8
our ret JAF/AJW > '
Q u a i l . (MO&U-* tfon*
S e L D
(./) fill /ors ^ rf/j t/ "o^ >
»J jL •
pic J&hnJ e f AK
/iX •
or 4Sot000 + /tf *
/ U}tt>00
igAy} 4
ANSBflCHER CAYMAN
^ /> /j- a f ^ c ^ - s*
^ ^ p r e f i x * /&/-
M Dear Morris,
m Ra:flEQRGH CRAMPTON & SONS
I reviewed my notes as promised over the weekend and as I understand it, the proposal ia as
follows:
M STARLING SECURITIES LIMTTED f'Starling), a Cayman company,
owns shares in a UJ.
m Investment company, CORK INVESTMENTS, INC. fCork")
Starling will contract to sell its shares to a third party individual and will receive cashfrom the
ssle.
Starling will deposit the cash receivedfrom the sale proceeds with yon, and will hypothecate die
funds to secure an advance to an Irish company, to enable it to acquire ihs sharesfrom (be third
party individual. *
At this point, I am uncertain as to whether the price of the shares has been agreed, and therefore,
• I am not sure the extent of die "back-to-back^ arrangement, I will seek to clarify this with my
clients so that you can consider this application In principle once the amount Is known.
Yours sincerely*
A. FURZE
i&v'i&A
\mtim-
r is.
Uiwfcn Btrffag/un MMcliMi«r 6mm;
pste-v/* A imobit ih« Fkil N»iI«MI Bonh Mmm 2wrieA bk if Man Mum
.1 e..jL .i.i >
Ciywn I tit mil Prtlfih Wa«Mn<« Ma tig bug
Appendix XV (22) (1)(L)
* STARLING SECURITIES LIMITED
REVENUE;-
Less EXPENDITORE: -
£220,204.32
j*
Appendix XV (22) (1) (m)
«)
notes 1225
ASSETS
Bank balances:
Current account 2,792
Fixed deposit 129,000
Investment 125
Accounts receivable and prepayments 325
£ 132,242 £
LIABILITIES
Accounts payable and accrued expenses 803
SHAREHOLDER'S EQUITY
Share capital 3 50
Retained profits 90,795
Loan capital 4 40,594
131,439
Total liabilities and shareholder's equity £ 132,242 £
Appendix XV (23) Captain WR Cuffe-Smith
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to
Captain WR Cuffe-Smith.
...
Guinness Mahon Cayman Trust Limited.
P.O.Box. 8fi7,
Grand Cayman,
BRITISH WEST INOIES.
^ Dear Sirs,
) Aa Settlor of the Oiacrationsry Trust established by ms today,
I would wish my Trustees to hold the Trust Fund primarily for
the benefit of Captain Cuffs-Smith, his wife end thsir family and
to make distributions to them of capital and/or income aa may be
required from tims to time. I would however expect the Trueteea
not to make any distributions without first seeking the advice of
Captain Cuffe-Smith, or following his death to consult with his
wife Betty.
In the event of the death of both Captain Cuffs'-Smlth and hia wife,
I would expect you to hold the Trust Funds for the benefit of
their two deughtsrs, Mrs. Lse Lane and Mrs.Margaret Butler in equal
shares absolutely.
)
Nothing in this letter should be taken as a prohibition on the
distribution of the whols of the Trust Fund to sny one parson
entitlsd to benefit from the Trust and furthermore, I would expect
you to give guaranteee for borrowings by eny of the beneficiaries
msntionsd provided thet advice is taken in this mattsr as set out
above.
i
I hereby declare that the requests containsd in this lettsr ere
irrevocable and cannot be changed by me in any way.
« f
:.. r-R -aithfu.ly.
Appendix XV (23) (1) (b)
4f€3INNESS M A H O N CAYMAN TRUST LIMITS)
£ A Member at tin GukiMM Itahow M*reh*nt Banking Group
T.tax CP 305 Grand C*ymaa
CsMvAMtms SuiniMM Mitel* India*
your rtt
ourral JAF/&i
10th AaguU, 1911
T. R. Ltonand, E&q.
Manage* Account*
GcunntM * Uahon Ltd.
^ 11 College. Gtetn
Dublin 2
1ZELANV
i Vtwt Ra,
CUT. CUFFE-SUITH
I do apologise not hawing ixjpLLui AOOMA. to youx Ivttoi o{ ffttfe June
coneeAiUng -tfce 4ptit in the, *B/LB dipoiit account. This split hm now
been xe&licttd in out books and I haul netaUned tht hypothecation agreement
which you kindly enclosed.
I fuu/e mitten AepcuiateJty today to Copt. Cuffe-Smith in connection uxUh
the. fuiit and enclose (on yowt infatuation a copy of my Izttex.
Kindest A&gaJidi,
YOUAA iincenety,
Pf JOHN A. FURZE
End.
Fix: 612035
Dear David,
Further to my letter of the 27th March when I requested you
to debit Ansbacher Account No.13154602 with Stg.£30,000
and credit the Irish Pounds equivalent to the Account of
Captain W.R. Cuffe-Smith with you numbered 10S75007, I regret
the error in these instructions. The transfer should,
of course have been in Sterling as I understand that his
Account No.10575007 is a Sterling Account.
The purpose of this letter is to confirm the action taken
by Dna Maguire today when she arranged the reversal of the
original transaction and the transfer of the Sterling
S*^ amount.
Yours sincerely.
J.D. Travnor.
JDT/AJW
Appendix XV (23) (1) (d)
i'^ffii^MWHilr' j
Pleasereplyto: Box S87, Quad Csysum, ( mil lilimll. mtiTlnlifcii J
42 Fitzwflliam Square, 9) 949-8655 Telex: CP 4305/
Dublin 2.
Tet 765144/763065
Fax: 612035
Dear David,
Could you please arrange to have the enclosed draft for
Stg.£30,000 lodged to credit of Account No.10575007 in the
name of Captain Cuffe-Smith.
I would be grateful if you could acknowledge in due course.
Yours sincerely,
J.D. Traynor.
JDT/AJW
Appendix XV (23) (1) (e)
T
Ansbacher Limited
Pleasereplyto: P.O. Box 117. Grind Cayman, Cayman Island*. Bntuh West Indies
42 Fhzwffliam Square. Telephone: (S09) 949-8633 Telex: CP 4303
Dublin 1 Facsimile (109) 949-7946 (809) 949-3267
Tel: 765144/763065
Fax: 612035
Dear Ronan,
Could you please arrange the transfer of Stg.£117,420.54 from
Ansbacher Limited No.1 Account No.02/01087/81 to:
Guinness a Mahon Limited,
17 College Green,
Dublin 2,
for credit to the Account of
Captain and/or Mrs. Cuffe-Smith,
Account No.10575007.
It would be appreciated if this transfer could be made today
30th September please.
Yours sincerely.
/ v -' O
DPC/AJW
AMSMl£aOPTHEALSO
AMBAUXATIO
CIB3IKtMXJtIMATIONALTWfTOftOWOFGOh9ManWRHOPyiCIS
n SANAMAS. W R M VBUMN BUNDS.
OVSKMSSY. MONACO AKDSWHSHLAND
3*24=
Appendix XV (24) Mr James P Culliton
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
James Culliton.
Note:
The Inspectors have redacted the enclosed documents to remove names not relevant to
this Report.
Appendix XV (24) (1) (a)
PRIVATE EXAMINATION OF MR. JAMES CULLITON
UNDER OATH
accurate transcript of my
Stenographer
THE INSPECTORS: MR. JUSTICE DECLAN COSTELLO
HAINAULT HOUSE
DUBLIN
1 THE INTERVIEW COMMENCED, AS FOLLOWS, ON MONDAY, 28TH
2 FEBRUARY 2 000
14 solicitor.
19 you.
20
21
22
23
24
25
26
27
28
29
3
1 MR. JAMES CULLITON HAVING BEEN SWORN WAS EXAMINED AS
2 FOLLOWS:
28
4
1 never an accountant or a financial person and I went
18 companies together.
19
5
1 not have happened and eventually after Bob Willis
4 non-Executive Chairman.
13 Director?
17 Board?
23 is that right?
28 because the economy had its good days and its bad
29 days and we just came in and out with the tide. The
6
1 Board was structured two-thirds non-executive and
15 31st January?
16 A. Yes, I have.
18 letter.
19 A. Yes.
7
1 conversations with him but I clearly remember him
8
1 ago, Mr. Inspector, and my impression clearly was
10 Mr. Culliton?
11 A. Yes, 1979.
15 A. Yes.
19 purposes?
27 A. I did.
9
1 operated?
13 A. Yes .
21 A. No.
23 an Irish bank?
10
1 you needed it?
2 A. That's correct.
10 relationship.
12
1 appears to have been an account which was operated
8 A.
9 This is a draft
16 It looks to
27 of shares.
13
1 to , how do you recall that was affected?
6 A.
10
11
14
1 the tax amnesty provisions at any stage?
22 been paid?
26 35 Q. Very well.
29 me.
15
1 36 Q. Very well. One last thing I want to ask you about
5 A. Yes.
9 A. Yes.
14 you know?
24 £25 million was now worth about £700 million and was
16
1 obviously reluctant to make a payment that would
20
17
1 £20,000 each and that there were two important
16
17
18
19
20
29 41 Q.
We have had evidence of overseas companies of Cement
18
1 Roadstone which existed and from which payments were
11 I have no further
21 mean by that?
19
1 years ago was that he changed his role in Guinness
9 understand?
20
1 an offshore payment.
4 company?
5 A. A non-resident company.
12 the CRH.
21 A. Yes, I can.
22
23
24
25
26
27
21
1 of all in one go. He saw no problem in that. As I
12 money.
13
14 Then I wanted
20 instalments.
22 A. At all times.
22
1 awful.
23 A. Yes.
25 subsidiaries?
28 London company.
23
1 have told us that it was just a change of role for
13
14 END OF INTERVIEW
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
V A c x f ^ G^vlWcvi
VjvxAVC^
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Appendix XV (24) (l)(b)
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7/12 DAME STREET,
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J i t S M i . W
Appendix XV (24) (1) (c)
1/g
?<gg— 09:32 GERRflRD SCPLLPN 8. O'BRIEN • 2033929
N0.SB6 D02
5QtiB»
He) Exclusively with J.D. Traynor, usually at hie office at Guinness & Mahon
Trinity Street."
"(d) I always contacted J.D, Traynor, he usually handed me the money at his
bank but occasionally he left it In a seated envelope with his secretary Ms. J.
Williams to give to me."
lours sinvrj«*ty/
. !•>. Ir^ynor.
Sod
tdt/ajw
V - .- .; • -..v _
Mr~
42/ ^
Dubli^sjtj*
m "" 1
R e t ' - . - H E I G H T S S.A.
w .r-'^fftvr-!-: • """ "tf, •
Yours sincerely,
for GOIHKSSS 6 MAHON LIMITED.
JOHN RYALL
ASSISTANT MANAGER - BANKING.
• •r^v^'Srv
• .•'.- . . . '
• - -A
,
sncc.^g;;y *jl
. • i
Appendix XV (25) (l)(c)
f**, * *" / :
• * • • •
Other Information:
Credit]Committee Chairman
Minute No: Minute No:
Dear Garrett,
Could you please arrange the following transfers:
IR£28,000 to Ulster Bank
O'Connell Street
Dublin
For Account No.20089128
in the name of M.J. Dargan.
IRE10,000 to Bank of Ireland
Dublin Airport
For Account No.20508442
in the name of M.J. Dargan.
/AJW
uU
2 Harbourmaster Place
, ,.,ternational Financial Services Centre
Dublin 1
The Inspectors
Office of the Inspectors
3 r d Floor
Trident House
Blackrock
Co Dublin
Dr Michael J Dargan ^$ ^ ^!
Inspectors,
We refer to your letter to Dr Dargan of 1 August notifying him of an intended finding that
"Dr Dargan was a client of Ansbacher". As you surmise, this finding could clearly be
adverse to our client's interests and reputation. We have in our letter of 17 August already
advised you that Dr Dargan wishes to make submissions as to why no such finding should be
made. We do not believe that the Inspectors proposed finding is justified on the evidence
which is identified in your letter and we apprehend that there is a considerable risk that if
such a finding were made by the Inspectors in any report of theirs then inferences would be
drawn from it which would also be unjustified.
1. Not a Client
1.1 We do not know what criteria the Inspectors intend to apply for the purpose of
identifying a person as a client of the company. One generally speaks of a bank as having
customers rather than clients. The term client normally connotes a person who is receiving
professional services. Banking services are not generally so characterised and the Inspectors'
proposed characterisation of Dr Dargan as a client accordingly implies or will be taken to
intend to imply that he has received services from the company which are distinguishable
from characteristically banking services. The notice does not identify what these services
are thought to have been.
Ronar> Molony, Michael V. O'Mahony, Richard Rice, Fergus Armstrong. David Clarke, Gerald FitzGerald, Daire Hogan, Guy French, Henry Lappin. Michael S. Roche, Colin Keane.
William Earley, Robert Burke, Petria McDonnell, Timothy Bouchier-Hayes, Helen Collins, Gerald B. Sheedy, Mark Pearson. Michael O'Reilly. Lonan McDowell. Patricia T. Rickard-Clarke.
Michael O'Brien. Julian Conlon. Damian Collins. John Cronin. Vivienne Bradley. Catherine Deane, Paul Heffernan, Barbara Judge, Michael Kealey, Terence McCrann, Ulian Stephenson, ^
Muriel Walls. Roderick Bourke. Grace Smith, Ambrose loughlin. Niall Powderly, Kevin Kelly. Hilary Marren, Denise O'Connor, Eamonn O'Hanrahan, Roy Parker, Patricia Lawless.
Barry Devereux, Geraldine Hickey, Helen Kilroy, Judith Lawless, James Murphy, David Lydon, Vanessa FitzGerald, David Byers, Sean Barton, Hannah Carney, Colm Fanning,
Paul Lavery, Yvonne McNamara. Susan O'Halloran, Julie Quin, ,
Consultants: Max W. Abrahamson. Brian McLoghlin, Jane Marshall. Michael Ryan (FCA). Garrett Fennel!. O f Counsel (USA): William P. Clark.
B e l f a s t : North South Lego/ Alliance with L'Estrange & Brett, Arnott House, 12-16 fridge Street, Belfast ST/ /LS, Tel +44-28-9023 0426, Fax +44-28-9024 6396
Brussels: Avenue de Cortenbergh 89, Kortenbergfoan, 1000 Brussels, Tel +32-2-740 0370, Fox +32-2-740 0371.
L o n d o n ; St Michael's House, I George Yard, Lombard Street, London EC3V 9DF, Tel +44-20-7621 1000, Fax +44-20-7621 9000.
N e w V o r l c 156 West 56th Street, New York NY 10019, T e l + 1 - 2 / 2 - 2 3 7 1078, Fax+1-212-262 I2IS.
1.2 We assume that the services which the Inspectors consider merit this usage are those
of the type which they indicated to Dr Dargan that they were inquiring into and which are
particularised in Appendix C of the Inspectors' notice to Dr Dargan dated 21 December 1999.
There is no evidence that Dr Dargan ever sought or received such services from the company.
He has denied it absolutely and it is fair to say that the Inspectors, who at the time they
interviewed him knew in detail of what his evidence would be, barely put to him the
possibility that he had received such services. They did not put to him at all any suggestion
that the documents identified in the Inspectors' notice of 1 August demonstrated that he had
done so. There is nothing in the documents that in anyway suggests that he received such
services. The mere having of an account with the company (even if Dr Dargan had had such)
/-v clearly would not demonstrate this while the transactions to which the documents relate did
not attract any liability to tax or, accordingly, suggest that any association which Dr Dargan
might have had with the company could have related to the evasion of taxes. We will submit
in section 2 below that the evidence comprised in the documents referred to could not justify
the Inspectors in concluding that Dr Dargan had any contractual or consensual arrangement
with the company. Those submissions will support the submission made here, although in
our view the submission here made does not require any further support.
1.3 We therefore submit that there is no evidence upon which the Inspectors could
reasonably conclude that Dr Dargan was a client of the Company as we understand that term.
2. No Consensual Relationship
2.1 We do not believe that the evidence identified by the Inspectors could justify them in
concluding that Dr Dargan had any contractual or consensual relationship with the company.
The Inspectors' notice of 21 December 1999 did not concern itself with any relationships
with the company other than these particularised in the notice. On reviewing the transcript of
Dr Dargan's interview, we do not recognise any questions designed to establish the existence
of any other identifiable relationship which Dr Dargan might have had with the company or
any significance which the Inspectors regarded such relationships as having for the purpose
of their inquiries. If the Inspectors are concerned to identify persons who might have had
relationships with the company other than those of the type particularised in the Inspectors'
original notice, we would be grateful to know how the Inspectors define such relationships
and why they regard these as relevant to their inquiries. We would wish to try to address any
argument that Dr Dargan had such a relationship with the company.
2.2 Even in the absence of that clarification however, we submit that while the evidence
identified by the Inspectors might justify inquiry as to whether any consensual relationship
existed between Dr Dargan and the company (were such inquiry germane to the Inspectors'
work), there is no reliable evidence or , alternatively, it would be entirely against the weight
of the available evidence for the Inspectors to conclude that such a relationship existed.
2.3 The only evidence which it is suggested demonstrates any connection between Dr
Dargan's affairs and the business of the company consists of copy written material recently
obtained by Dr Dargan from third parties and produced by him to the Inspectors. Dr Dargan
has explained that he was not privy to the creation of the original of any of this material and
that he had not been aware of its existence until he obtained it in the way described. We are
aware of no evidence suggesting that he has been mistaken on either point. The documents
do not express Dr Dargan to have been a client or customer of the company and Dr Dargan
has explained to the Inspectors the transactions to which the papers appear to relate and
which did not involve the company in any way which would justify a finding that he was its
client or customer. There is no evidence from anyone actually privy to the creation of the
documents supporting any different view.
2.4 Treating of the facts in more detail - in respect of the Brugman guarantee, Dr Dargan
did not discuss or make any arrangements for the, provision of any security to Guinness &
Mahon and knew nothing about what it seems was Mr Traynor's agreement on behalf of the
company to provide a matching guarantee to Guinness & Mahon. The documents do not
make (and possibly carefully avoid) any assertion that Dr Dargan was associated with the
company or that the company held any funds to which he was entitled, while a bank
guarantee does not of course entail the holding of matching funds by the tendering bank.
Unless there be other evidence to support a different inference, the Inspectors cannot
justifiably reject Dr Dargan's evidence and must, on the contrary, accept the obvious
alternative - that the material reflects a private arrangement between Guinness & Mahon and
the company. It is entirely plausible that Mr Traynor was using what appears to have been
his authority in both Guinness & Mahon and in the company to provide the guarantee which
Dr Dargan had requested and to provide comfort to Guinness & Mahon - perhaps merely for
the record or perhaps for the purpose of conforming to regulatory-informed requirements
affecting Guinness & Mahon.
2.5 In respect of the transfer of the funds which were lodged with accounts in Bank of
Ireland and Ulster Bank and, again, in the absence of any evidence suggesting the contrary,
the Inspectors have no reason not to accept that these represented the proceeds of the sale of a
racehorse in the US and that the transfer of them from the US was probably arranged through
the company as the most convenient way of effecting the transfer. The passage of funds
through a bank does not entail the existence of any consensual arrangement between the bank
and the owner of the funds. Dr Dargan says he did not instruct the company (or IIB) for this
purpose and had not been aware that either had been involved. (It would not seem to matter
whether Dr Dargan did become so aware, for it is unlikely that at that time such involvement
would have been of significance to him even if he had come to know of it).
2.6 The Inspectors have not found any evidence suggesting that these explanations are
wrong or mistaken. They were certainly not challenged when Dr Dargan gave evidence.
2.7 Neither the two sets of documents nor the transactions to which they relate indicate
any link with one another, nor therefore does one serve to reinforce any arguement from the
other of there having been any different relationship between the company and Dr Dargan
than that evident from Dr Dargan's own evidence - namely, that he looked to Mr Traynor on
occasion to deal with matters of these kinds.
2.8 The preliminary text in the Inspector's current notice refers to the fact that Dr Dargan
has acknowledged that he has a poor memory. Many people do. There is nothing in Dr
Dargan's evidence which suggests that he is uncertain as to the evidence he has given or
which would justify the Inspector's discounting his evidence in favour of a contrary
hypothesis which has no independent support and of which, no one has any recollection.
3.1 At section 1 above we submitted that there was no evidence before the Inspectors on
the basis of which they could find that Dr Dargan was the company's client nor any evidence
or any satisfactory evidence that he was the company's customer. If, on review, the
Inspectors accept our submission that Dr Dargan ought not be identified as a client, or as
having had any other consensual relationship with the company in respect of which any
finding requires to be made by the Inspectors, the submission which follows may be treated
as otiose.
3.2 Otherwise however, and without prejudice to Dr Dargan taking other courses which
may be open to him in those circumstances, then we have to challenge the extent to which (if
at all) the Inspectors are properly concerned or entitled to make findings or report as to the
identities or other characteristics of individual clients or others dealing with the company.
3.3 Section 8 of the Companies Act 1990, under which the Inspectors have been
appointed, is applicable only in such circumstances as are described in that section and (we
believe it is clearly to be inferred) only for the purpose of reporting upon the matters
constituting those circumstances. These relate entirely to the conduct of the company itself
and of "persons connected with its formation or the management of its affairs".
Undoubtedly, in carrying out their functions, inspectors appointed under the section may need
to scrutinise the relationships and business had between a company and anybody dealing with
it. On the other hand, the section does not authorise inspectors appointed under it to
investigate or report upon such persons themselves unless those persons have been concerned
with the company's formation or the management of its affairs or except, perhaps, to such
extent as such persons may be so intimately involved in the company's own business as to
require such treatment.
3.4 In principle there seems no reason why the Inspectors in this case should have to
identify or otherwise report upon any persons unless they were concerned with the formation
or management of the company's affairs and there is nothing in the Inspectors' proposed
findings notified to Dr Dargan which suggests any such reason in his case.
3.5 Since in principle the relationship between a bank and its customers has always been
regarded at Common Law as confidential, clear legal authority and need ought be a
prerequisite to any disclosure relating to the existence or terms of such relationships in the
present case, even did the statute confer a discretion to inquire into or disclose the identity of
such persons. Furthermore, where rightly or wrongly this company is now notoriously
associated with the evasion of tax, the making or publication of any finding by the Inspectors
that any person was associated with such a company would inevitably imply for anyone
receiving the Inspectors' report that such a person also was or may have been involved in
such activity. Indeed the statements preliminary to the proposed finding relating to Dr
Dargan's prominent position in working life (as well as, incorrectly, to his having had an
account with the company) must be intended to invite the reader to form some connection
between those facts and whatever is to be found as to the company's business - the Inspectors
clearly do not consider that there is value or need to provide a simple list of people with
whose affairs the company has been found to have some connection. There is no evidence at
all which would justify the making of a finding in respect of Dr Dargan suggesting that he did
or might have sought to evade taxes. Particularly^ having regard to these circumstances, Dr
Dargan is entitled that his good name be protected having regard to his rights under Article
40.3 of the Constitution and that the Inspectors do not proceed to make findings outside of
the objects of section 8.
3.6 We are conscious that the Order made in these proceedings on 22 September 1999
appears to place a duty upon the Inspectors to "identify as far as possible all of the parties
who were either officers (including shadow directors) and agents of the Company clients of
the Company or who otherwise assisted in the carrying out of the business at the relevant
time ". In their context, the words which we have underlined appear intended to be construed
ejusdem generis with the words both before and following them, which relate to the activity
of the company as such and its management. It may have been submitted to the Court that
some or all of a class of persons characterised as clients of the company were involved to
such an extent in the affairs of the company as to be properly regarded as having been
concerned with its establishment or the management of its affairs. (We have not yet been
able to obtain access to the evidence presented to the Court which might assist in explaining
the form in which the Order was made). Clearly, Dr Dargan could not fall into such a
category. In the light of what is said above, we submit that it is incumbent upon the
Inspectors to consider the effect of the Order in the context of the statutory provisions under
which it was made. If the Inspectors reach the conclusion that it entitles them to make
findings in respect of Dr Dargan notwithstanding that they have not concluded that he was
connected with the company's formation or the management of its affairs, then we suggest
that in a matter of such consequence and having regard to the terms of the section, the
directions of the Court should be sought as to the extent to which the making or reporting of
such findings are permitted by the section or Order.
fully
David Clarke
McCann FitzGerald
Direct Dial: +353 1 607 1290
Email: david. clarke@mccannfitzgerald. ie
Appendix XV (25) (2) (b)
2 Harbourmaster Place
International Financial Services Centre
Dublin 1
The Inspectors
Office of the Inspectors
3 r d Floor
Trident House
Blackrock
Co Dublin
Dr Michael J Dargan
Inspectors
We refer to your letter of 1 August and to our letters of 17 and 31 August in connection with
the inquiries being conducted by you and a finding which you have proposed to make
affecting Dr Dargan. Your solicitor has orally confirmed receipt of our letter of 17 August
but we have had no written acknowledgement of receipt of it or any acknowledgement of our
letter of 31 August. We would be grateful to have a written acknowledgement from you of
receipt of both letters.
From your letter of 1 August (as amplified in a subsequent telephone conversation with your
solicitor), we understood that the Inspectors' immediate concern was to know whom of the
persons they were addressing wished to have an opportunity of replying to the findings which
the Inspectors were proposing to make and that the Inspectors would thereafter establish
arrangements and a timetable in respect of such proceedings. We understood that it was
intended that these arrangements would be decided upon and advised to us in early
September, when the Inspectors had an opportunity of meeting following the vacation period.
Our letter to the Inspectors of 31 August constitutes a reply to the proposed findings which is
provisional upon our being correct in our understanding, first as to the meaning which the
Inspectors are attributing to the term 'client', and then as to other matters which in logical
sequence may fall to be addressed if the Inspectors' interpretation of the term differs from
ours. As the Inspectors are aware, Dr Dargan is an elderly man. His recent health has not
been good and on his behalf we therefore share the concern expressed in the Inspectors' letter
Ronan Molony, Michael V. O'Mahony, Richard Rice, Fergus Armstrong, David Clarke, Gerald FitzGerald. Daire Hogan. Guy French, Henry Lappin, Michael S. Roche, Colin Keane,
William Earley. Robert Burke. Petria McDonnell. Timothy Bouchier-Hayes, Helen Collins, Gerald 8. Sheedy, Mark Pearson, Michael O'Reilly. Lonan McDowell, Patricia T, Rickard-Clarke,
Michael O'Brien, Julian Conlon, Damian Collins. JohnCronin. Vivienne Bradley, . Catherine Deane. PaulHeffeman, Barbara Judge, Michael Kealey, Terence McCrann, Uftan Stephenson,
Muriel Walls, Roderick Bourke, Grace Smith, Ambrose Loughlin, Niall Powderly, Kevin Kelly, Hilary Marren, Denise O'Connor, Eamonn O'Hanrahan, Roy Parker, Patricia Lawless,
Barry Devereux, Geraldine Hickey, Helen Kilroy, Judith Lawless, James Murphy, David Lydon, Vanessa FitiGerald, David Byers, Sean Barton, Hannah Carney, Colm Fanning.
Paul Lavery. Yvonne McNamara, Susan O'Halloran, Julie Quin.
Consultants: Max W. Abrahamson, Brian McLoghlin, Jane Marshall, Michael Ryan (FCA), Garrett Fennell. Of Counsel (USA):
Brussels: Avenue de Cortenbergh 89, Kortenberglaan, 1000 Brussels, Tel +32-2-740 0370. Fax +32-2-740 0371.
London:
Ntw York:
St. /Michael's House, I George Yard, Lombard Street. London EC3V 9DF, Tel +44-20-7621
IS6 West 56th Street, New York NY 10019, Tel +1-212-23 7 1078, Fox +1-212-262
William P. Clark.
Belfast: North South Legal Alliance with L'Estrange & Brett. Arnott House, 12-16 Bridge Street, Belfast ATI ILS. Tel+44-28-9023
9000.
6396
m
of 1 August that this matter should proceed with reasonable dispatch. If the assumptions
expressed in our letter of 31 August are incorrect therefore, we would be grateful to hear
from the Inspectors and would be grateful to know what arrangements and timetable they are
proposing to adopt in respect of their further proceedings if these may affect Dr Dargan.
Yours faithfully
David Clarke
McCann FitzGerald
Direct Dial: +353 1 607 1290
Email: david. clarke@mccannfitzgerald. ie
Appendix XV (25) (2) (c)
2 Harbourmaster Place
International Financial Services Centre
Dublin 1
y o u r re date
o u r r e f DJC\263036.1 ' 8 November 2001
The Inspectors
Office of the Inspectors
3 r d Floor
Trident House
Blackrock
Co Dublin
Inspectors
We acknowledge receipt on 22 October of an undated letter from you, the envelope of which
is franked 19 October. We acknowledge also the 'definition of a client' attached to your
letter.
1. Not a Client
1.1 Our immediate purpose is to ensure that we have addressed the criteria which the
Inspectors have applied, we believe mistakenly, in forming their preliminary conclusion that
Dr Dargan has been a client of the company. Having regard to the definition now provided
and to paragraph 2 of the 'Inspectors' Preliminary Conclusions' sent to Dr Dargan with your
letter of 1 August, we understand these conclusions to be based upon a preliminary finding of
fact that Dr Dargan had 'an Ansbacher deposit' or 'an Ansbacher account'. If the Inspectors
were characterising Dr Dargan as being a client on the basis only that 'business was carried
out for' him by Ansbacher (a general criterion forming part of the definition provided), then
we would be grateful if the Inspectors would so advise us.
1.2 On the assumption that we are correct, then we should respectfully point the
Inspectors again to paragraphs 2.3 to 2.8 of our letter of 31 August. We also have to point in
particular to the following:
(a) The documentary evidence upon which the Inspectors have proposed to rely
does not demonstrate the existence of a 'deposit' or 'account' related to Dr Dargan;
the identified documents do not demonstrate the existence of any such account or
Ronan Molony, Michael V. O'Mahony. Richard Rice. Fergus Armstrong, David Clark,, Gerald FiaGeriid. Daire Hogan, Guy French. Henry Uppin, Michael S. Roche. Colin Keane,
William Earley, Robert Burke, Petria McDonnell. Timothy Bouchier-Hayes, Helen Collins. Gerald B Sheedy. Mark Pearson, Michael O'Reilly, Lonan McDowell, Patricia T. Rlckard-Clarit.
Michael O'Brien, Julian Conlon, Damian Collins, John Cronin, Vivienne Bradley, Catherine Deane Paul Heffernan. Barbara Judge, Michael Kealey, Terence McCrann. Ultan Stephenson.
Muriel Walls, Roderick Bourke, Grace Smith, Ambrose Loughlin, Niall Powderly. Kevin Kelly. Hilary Marren, Der ne O'Connor. Eamonn O'Hanrahan. Roy Parker. Patricia Lawless.
Barry Devereux, Geraldine Hickey. Helen Kilroy, Judith Lawless. James Murphy. David Lydon. Vjnessa FitzGerald. David Byers, Sean Barton, Hannah Carney, Colm Fanning.
Paul Lavery. Yvonne McNamara. Susan O'Halioran. Julie Quin.
Consultant): Max W. Abrahamson. Brian McLoghlin. Jane Marshall. Michael Ryan (FCA), Garrett Fennell. Of Counsel (USA): William P. Clark.
M
Belfast:
Brussels:
North South Legal Alliance with VEstrange 4 Brett Arnett House. 12-16 Bridge Street, Belfast BTI ILS, Tel +44-28-9023
Avenue de Cortenbergh 89, Kortenberglaan, 1000 Brussels, Tel+32-2-740 0370, Fax +32-2-740 0371.
0426. fax +44-28-9024 6396 W
London: St Michael's House, I George Yard, Lombard Street London EC3V 9DF, Tel +44-20-7621 1000, Fax +44-20-7621 9000.
N e w Y o r k : 156 West 56th Street New York NY 10019, Tel +1-212-237 I07S, Fox +1-212-262 12/5.
deposit and the terms of the preliminary conclusions do not indicate how the
Inspectors find them to do so.
(b) The documentary evidence indicate transactions which could justify the
Inspectors in forming a hypothesis that such a deposit or account might exist. Acting
reasonably however, the Inspectors could not conclude that such a hypothesis was
correct without having regard to the availability of other evidence which, if the
hypothesis were correct, ought be available to support it, (as well as, of course, any
evidence available which contradicts the hypothesis). If such hypothesis were correct,
one would expect other evidence supporting it to be available within the company or
Guinness & Mahon. The Inspectors do not appear to have found such evidence or to
have taken account of the implications of its absence; their preliminary conclusions do
not record anything in relation to their having sought such evidence or any reasons for
its absence.
(c) The Inspectors do not appear to have had regard to the evidence of Dr Dargan
which contradicts the existence of an account or deposit, nor do they appear to have
taken account of the absence of any evidence contradicting that which Dr Dargan
gave, (nor of the absence of any evidence contradicting Dr Dargan's evidence that
these explanations demonstrate that the documentary evidence does not disclose the
existence of a deposit or account). It is submitted that the Inspectors do not in fact
have any reason to discount Dr Dargan's evidence; their preliminary conclusions do
not disclose anything which does so - aside from the reference to Dr Dargan's
acknowledgement that he has a poor memory. The Inspectors' references to the
documentary evidence and their omission to describe anything of Dr Dargan's
evidence would unjustifiably suggest that the documentary evidence conclusively
establishes the existence of an account or deposit.
(e) Whatever may be the Inspectors' intention, when read in conjunction with the
Inspectors' expression of reliance upon the documentary evidence and their lack of
reference to the evidence Dr Dargan has actually given, the Inspectors' reference to
Dr Dargan's acknowledgement of a poor memory suggests that while Dr Dargan has
given evidence, this evidence is patently wrong and the Inspectors' dismissal of it by
reason of 'poor memory' reads as if the reason expressed is a euphemism. We submit
that the Inspectors would be quite unjustified in weighing the available evidence in
the manner proposed, and there could be no justification for dismissing Dr Dargan's
evidence in the words expressed.
1.3 The above concerns are directed to the substance of the preliminary conclusions to the
manner in which they appear to have been reached, the manner in which this reasoning and
the conclusions are expressed and the inferences which are invited by this expression. It is
submitted that on each count the Inspectors ought revise and reverse their preliminary
conclusions.
2. Definition of Client
2.1 Since the Inspectors have not indicated that they are reaching or expressing any
general conclusion to qualify or explain the preliminary conclusions expressly referring to Dr
Dargan, we submit that the making of anyfinding by the Inspectors as to Dr Dargan's
identity on the basis that he is a client of the company cannot serve any useful or legitimate
purpose when the category of client is defined in the way now communicated by the
Inspectors. The only likely affect of making and reporting such findings is to imply that there
is reason for supposing that the people named have or may have availed of services provided
by the company to assist in the avoidance of tax. Even were it in principle appropriate for the
Inspectors to make or report such conclusions, there would be no justification for doing so in
respect of Dr Dargan.
2.3 We therefore submit that the Inspectors ought not proceed on such a basis.
4. Generally
4.1 The advantage of an oral hearing ought be to enable the Inspectors and Dr Dargan to
clarify the matters which are actually persuading the Inspectors towards their preliminary
conclusions so that these can be addressed. Since the Inspectors are declining to 'enter into
any debate' in respect of their preliminary conclusions, we understand them to be
communicating that they are not prepared to do more than listen to what is said to them. We
agree that no useful purpose would be served by this. For the reasons expressed at 1.3 above,
we respectfully suggest that such while 'debate' is not necessary, clarification is still
required.
4.2 We request that the Inspectors advise us of the steps they propose to take next in
respect of Dr Dargan, that is to say, first, whether and, if so, in what form they propose to
make any finding that he is a 'client' of the company and second , as to whether they propose
to apply to the court for directions in the circumstances and for the purposes expressed in
section 3 of our letter of 31 August. We also request to know what submission they propose
to make to the court as to the publication of any part of their report relating to Dr Dargan.
Yours sincerely
David Clarke
McCann FitzGerald
Direct Dial: +353 1 607 1290
Email: david.clarke@mccannfitzgerald.ie
Appendix XV (26) Mr Brian Dennis
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
Brian Dennis.
UNDER OATH
accurate transcript of my
Stenographer
The Inspectors: MR. JUSTICE COSTELLO
MS. MACKEY BL
SOLICITORS
10 EASTMORELAND PLACE
DUBLIN 4
I N D E X
WITNESS EXAMINATION
15 oath in a moment.
16
21
24 we will stop and you can then consult. You are free
29 to you.
4
1 MR. BRIAN DENNIS, HAVING BEEN SWORN, WAS EXAMINED AS
2 FOLLOWS
15 possession?
16 A. That is correct.
24 4 Q. Yes.
25
26
27
28
29
5
1 MR. BRIAN DENNIS WAS EXAMINED, AS FOLLOWS, BY
2 MS. MACKEY
9 of companies?
12 6 Q. Yes?
15 business.
18 8 Q. Yes?
21 9 Q. Yes?
23 10 Q. Yes?
24 A. And property...(INTERJECTION).
26 finance company?
29 A. Yes.
6
1 13 Q. And the finance company?
4 companies?
5 A. Kilcarne Estates.
6 15 Q. Kilcarne Estates?
7 A. Limited.
8 16 Q. Yes?
10 17 Q. Yes?
12 18 Q. Yes?
14 19 Q. Yes?
16 20 Q. Yes?
20 A. Yes.
21 22 Q. Do...(INTERJECTION)?
23 23 Q. It is... (INTERJECTION)?
26 A. Yes.
7
1 26 Q. Yes. What was it?
3 company.
10 A. It is.
13 non-trading.
18 32 Q. Right?
21 happened to it?
23 them.
24 34 Q. Right?
26 Woodchester.
8
1 you in our letter to you?
2 A. Yes.
5 A. I do indeed, yes.
7 A. Yes.
11 Department.
12 A. Yes.
18
19 A. Yes.
24 30/35 years.
25 41 Q. Right.
28 A. Yes.
9
1 discussion with him. Can you tell us about that
6 44 Q. Yes?
11 45 Q. Yes?
14 46 Q. Yes?
16 47 Q. Right?
19 year.
22 you?
23 A. Correct.
25 A. Correct.
27 A. Correct.
10
1 you wished to do?
5 52 Q. Sorry, can I just ask you what that was Mr. Dennis?
8 your sons?
9 A. Correct.
10 54 Q. Yes?
12 55 Q. Right. Before...(INTERJECTION)?
18
19 but the dates were 1981 to 1986. You see "D" under
20 "Appendix C".
21 56 Q. Yes:
27 57 Q. Yes?
11
1 A. But they are them.
4 A. Yes.
7 A. Yes.
10 62 Q. Yes?
12 63 Q. Yes?
18 A. He did.
19 65 Q. At that time?
20 A. Yes.
22 discretionary trust?
23 A. Yes.
28 previous year.
29 68 Q. Right?
12
1 A. And I had done a discretionary letter for
3 69 Q. Yes?
7 Trust Deed?
14 A. I don't, no.
17 it?
19 have no records.
22 indicating...(INTERJECTION)?
25 nature.
13
1 A. Yes, exactly.
2 76 Q. Right?
3 A. Yes.
8 A. Em...(INTERJECTION).
11 it?
14 trust.
21 A. Yes.
24 A. No.
28 A. Correct.
14
1 done in order to actually set up this trust?
13 A. My three sons.
15 A. Yes.
16 89 Q. Anybody else?
20 A. No.
21 91 Q. You do not?
22 A. No.
26 93 Q. Well... (INTERJECTION)?
15
1 name Guinness Mahon Cayman Trust to you?
2 A. Yes, definitely.
3 95 Q. He did?
10 Cayman Islands?
11 A. No.
15 Mr. Traynor.
17 A. Yes .
18 100 Q. How did you transfer the trust assets to the trust?
27 A. Yes .
9 A. Sorry.
13 would...(INTERJECTION)?
16 A. But I do...(INTERJECTION).
19 every year.
20 111 Q. Yes?
25 charges.
28 114 Q. At source?
17
1 the very beginning when it was set up.
2 115 Q. Right.
8 for them but I didn't ask for them for two or three
9 years because...(INTERJECTION).
15 119 Q. Yes?
21 121 Q. Yes?
23 got me a statement.
18
1 124 Q. When would you have done that?
7 that?
11 statements ?
17 A. No.
18 128 Q. No?
25 mentioned.
26 129 Q. Are you saying there was never any interest on the
27 account?
29 130 Q. Yes?
19
1 A. Or had it managed in the Cayman.
8 133 Q. Yes?
11 regime in Cayman.
12 134 Q. Did you over the years, between 1972 and the time
14 any time?
15 A. No.
17 A. No.
20 Question No. 2:
24 for a moment.
25 137 Q. Yes?
26 A. To refer to it.
27 138 Q. Yes?
20
1 to the Channel Islands.
6 A. Sorry.
9 142 Q. No?
10 A. Yes.
16 this service?
19 you here:"
28
21
1 to give dates, and which you did so etc. etc. Your
10 146 Q. Right?
12 147 Q. Yes?
14 148 Q. Yes?
17 149 Q. Yes?
20 that.
24 be familiar with.
25 151 Q. Well...(INTERJECTION)?
27 152 Q. Yes?
22
1 funds which they made available to me were
4 153 Q. Yes?
8 154 Q. Yes?
11 A. And...(INTERJECTION).
12 156 Q. Leaving aside all of that Mr. Dennis, are you aware
18 A. I am not aware.
22 A. Thank you.
26 describe it as:
23
"HB Dennis Limited - £113,648"
2
6 "Deposit Cayman..."
16 A. Yes, yes.
22 list?
29 A. Yes.
24
1 168 Q. Again, this is internal document of Guinness & Mahon
2 in Ireland. It is headed:
9 "...£100,000..."
10
12 "...suitable secured."
13
15 A. I do, yes.
25 suitably secured?
25
1 171 Q. Right?
4 172 Q. Yes?
8 deposit funds.
9 173 Q. Yes?
12 174 Q. Yes?
26
1 177 Q. That would appear to indicate that he did any way?
2 A. But... (INTERJECTION) .
3 178 Q. Given that he has told you that you could if you
5 A. Yes, he did.
12 A. Yes.
27 185 Q. Yes?
27
2 A. And the personal guarantees, and debentures, and the
7 187 Q. Yes?
11 188 Q. Yes?
14 that...(INTERJECTION).
15 189 Q. Yes?
16 A. Those guarantees.
18 Mr. Dennis?
19 A. Yes.
22 married?
23 A. Yes.
28 A. Yes.
29 194 Q. Did you know at that stage the state of the fund?
28
1 A. I would have known, yes.
7 Mr. Traynor.
8 197 Q. Yes?
10 198 Q. Yes?
12 have said.
13 199 Q. Yes?
17 201 Q. Yes?
22 203 Q. Yes?
29 cheque...(INTERJECTION)?
29
1 A. Pardon?
3 A. Yes.
8 available.
13 209 Q. Yes?
16 A. No.
26 A. He would have.
30
1 A. He did, yes.
2 216 Q. He did?
3 A. Yes.
7 A. Correct.
9 A. Yes.
11 A. Yes.
13 cheque?
20 his office.
21 223 Q. Yes?
23 some...(INTERJECTION).
25 transactions?
26 A. No, never.
27 225 Q. Yes?
28 A. No, never.
31
2 227 Q. When he allocated the funds on the occasion of the
4 A. Correct.
6 A. Yes.
8 A. They are.
12 houses.
13 231 Q. Yes?
16 A. Yes.
22 A. Yes.
24 A. Yes.
32
2 238 Q. And there was some left over, which you were then
4 grandchildren?
5 A. Correct, yes.
9 240 Q. Yes?
13 that.
18 trust?
19 A. Yes.
21 A. Yes.
24 245 Q. Right?
26 point actually.
27 246 Q. Yes?
29 mentioned grandchildren.
33
1 247 Q. Right?
7 A. Yes.
13 discretionary trust?
14 A. Yes, yes.
15 252 Q. Yes?
16 A. Yes.
18 A. Correct.
21 A. Correct.
23 A. Correct.
26 would benefit?
29 is?
34
1 257 Q. Did you vary it afterwards?
5 A. Of course, yes.
7 A. Yes.
8 260 Q. I see. The trust then was wound up, you say.
10
11 Mr. Traynor,
17 A. Yes.
19 A. He did, yes.
20 263 Q. Yes. How did he inform you that that had been done?
26 264 Q. Yes?
35
1 266 Q. At that stage there was still a balance remaining in
2 the trust?
3 A. Yes, yes.
5 A. Yes.
9 A. Yes, yes.
10 270 Q. Now...(INTERJECTION)?
14 271 Q. Yes?
18 of 1987.
21 A. Yes.
22 274 Q. That is, as you will see, not a very good photocopy?
23 A. Yes.
27 A. Correct.
29 A. Correct.
36
1 277 Q. Can you tell me what that is?
4 understand you?
6 279 Q. Yes?
8 280 Q. Right?
10 281 Q. Yes.
14 that.
17 A. Yes.
19 A. Yes.
20 285 Q. And you can consult over a cup of coffee and we will
22 A. Fine.
25
26 SHORT ADJOURNMENT
27
37
1 aside the question of the Kentford cheque. I do not
4 A. Yes .
6 that?
9 difficulties.
11 about that?
16 A. Thank you.
21 A. Yes .
27 in your name?
28 A. Yes .
10 A. Yes .
13 of the trust which was set up? It may not have been
24 specifically?
25 A. Certainly.
27 A. Yes .
39
1 yourself by looking at one you had already done
3 A. Yes.
4 299 Q. And the draft one that Mr. Traynor provided to you?
5 A. Yes.
16 A. No.
19 A. Thank you.
21 questions.
22
24
25
26
27
28
29
40
1 MR. BRIAN DENNIS WAS EXAMINED, AS FOLLOWS, BY
18 308 Q. Yes?
23 309 Q. Yes?
27 310 Q. The...(INTERJECTION)?
41
1 one was in longhand but I don't recall at this stage
2 what it was.
4 Channel Islands?
8 312 Q. Yes?
9 A. And there may have been one or two other forms which
14 314 Q. Yes .
17 documentation whatsoever.
22 A. Thank you.
24 A. 1986?
25 317 Q. 1986?
26 A. Yes .
42
1 here through GMCT."
6 "Exchange finance."
9 A. Yes.
10 319 Q.
"£108,279.83"?
11
12 A. Yes.
13 320 Q. And,
15
17 A. I do indeed, yes.
24 loans?
43
1 323 Q. From Guinness & Mahon?
3 324 Q. Yes?
4 A. Yes.
7 doubt them?
9 326 Q. Yes?
10 A. Yes.
15 328 Q. You can get a copy of that but we will take out the
17 A. Yes.
23 A. Yes.
25 in our enquiry?
26 A. Yes.
29 the Bank, I must ask you was the total trust much in
44
1 excess of this figure that we see here, £218,000?
10 333 Q. Yes. We all know Mr. Dennis what a growth fund is.
12 right, originally?
13 A. Correct.
20 336 Q. Yes?
22 337 Q. Is it possible?
25 338 Q. Yes?
29 340 Q. Yes, the second one but that is page 2. The first
45
1 page of the letter is 1986. It is the
6 page.
9 about 14 years.
12 accrual.
14 A. Or whether, yes.
21 A. I think it is possible.
23 sum?
24 A. Yes.
26 A. I do, yes.
28 A. £100,000.
46
1 would have been earned on that £100,000 by the
2 trustees?
8 A. Yes .
11 A. Correct.
15 interest?
18 352 Q. Yes?
20 353 Q. Yes?
27 A. Correct.
5 357 Q. Yes.
7 358 Q. Yes?
9 that fund.
10 359 Q. Yes?
13 360 Q. Yes?
20 £200,000?
21 A. Yes.
25 364 Q. Well...(INTERJECTION)?
26 A. That were.
28 A. Yes.
29 366 Q. Yes. Did you not consider that you should continue
48
1 such an operation with Mr. Traynor's assistance
3 A. No.
5 A. No.
9 369 Q. Yes?
11 370 Q. Yes?
16 371 Q. Yes?
18 knowledge.
19 372 Q. Yes. You would have met Mr. Traynor just socially
22 373 Q. You did not have any commercial dealings with him
24 A. None whatsoever.
26 ...(INTERJECTION)?
27 A. Yes.
49
1 376 Q. And obtaining loans from Guinness & Mahon?
2 A. Yes.
6 378 Q. Yes?
8 don't have.
9 379 Q. Yes?
11 charges.
12 380 Q. Yes?
14 381 Q. Yes?
20 A. Yes.
27 A. Certainly, yes.
28
50
3
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
51
r^Vexr^ C x M A t A V v *
N^isAVmv
toete.^^. ON
Appendix XV (26) (l)(b)
STATEMENT BY H. BRIAN M»rNI»
I am fully prepared to assist the Inspectors in any way I can. At the outset I would
stress and am absolutely certain that I dp not have and never did have any
correspondence documentation or records in my possession concerning Guinness and
Mahon Cayman Trust. I never had any direct contact whatsoever with it.
After the trust was dissolved I had no further association with Guinness and Mahon
Cayman or its successors. The dates and generality of above are to the best of my
recollection but may vary somewhat.
Z2 ^000
REPLIES TO APPENDIX f?
2. 1 did not avail of this service or any similar service and have no knowledge of
same
3. Do Do Do
4. Do Do Do
5. Do Do Do
EXCHANGE CONTROL ACTS 19S4 -1991
7. I did not establiah a trust In the Channel Islands and refer you to my general
statement
8. (A) None
(B) None
(C) None
(D) Trust set up for family purposes (name of trust unknown)
TRUSTEE DEPARTMENT
THMMMM Aoancsai
"BANK. OUaUN."
tMJIHMMa KO. 77*101
n m f TO
'T*« MAMMCH Twiism w r . -
JShd&ns 2.
• X w o u l d l i k e t o s u g g e s t t h a t when y o u a n d y o u r a d v i s e r s h a v e h a d a n
. o p p o r t u n i t y o f d i g e s t i n g t h i s t h a t we m e e t f i r s t t o c l a r i f y o n e o r t w o
technical p o i n t s 1 have r a i s e d - e . g . the leasing of the premises, whether
i n f a c t we h a v e o n e o r t w o - S e t t l e m e n t s - and t h e n t o s p e c i f i c a l l y a r r a n g e f o r
t h e ' f o r m a l Company m e e t i n g s » p r i o r t o w h i c h o f c o u r s e a l l p a r t i e s w i l l h a v e
completed t h e i r duties*'
I h o p e t o a r r a n g e t h i s m e e t i n g i n t h e week c o m m e n c i n g t h e 2 2 n d
i n s t a n t o r a t l a t e s t t h e following w e e k . U n l e s s I h e a r from y o u b e f o r e t h i s
1 w i l l c o n t a c t you i n t h e f i r s t i n s t a n c e .
Should you p e r s o n a l l y w i s h t o c a l l t o d i s c u s s t h e n a t t e r f u r t h e r
p a r t i c u l a r l y w i t h your w i f e , p l e a s e h a v e n o h e s i t a t i o n i n c o n t a c t i n g m e .
Yours
warorx 10
HMOB LOWS BACKED IV 'DEPOSITS* HRP » CAVHW/SUtlWSET TRUST CCHMWtES
31/8/78
PO'D/AC
Appendix XV (26) (l)(f)
n . n
" ' > >
lona
130 Hawth Road
Clontarf
Dublin 3
Dear Sirs,
Please inform n^e if you ever in the past had any account of any type in
my,name. If so please send me all the details and a statement of the
account. If you have any documents or correspondence I would ask you
• to forward them or copies to me.
pose
I G 1S T!: R 17)
C ) r ,i ; ; h i:
Yours Faithfully
C U S T O M E R RECEIPT / A D M H A I L
SENT TO ~ X h Wft/J
P.p. 6 . x
H. Brian Dennis
&(Zrr/SH WEST
Item No. RR 2685 0097 7IE
VALUE OF CONTENTS IN WORDS & FIGURES)
£
f"*
z0^
*
,,.
ri
..r
.tJ„inJLnJl/UUULf\jiiUia\LaiinjlaRnHJ\JlnJ^ XOnlfnl
nil oh nil nil
IP UNDELIVERED RETURN TO
H. BRIAN DENNIS
130 HOWTH ROAD
DUBLIN 3
IRELAND
T
Appendix XV (26) (l)(h)
Bruce :
As requested I list hereunder particulars of the Accounts for which we hold backm*
n g
deposits from GMCT :
a)
Resident Accounts ( which are included in the full set -aff
category for Central Bank Returns : - set- .off
iee
A Page 2
r
c) Resident Account for which we hold deposit direct from Olympic
Investments, which is a Cayman Company : -
Regards,
Michael J. Pender
U'HIGGINS .i'iij
SOLICITORS
(
JAMES F. O'tliCHimS
ISC)BEL BUTLER l
JFO'H/MW/N857
Office of the Inspectors of the High Court
Ansbacher (Cayman) Ltd.,
3 r d Floor C/D04/MF
Trident House u% on m By fax 283 39 29 and by post
Blackrock
Co. Dublin
Dear Sirs,
We agree that our client was a client was a client of Guinness & Mahon Caymen.
Mr. Denis ceased to have any connection whatsoever with Guinness & Mahon
Caymen at the end of 1986 and never had any dealings with them or their successors
after that date.
With regard to the transcript, we should be obliged if you would nominate a date in
which it could be signed.
Yours faithfully,
Appendix XV (27) Mr Charles TG Dillon, deceased
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
Charles TG Dillon.
Office of die Inspectors appointed by Order of the High Court to Ansbacher (Cayman) Ltd
3rd Floor
Trident House
Blackrock
Co. Dublin
0$HAYm
Dear Sirs & Madam
Gceentl
I confirm, on behalf of die Estate of my latefiriber that I n n anxious to afford you all possible iwrHnit
in connection with your kveatigatioa. I do not believe that I currently have much information in my
possession relevant to your enquiries When this matterfirst stose I made a number of enquiries, through
Guinness Ac Mahon, who had notified me of the matter. The information they gave me was -very limited
and amounted to a lever archfile with various copy statements of Irish Guinness 8c Mahon accounts with
one Irish Guinness & Mahon loan apparently noted as secured by a Cayman related deposit Despite my
repeated requests I have not received anyfarther information. I confirm that I win happily issue letters of
enquiry to whatever companies, institutions or bodies which you consider may be able to help. I would
simply ask that you provide draft letters with dear addresses etc and I will issue same and let you have
whatever responses I receive; This would seem to be the most efficient and cost effective way to proceed
&om here. (These could perhaps beforwarded to me by email at ciiillonfglindigaie.)
My lat? Esther died 16* January; 1998 after a relatively brief illness. I do not believe be was aware of your
enqntoa before he died and he did not have therimeor alu&ty to deal with such matters during Iris fflness.
After he died my mother disposed of rite family home and moved to her current home in August 1998.
This move was from a large to a relatively; much smaller house. This move necessitated the disposal of a
lifetime's family memorabilia, w"-M*«g much paper. I believe that 5 large disposal skips werefilled and
removed at this time. All paper; not recognised as being of current value had to be dumped at this time. I
am not aware of any paper related to Ansbacher (Cayman) Limited having been dumped at this time, but it
is possible that it could have happened.
This whole matter is a cause of considerable stress snd anguish,-for my mother particularly, and I hope that
by co-operating fully and unequivocally that F can help to minimise the damage and hurt to her and die rest
of my family.
Specific
(1) I have no records available to me to enable me deal with your requirements. My only understanding is
that my late father had a long working relationship with Guinness 8c Mahon and I believe he must
have established whatever relationship he had with Ansbacher (Cayman) limited through Guinness it
Mahon. Guinness 8c Mahon would appear to have not afforded me the information I need to deal
with your enquiries. I request your help in resolving this impasse. (As per first paragraph above
suggestion)
(2) I do not believe that I have any books or documents in my custody or power relating to your
investigation. I will happily pursue same, if you can afford me die help requested above, (draft letters
snd clear addresses etc) I respect of disposal of documents and copy documents please see note
above which outlines how my fatten last home was disposed of etc. I cannot provide a list of relevant
4 THE GROVB
-2- May 8,2000
(3) I note die requirement to attend and give sworn evidence. I hope that we can •work together to
generate die documentation. I confirm my willingness to submit to this process as appropriate.
Carl J. Dillon
Executor of the Estate of die late Chades T G DiDoa
Appendix XV (27) (l)(b)
r\
MEMO
1
M.C.K. to M.J.P. 24th October, 1936.
Patrick M. Dillon
Professor C. Dillon.
KCK/BK
Hamilton Ross Co. Limited
P.O. Bo* 887. Grand Cayman. Cayman Islands. British West Indie
Pleasereplyto: Telephone: (809) 949-8655 Telex: CP 4305
42 Fitzwilliam Square,
Dublin 1 Facsimile: (809) 949-7946. (809) 949-526"
Tel: 765144/763065
Fax: 612035
Dear Ronan,
I enclose herewith U.S. Dollar £ue for US$16,296.91.
Could you please arrange to ere this as follows:
Hamilton Ross Account Ref. A/A^ 3.03/39317/81^ $3,754.91
No. 03^39265/8^ $7,875.00
Hamilton Ross Account Ref. ^ 5 8 No.03/39273/81 $4,667.00 ' I /
$16,296.91
Yours sincerely,
JDT/AJW
»
Hamilton Ross Co. Limited
Pleasereplyto: P.O. Box 887, Grand Cayman, Cayman Islands, British Wesi Indies
42 Fitzwilliam Square, Telephone; (809) 949-8655 Telex: CP 4305
Dublin 2. Facsimile: (809) 949-7946, (809)949-5267
Tel: 676 5144/676 3065
Fax: 6612035
a / : • - j u i ^
V *T ^aaJ
For HAMILTON BOSS CO. LIMITED
/AJW
IttSH INTIICONTININTAI 1ANK
16 December, 1992
Dear Joan,
We confirm the following new account numbers for the Hamilton ~
Ross USD accounts:-
Kind regards,
Yours sincerely,
for Irish Intercontinental Bank Limited.
CORPORATE SERVICES.
1»«3H IKTUtCOKHNlMTAl. IANX UMJTXO . »1 MtMJON SQUAJU. DU»UN » • •OUrWONt.OV 4197-U • JAC54MIU. 01 71MSA • TLLZX. US12. v w
T
x u u u u u m m w u). u m n e a
Plemse reply to: P.O. Bo* 8*7, Good Caynaa. Ocymm Islands. British Wc« Indies
42 FtawflHjon Square, Telephone: (809) 949-M5S Telex: CP 4305
Dublin! Puainlte:flK») 949-7946. (809)949-5267
Td: 765144/763065
EUL: 612035
Dear Ronan,
With reference to the Swiss Franca recantly received from
Zurich-totalling Sw.Fes.276,420.30 which you ara holding on
Call Deposit, could you please arrange to convert 60,000 of
these Swiss Francs to Irish founds and lat ma have for collection
an Irish Pounds cheque for the resulting amount payable to
C. DILLON.
Could you then please convert the balance on that Swiss Francs
Account to U.S. Dollars and add to Hamilton Boss Account
Bef. A/A57 No.03/39265/81.
In dua course it would be appreciated if you could advise details
of the transactions.
Yours sincerely,
JDT/AJW
\>U-j>O3
Appendix XV (27) (1) (g)
Ansbacher Limited
Please reply to: P.O. Box 117, Grand Cayman, Cayman blands, Bricish West indies
42 Fitzwilliam Square, • Telephone: (809) 949-8655 Tel«x: CP 4305
Dublin 2. Ftaimilt (109) 949-7946 (809) 949-S267
Tel: 765144/763065
Far 612035
Deaf Ronan,
Could you pleaae arrange to let me have for collection - Friday
morning at the latest - an Zriah Pounds cheque for IRS 10,000
payable to C.T.G. Dillon and debit the coat to Hamilton Roas
Account No.02/01354/81.
Yours sincerely
LUju i ———
f-
For HAMILTON ROSS CO. LIMITED
/AJW
UNDER OATH
accurate transcript of my
Stenographer
The Inspectors: HIS HONOUR JUDGE 0'LEARY
MS. MACKEY BL
WITNESS EXAMINATION
8 accepted, Exhibit 1.
13 standard procedure
14 nowadays I think.
15 MR. O'SHEA: It is
25 before.
27 before.
4
1 that.
21 two capacities.
29 part of it really.
5
1 MR. O'SHEA: Yes.
13 the interruption.
26
27
28
29
6
1 MR. MICHAEL O'SHEA, HAVING BEEN SWORN, WAS EXAMINED
10 A. Yes.
14 A. Yes.
18 A. Of Mr. McGonagle.
20 A. Yes.
22 say?
23 A. Yes, I was.
24 5 Q. You were?
25 A. One of them.
27 A. That is right.
29 A. 0'Reilly-Hyland.
7
1 8 Q. Did you exercise that power?
2 A. No.
3 9 Q. No?
6 A. Yes.
8 A. His widow.
9 12 Q. His widow?
10 A. Barbara.
13 14 Q. As a residual legatee?
14 A. Yes.
16 A. Yes.
18 A. Yes.
27 A. Indeed.
29 A. Yes, I am.
8
2 A. I am aware of them.
6 22 Q. Yes?
7 A. I mean she...(INTERJECTION).
8 23 Q. You...(INTERJECTION)?
9 A. I mean...(INTERJECTION).
13 know...(INTERJECTION).
17 26 Q. Yes?
19 27 Q. Yes?
21 28 Q. Yes?
28 A. Yes.
9
1 which we have to take; of course. That however puts
6 A. Yes.
8 A. Yes.
9 33 Q. I think that...(INTERJECTION)?
10 A. I haven't seen...(INTERJECTION).
15 investigating?
16 A. Yes.
17 36 Q. Which is "Ansbacher"?
18 A. Yes.
20 A. Yes.
22 A. Yes.
24 A. Yes.
26 A. Yes.
10
1 42 Q. Obviously, we have to consider whether Mr. McGonagle
3 A. Yes.
5 indirectly?
7 44 Q. Yes?
10 and...(INTERJECTION).
12 A. And also...(INTERJECTION).
18 A. Yes.
20 A. Yes.
22 information?
23 A. Yes.
25 connection?
11
1 52 Q. Yes. Had you any connection yourself with the
2 Company?
4 of Liam's.
5 53 Q. Of Liam's?
6 A. Yes.
8 A. He did.
12 times?
14 56 Q. Yes?
16 57 Q. They may?
17 A. But I may...(INTERJECTION).
22 A. Yes.
25 A. Right, yes.
12
1 62 Q. It seems clear enough?
4 looking at it?
5 A. Yes, yes.
8 A. No.
12 A. Yes, yes.
15 A. Yes .
24 A. Yes, yes.
29 A. Yes .
1 70 Q. There are three matters that I want to point out
5 71 Q. Yes?
8 A. He is an accountant; he is.
9 73 Q. Is he?
10 A. Yes.
11 74 Q. Yes?
12 A. Though he has't...(INTERJECTION).
14 or...(INTERJECTION)?
18 76 Q. Yes?
26 79 Q. Yes?
27 A. And...(INTERJECTION).
14
1 A. I think Liam would have relied on him from time
2 to time, yes.
4 A. Yes.
5 82 Q. Yes?
6 A. Yes.
11
12 A. Yes.
20 A. Yes.
22 A. Yes.
26 87 Q. Yes?
28 company.
29 88 Q. Yes?
15
1 A. So, I don't think Camille would have had any
3 89 Q. Yes?
5 90 Q. Yes, I understand?
9 name?
10 A. That's a possibility.
12 says :
13
17
18 A. Yes .
22 A. Yes, yes.
16
1 if I were to do otherwise...(INTERJECTION).
4 A. I am...(INTERJECTION).
6 A. I am...(INTERJECTION).
7 97 Q. Forget that?
8 A. I...(INTERJECTION).
12 99 Q. Yes?
14 100 Q. Yes?
29 A. Yes .
1 103 Q. To set aside 300,000 US dollars, presumably
3 A. Indeed.
6 A. Right, indeed.
8 saying?
24 to...(INTERJECTION)?
25 A. Yes .
27 A. Yes, yes.
3 secured" loans?
4 A. Yes.
6 "suitably secured"?
7 A. Yes, yes.
9 Liam McGonagle?
10 A. Yes, yes.
13 113 Q. Yes?
14 A. Yes.
21 A. Yes.
23 A. Yes.
25 A. Yes.
27 A. Yes, yes.
19
1 differently to another person, but if he in due
4 A. Yes.
7 A. Yes.
9 to say?
10 A. Yes, yes.
13 thought that...(INTERJECTION)?
16 A. Indeed, yes.
18 of judgment afterwards?
22 A. With...(INTERJECTION).
23 126 Q. To "Ansbacher"?
24 A. Yes.
26 A. Yes.
20
1 are asking, Michael, or
3 A. Well, I am...(INTERJECTION).
5 is a list (indicating),
6 Exhibit 4?
9 A. It is a list, yes.
11 A. Yes.
13 A. Yes.
15 statement; sorry.
16 A. Yes.
18 witness is neither
19 ethical.
24 like this.
28 will appreciate?
29 A. Yes.
21
1 131 Q. Is that on the 11th May 1990 Mr. Traynor no
3 A. That is right.
6 A. Yes.
8 connection?
9 A. I ... (INTERJECTION) .
13 he did.
18 136 Q. Yes?
20 Street.
26 necessary.
28 A. Now...(INTERJECTION).
22
1 A. Indeed.
14 142 Q. Yes?
22 A. Yes .
24 A. Yes, yes.
2 A. I have no idea.
8 A. Yes.
16 A. Yes.
18 A. I honestly...(INTERJECTION).
20 A. I have...(INTERJECTION).
24 (indicating), Exhibit 5.
26 A. Yes.
28 A. Yes.
24
2 159 Q. We would appreciate it?
6 Exhibit 5.
7 160 Q. Do you see that the document itself says you signed
8 as an authorised signature?
9 A. Yes.
14 A. Yes.
16 A. Yes.
20 at that stage.
21 165 Q. Exactly?
22 A. Yes.
24 A. Yes, yes.
26 did that?
27 A. Certainly, yes.
29 A. Yes.
25
1 169 Q. Thank you. Do you know anything about
4 than in a...(INTERJECTION)?
5 A. Professional?
8 capacity, no.
10 A. Not that I --
11 172 Q. Yes?
13 173 Q. Yes?
14 A. If you...(INTERJECTION).
16 A. No.
17 175 Q. No?
18 A. He wasn't.
20 Investments?
21 A. I believe he was.
23 Beresford Investments?
26
1 179 Q. Including Mr. McGonagle?
2 A. Including, yes.
4 A. No.
7 of GMI?
8 A. Yes.
12 A. Yes.
17 A. Yes.
22 A. No.
24 A. None, none.
27
1 190 Q. However, other than that information?
7 A. Yes.
9 A. Yes.
14 referring to.
18 A. There was.
25 were two UK --
26 200 Q. Yes?
28
1 a UK company called Norwest Hoist Ltd and I think
4 inquiry.
6 of the inquiry?
16 interviewed but...(INTERJECTION).
18 A. Yes.
20 be interviewed?
27 206 Q. Yes?
29
1 207 Q. Yes, I see. However, you do not know anything
4 no.
5 208 Q. Yes?
7 209 Q. Yes?
15 A. Yes .
18 A. Yes .
22 ownership of a company?
27 214 Q. Yes?
30
1 cannot -- you must disclose the name of your client
2 215 Q. Yes?
6 language he used.
7 216 Q. Any way, Mr. O'Shea, I am not going down that road;
9 A. Yes .
13 "Ansbacher"?
14 A. Okay, indeed.
17 was a client?
18 A. Okay, yes.
22 A. Indeed, yes.
24 A. Indeed.
29 that reason?
1 A. Very well.
3 A. Thank you.
6 A. Yes .
8 A. Yes .
10 A. Yes .
16 "Ansbacher"?
17 A. Yes .
22 1993 situation?
23 A. Yes .
27 A. Approximately £40,000.
29 somewhere?
1 A. I would hazard a guess and say a number of months;
3 230 Q. Yes?
4 A. May be shorter.
8 A. I won't.
9 232 Q. Yes?
17 A. Yes, yes.
19 A. Yes.
21 to Irish people?
22 A. Yes.
24 what I mean?
27 A. I do, yes.
29 A. Yes.
33
1 241 Q. Do you remember the circumstances in which it was
5 242 Q. Yes?
7 243 Q. Yes?
9 244 Q. Yes?
11 245 Q. Yes?
17 A. I had no idea.
21 A. Well... (INTERJECTION) .
34
1 A. That is true, that is true, but in any event he
4 other.
5 251 Q. Yes. You are not familiar, are you, with whether
13 253 Q. In...(INTERJECTION)?
14 A. Individually.
16 A. Individually.
17 255 Q. Individually?
18 A. Yes, individually.
22 A. Yes.
23 257 Q. Yes?
25 258 Q. Yes?
26 A. Yes.
28 or...(INTERJECTION)?
35
1 260 Q. Earned abroad?
5 A. I don't remember.
7 A. I could.
8 263 Q. Yes?
10 correspondence.
14 A. Yes.
18 some £1,240?
20 interest.
21 267 Q. Yes?
24 A. At a later date.
26 of those?
27 A. Certainly.
29 A. Yes.
36
1 271 Q. All right?
2 A. Okay.
11 A. Yes .
12 274 Q. I see, okay. Had you ever received money from the
14 A. No.
21 A. Thanks.
23 A. Yes .
25 the time?
26 A. Yes .
29 A. Yes .
1 279 Q. There are however if you like two aspects of
6 A. Yes .
10 Company?
12 capacity, yes.
16 A. Yes .
18 A. Yes .
20 connection?
21 A. Yes .
24 285 Q. Yes?
38
1 between partners in the Firm with Mr. McGonagle's
3 A. Indeed.
5 A. Indeed.
9 A. I will, yes.
11 A. Yes, I will.
15 A. Yes.
17 A. Yes.
19 A. Yes.
21 A. Certainly.
25 A. Indeed, yes.
29 A. Yes.
39
1 297 Q. Which is not even in 1984 an amazing sum of money?
2 A. Yes .
5 connection?
6 A. Yes, indeed.
8 A. Fine, yes.
11 this stage?
12 A. Yes, okay.
14 A. Very well.
16 A. Certainly.
19 A. Yes, I will.
29 A. Yes, I see.
1 305 Q. So, here you have a situation where we know that
12 A. Yes .
14 all right?
15 A. Yes .
19 A. Thanks.
22 309 Q. Yes?
27 of it?
4 A. Yes, I do.
6 A. Yes.
9 A. Indeed, yes.
13 that?
14 A. Yes.
16 Mr. McGonagle?
23 A. Yes.
26 321 Q. Yes?
27 A. I agree.
29 A. Certainly, okay.
42
1 323 Q. Have you any memory of it yourself?
7 Mr. O'Shea?
8 A. Yes, yes.
10 A. Yes.
13 A. Yes.
16 A. Yes.
19 of "Ansbacher"?
20 A. Yes, yes.
23 "Ansbacher"?
24 A. Yes.
26 A. Yes.
28 A. Yes.
43
2 333 Q. So, that is why we are particularly honing in
5 334 Q. Yes?
9 A. Yes.
14 A. Sure.
16 A. Yes, yes.
19 A. Fine, okay.
21 A. Certainly.
23 to do that?
24 A. Certainly, okay.
27 of our inquiries?
28 A. Yes.
44
1 quickly?
2 A. Yes, yes.
6 that is grand?
7 A. Yes.
9 A. Yes.
11 A. Right.
13
17
21 347 Q. Yes?
27 A. No.
29 A. Yes.
45
1 351 Q. I just wanted to check?
7 in 1984.
9 A. No, I have...(INTERJECTION).
13 356 Q. 1984?
17 358 Q. Yes?
19 of that.
22 A. Yes.
24 A. Yes.
27 A. Yes.
29 A. Yes.
46
1 363 Q. Which has to be explained?
2 A. Sure.
4 A. Yes, okay.
7 you.
12 A. Thank you.
18 A. Yes, yes.
20 the transcript?
21 A. Yes.
26 necessary arrangements?
28 it is ready.
47
1 A. Thank you.
3 payment of?
6 A. Yes.
8 A. Thank you.
10 A. Thank you.
11
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
48
^ C ."'VXCA
Appendix XV (28) (1) (b)
MICHAEL O'SHEA
I understand that I have been called to give evidence pursuant to the Inspectors'
powers set forth, inter alia, in Section 10(2) of the Companies Act, 1990.
I understand the Inspectors have power toforce me answer their questions, provided
always the questions are within the scope of their investigation. AU answers I give
today are given as a result of the exercise of the Inspectors of their powers under
Section 10 anw <r such other statutory powers as they have to compel answers and not
otherwise.
I have asked the Inspectors not to exercise their power to compel my testimony. They
have insisted I answer all questions under compulsion of law.
KENNEDY MCGONAGLE BALLAGH
Incorporating Bell Branican O'Donnell & O'Brien
s o l i c i t o r s
20 N O R T H U M B E R L A N D R O A D D U B L I N 4
T E L 660 9 7 0 9 F A X 6 6 0 9434
E M A I L : in to@k in b.ie
www.kmb.ie
5
The Office of the Inspectors appointed b>A££ Our ref: MO'S/DF
High Court to Ansbacher (Cayman) Ltd.
3 rd Floor
Trident House , . .
Blackrock 'i 1 -
Co Dublin
16 March 2001
Dear Inspectors,
I have nad no J :'ungs personally with the Company. However I believe the Firm of
R>-nn«dy McGonagle Ballagh in which I am a oartner have had the following
dealings.
2. Also in 1993 a fee paid by a UJK. client of the Finn was lodged by the partner
who acted for this client with the late J.D. Traynor and this fee was
subsequently paid to the partners including me through Kentford Securities
Limited. The partner who handled this matter was the late Liam D.
McGonagle who was a personal friend of the late J.D. Traynor. The U.K.
client was not a client of the Company and did not avail of any of the services
provided by the Company. I believe Mr. Traynor merely facilitated my late
partner, Liam D. McGonagle and neither he nor the Company nor Kentford
Securities were paid a fee for this service. —'
3. In 1995 the Firm advised the Company in connection with a loan granted to
Columbia Investments (an unlimited Irish registered company) and also in
respect of a guarantee and pledge agreement by Columbia Investments
Limited to the Company in respect of loans made by the Company to two
Cayman Island registered companies. The Company discharged our fee of
£6,750 and outlay for this work which was handled by Olivia McCann, a
former assistant in the Firm.
Mlt'i l.U.I.1. O'SIICA RtKifcR P. BAlJ-ltilt IliKI.NCi: II. DIXON KI.'VIN C. RUtHYfiOKiar.Jl I'x.l
ASSISTANTS: I IONA IIIINRV AUUIIA II. IAVI.CW
4. Also in 1995 the firm was instructed in relation to an application by the
Company to the High Court for leave to extend the time for filing Form 47
with the Companies Office in respect of the security referred to at 3 above.
The Company discharged ourfee of £400 plus outlayfor this work which was
again handled by Olivia McCann.
5. I have personally been involved in advising a number of clients who have had
or have a relationship with the Company and this advice has been given in the
context of McCracken and Moriarty Tribunals and statements and attendances
before you.
The Company ' :ct provided no service to me personally and I have not established
anv trust managed by the Company nor tn m* irnAwi»»/4rr»» ana t the beneficiary of any
trust managed by the Company. '
I have not deposited any money with the Company or with Guinness & Mahon
(Ireland) Limited however Kennedy McGonagle Ballagh hasfrom time to time used
the services of Guinness & Mahon (Ireland) Limited. It has deposited the Finn's
money and clients' money with that Bankfrom time to time and during one or both of
the Bank strikes it used banking facilities provided by that Bank.
Guinness & Mahon has provided a normal commercial loan to the partners in the firm-
including me to fund the purchase of No. 18 Northumberland Road. This loan was
secured against the property purchased and our personal guarantees. It was not
secured on any funds held by the Company.
No service has been provided to me by any of the companies mentioned in your letter
and established in the Channel Islands.
Yours faithfullv.
J . D . T . xo P.O'D. 5 th September, 1984.
Redshank
Investments »»«»
"ft 250
JDT/AJW
Appendix XV (28) (1) (e)
College Trustees Limited
B. M. Greffier.
Royal Court House,
St. Peter Poet,
Guernsey.
. » i
Dear Sir,
D. J, Barry
Director
P.O. Kmc 132. St. ;«II|U|* Gmrr. Julian"* Auntie. St. Pcitr Port,fluumwjf.Chaiuel TIUNB.
Dear Konan,
Could you please arrange to let ne have for collection an Irish
Pounds cheque for IRfil0,000 payable to Kennedy McGonagle Ballagh
and debit the Starling coat to Ansbacher Limited Account
Ho. 02/01087/81.
7ours sincerely,
JDT/AJW
Aieamaori^AMssjuriujiaiaJHATOia^Tag^ WKHomea
Ai^LocAmMrBa^mmwaBromMUM*
cuataxr.wo)UooA»>>MnaLtHa Ut2-
Appendix XV (28) (1) (g)
| ' snr&wMm^
11 / 1 (I/'IV
CARRIED FORWARD
ANSBACHER LIMIT. ID
P.O. Box 887 Grand Cayman British West Indies
Telephone No. 9—4653/4
Telex CP 305 Cable Address Guinness
A/A54
0.00
37:549.59
37549.59
/
n ^ v i M M E C f i i i M ^ ^ r o
I:'/n':>/fr} DRAWN
I 3/09/93 DKAWN
•'•••<<•»•••». « 13/09/93 I H W 7 7 . H7
" • 1.3/09/93 IR^OOO.OO
•<,•, /-m 30/U9/93 I n t e r e s t t o 30/09/93
3O/0\>/°3
V CARRIED FORWARD
ANSBACHER LIMIT J }
P.O. Box 887 Grand Cayman British West Indies
Telephone No. 9—4653/4
Telex CP 305 Cable Address Guinness
A/A5'»
39330.51
10050,00
6701.92
5075.00
5 "75. Of) 10036,59
/(590. on
37 C,h. 00 1682.51
2124.55
Appendix XV (28) (1) (h)
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Appendix XV (28) (2) (a)
MASON HAYES & CURRAN
SOLICITORS
MATTER: Ansbacher
Dear Sirs,
We act for Mr. Terence Dixon, a partner in Kennedy McGonagle Ballagh, Solicitors, 20
Northumberland Road, Dublin 4 who has requested us to write to you in response to your
letter to him dated 23 November 2001.
Having considered the "Inspectors Preliminary Conclusions" we are at a loss as to how the
information (such as it is) or the reasoning (or lack of it) justifies the "Preliminary
Conclusions" reached.
What is clear is that Kennedy McGonagle Ballagh was due a fee and it was paid. The partner
to whom it was paid gave Mr. Desmond Traynor the money and in due course caused it to be
returned to the partner in a manner that divided it between himself and other partners.
It is said the monies, part of which were received by Mr. Dixon, came from Hamilton Ross or
an entity unknown to our client (a matter you assert but do not sustain by any evidence
disclosed). This does not prove your conclusions even if true (a matter not conceded or
accepted).
In short your "Preliminary Conclusions" that Mr. Dixon was a client of Ansbacher are ill
founded. This finding has been arrived at by you, without any evidence having been heard or
taken from our client which quite clearly is in breach of his constitutional rights and fair
procedure.
No proof whatsoever has been produced to show that Mr. Dixon was a client of Ansbacher.
He is not, and never was, a client of Ansbacher and indeed had no knowledge of that Bank,
nor the other companies mentioned. Even allowing for your apparent broad interpretation of
Mauricc R. Curran, Maeve Hayes, Anthony Burke, Declan Moylan, Lorcan Buckley, Emer Gilvarry, Paul J. G. Egan, Colman P. Curran. Nora Larkin,
Declan Curran, Richard A. Woulfe, Kevin Hoy, Declan Black, Liam Brazil, Ailbhe Gilvarry, John Kettle, David O'Donncll, Niall Michel, Jnllil Kehoe, Peter Mclnncs
Senior Associates Niamh Clarke, Matthew Wales, Majella Dolan, Gillian McNamara, Shane MacSweenev, Susan Ryan J" a " i a . n c e wU
!!
' ' Carson McDowell
Consultants A. Dermot Mason, Conal J. Clancy, Rory L. Egan in B e l f a s t
"client", this word quite clearly has a specific meaning as defined in all the standard
dictionaries and under none of these definitions can Mr. Dixon be held to be a "client".
Therefore we require your confirmation by return that no such conclusion will appear in your
Report.
Yours faithfully,
r
MASON HAYES & CURRAN
Appendix XV (28) (2) (b)
T
MASON HAYES & CURRAN
SOLICITORS
MATTER: Ansbacher
Dear Sirs,
Thank you for your letter of 21 December 2001 in response to ours of 14 December 2001.
Your refusal to amend any part of your preliminary' conclusion is entirely unacceptable to our
client who is outraged by it.
Our client understands the pressures upon you to produce a final report. However, we must,
with respect, suggest that the treatment afforded our client is grossly unfair and does not
vindicate his rights in any respect.
Our client has never been called to give evidence before you and so far as we are aware the
sole communication he has been involved in with you is his letter of the 16 th March 2001
written in response to a request by you. The relevant portion of that letter is to be seen in
paragraph number 2 in which the following is said:-
"Also in 1993 a fee paid by a U.K. client of the Firm was lodged by the partner who
acted for this client with the late J.D. Traynor and this fee was subsequently paid to
the partners including me through Kentford Securities Limited. The partner who
handled this matter was the late Liam D. McGonagle who was a personal friend of
the late J.D. Traynor. The U.K. client was not a client of the Company and did not
avail of any of the services provided by the Company. I believe Mr. Traynor merely
facilitated my late partner Liam D. McGonagle and neither he nor the Company nor
Kentford Securities Limited were paid a fee for this service".
Maurice R. Curran, Maeve Hayes, Anthony Burke, Declan Moylan, Lorcan Buckley, Emer Gilvarry, Paul J. G. Egan, Colman P. Curran, Nora Larkin,
Declan Curran, Richard A. Woulfe, Kevin Hon', Declan Black, Liam Brazil, Ailbhe Gilvarry, John Kettle, David O'Donncll, Niall Michel, John Kehoe, Peter Mc/nnes
an alliance with
Senior Associates Niamh Clarke, Matthew Wales, Majella Dolan, Gillian McNamara, Shane MacSweeney, Susan Ryan Carson McDowell
Consultants A. Dermot Mason, Conal J. Clancy, Rory L. Egan in Belfast
Your preliminary conclusion is premised upon a narrative that states as follows :-
"Mr. Michael O'Shea, Mr. Roger P. Ballagh and Mr. Terence D. E. Dixon are
Solicitors in the firm of Kennedy McGonagle Ballagh, 20 Northumberland Road,
Dublin 4. Their involvement in Ansbacher arose out of their late partner's (Mr. Liam
McGonagle) long-term involvement in offshore banking.
During 1992, fees earned by the firm were deposited, at the suggestion of Mr.
McGonagle, with Mr. Desmond Traynor and ended up in an Ansbacher account. The
sum involved was £40,000 approximately. The money was left on deposit offshore for
some time and then shared out among the partners. The payments were made from a
Hamilton Ross account in Ansbacher. The IIB dealing tickets show that Mr. Ballagh
received over IR£11,530.00, Mr. O'Shea and Mr. Dixon received IR£6,243.00 each
/
"""s and the firm received IR£4,877.00 and a company controlled by the late Mr. Liam
McGonagle stg£6,701.00.
All the partners who shared in that fund were thus clients of Ansbacher. The
Inspectors' formal decision on the late Mr. McGonagle is to be found elsewhere in the
report".
It is said that the preliminary conclusion, which you stand by, is:
"Mr. Michael J. O'Shea, Mr. Roger Ballagh and Mr. Terence Dixon were clients of
Ansbacher".
The evidence supporting your conclusions is said to be a statement by Mr. Michael O'Shea,
evidence given by Michael O'Shea, the exhibits produced at that hearing (by you) and the
seven further exhibits set out.
We can find nowhere in the transcript of Mr. O'Shea any suggestion that he was asked to
represent or indicated that he represented our client Mr. Dixon.
"We must identify the client of the company we are investigating... Ansbacher".
We note in the "foreign exchange dealing ticket (document 5)" appended to your preliminary
conclusion, it is expressly stated that the customer is "Hamilton Ross".
What Mr. Dixon has said, which is uncontradicted by any evidence that we have seen, is that
the fee paid in 1993, by a client of Kennedy McGonagle Ballagh, was subsequently divided
among the partners including Mr. Dixon. He made it clear that the matter was handled by
Liam D. McGonagle. He made the point, from information he received after the event, for
the purpose of attempting to respond to your queries, that the fee was received in the manner
detailed.
In the circumstances, we might respectfully suggest that a fair analysis of this transaction, if it
is one that has any part to play in your report, would be as follows:
"In 1993 Mr. Terence Dixon, in his capacity as a partner in his Solicitors' practice,
received part of a fee earned by one of his fellow partners Mr. Liam McGonagle. Mr.
McGonagle took responsibility for recovering the fee from the partnership's client
and making the arrangements for its distribution among his fellow partners.
It now transpires that the payment to Mr. Terence Dixon was effected through a
company called Kentford Securities Limited. It now appears that the payment in
^ question was effected by Hamilton Ross drawing on a bank account maintained with
another bank (possibly Ansbacher (Cayman) Limited).
Mr. Terence Dixon was not party to the arrangements that Mr. McGonagle put in
place.
Whilst it is clear that Mr. Terence Dixon received a payment through Kentford
Securities Limited we have not been able to establish whether he was a client of
Ansbacher".
We do not believe that there can be any objection to presenting your conclusion in that
manner. We say this, subject always to you explaining the matters we refer to above.
We have to say that we are gravely concerned by your refusal to engage in any meaningful
dialogue in relation to your preliminary conclusions. As a matter of common sense, it is not
fair. As a matter of law, it is also a denial of our client's right to fair procedures. The fact
that you have written to our client clearly establishes that:-
(a) your conclusion constitutes "a finding or inference adverse to Mr. Dixon's interests,
good name and/or reputation";
1. The opportunity of producing evidence that in relation to the distribution of the fee,
Mr. Dixon had no knowledge of the arrangements being put in place by Mr.
McGonagle and absolutely no knowledge that the monies that he received had, at any
time (if that be the case, a matter we do not accept that you have evidence of) been
retained in an Ansbacher account.
2. We also require that we be entitled to address you. Clearly, the procedures you
yourself have adopted provide for the right to have an interplay of views between
yourselves and persons such as Mr. Dixon for the purposes of permitting him to
appropriately vindicate his interest, good name and reputation.
In the event that we cannot make some headway in dealing with your preliminary conclusion,
either by following our procedural rights as identified above, or through some other means,
our client wishes the opportunity to cross-examine such witnesses as you have who can give
relevant evidence that the monies in question were ever in an Ansbacher account. Perhaps
you could identify these witnesses and indicate when they will be made available for cross-
examination and deliver a transcript of the evidence they have given.
We note in your procedures that where issues arise between any person and your good selves,
a procedure of seeking directions from the High Court to resolve issues is referred to. Should
we fail to reach an accommodation in relation to the provisions of your report to which we
refer, we reserve our right to be the subject matter of such application
You will be able to appreciate the impossible position Mr. Dixon finds himself in. He is a
solicitor and an Officer of the High Court. He has received a share in a fee due to a legal
practice of which he was a partner. In circumstances of which he knows nothing it is alleged
that part of this money may have been held in an account operated by Ansbacher. We have
to say, with the greatest respect, that to see him designated as "a client of Ansbacher " with
the damage to his interests, good name and reputation that such a designation will bring, is
unfair, unjustified, unnecessary and irrational.
In relation to the monies paid to Mr. Dixon, he objects to being dealt with in a section of your
report that also deals with other persons.
Finally, it seems to us a brief meeting between the representatives of yourselves (or better
still yourselves) and this office could go a very long way to defusing what on the face of it,
appears to be a confrontation that is entirely unnecessary. Mr. Dixon has no problem
accepting that he received the payment in question. His objection is to being called a client
of Ansbacher, an institution the services of which he never knowingly utilised, or wished to
utilise personally or for any client.
We assume that pending your response to this letter, no report will be published containing
the sections concerning Mr. Dixon. If this is not the case please tell us and we will take the
necessary steps elsewhere.
Yours faithfully,
UNDER OATH
accurate transcript of my
Stenographer
THE INSPECTORS: MR. JUSTICE COSTELLO
DUBLIN 2.
1 THE INTERVIEW COMMENCED, AS FOLLOWS, ON FRIDAY, 16TH
2 JUNE 2000
19
23
24
25
26
27
28
29
3
1 MR. DAVID DOYLE HAVING BEEN SWORN WAS EXAMINED, AS
7 A. I do.
11 Act?
13 Cooney.
22 A. Yes.
23 5 Q. He is an accountant?
27 particular purpose?
4
1 A. Yes, and to the family members.
3 A. As such, yes.
5 tax matters?
8 A. Yes .
13 very unlikely?
20 Mr. Traynor?
21 A. Yes .
25 Mr. Traynor?
9 members.
11 members ?"
14 by my late father.
16 A. Yes .
26 do with them.
8 was opened and it was closed again and that was the
21 funds.
7
1 21 Q. Just the gist of it and when it took place.
2 A. I am presuming in 1983.
5 23 Q. Yes.
19 A. No.
29 30 Q. What money?
8
1 A. Sorry, I am presuming the initial funds that went
3 Atlantic Resources.
6 before that.
8 A. Yes .
10 A. Yes .
12 A. Yes .
16 recollection.
19 ....(INTERJECTION).
23 sale of shares?
25 .... (INTERJECTION) .
2 A. No.
4 what happened?
9 my understanding, in London.
11 mean by that?
13 was ....(INTERJECTION).
17 ....(INTERJECTION).
22 A. Yes .
2 truth.
5 A. Yes .
9 Mr. Traynor did with the money that you say you made
10 on Atlantic Resources?
19 52 Q. To your home?
20 A. Yes .
28 in paragraph 2?
5 A. Yes .
6 55 Q. You have told us you did not know about it but your
22 A. Yes .
26 A. Yes .
28 A. Yes .
12
1 of 13th April there on your file? (Exhibit 2) (SAME
2 HANDED).
3 A. Yes.
6 A. Yes.
12
14 Company".
15 A. Yes.
23
24 A. Yes.
13
1 A. In my statement (Exhibit 1) what I was referring to
4 ....(INTERJECTION).
7 statement?
8 A. Yes.
13 A. (Pause).
18 68 Q. Sorry?
25 off-shore.
26 69 Q. Yes, I see.
14
1 and accepted all along that I am referring to
11 A. Yes .
19 73 Q. In London?
20 A. Yes .
28 A. Yes .
2 A. Yes .
6 account in 1983.
7 A. Yes .
15 1986/87.
17 A. Yes .
18 81 Q. Did Mr. Traynor tell you that you could use the
27 A. Yes .
16
1 and then it went to the Cayman Islands in the mid
4 A. Yes.
14 regularly?
15 A. The conversion?
18 redeposited?
28 discuss that.
17
1 fairly regularly that you would change the deposits?
2 A. No.
5 91 Q. Once?
6 A. I presume that.
12 A. No.
16 ....(INTERJECTION).
19 A. Yes.
21 A. Yes.
24 that right?
25 A. Yes.
28 A. Yes.
18
1 pay tax on the interest that these deposits earned?
5 interest.
9 A. It was.
11 accrued?
12 A. It was.
18 102 Q. Do you remember had they got the name Guinness &
24 103 Q. I am sorry?
19
1 Guinness & Mahon's statement or a list of credits
3 Green.
9 105 Q. Sorry?
16 somewhere.
19 account.
24 (Exhibit 3).
27 print-out.
13 computer paper.
14 112 Q. The statement that you got from Guinness & Mahon,
15 did that show you what your account was or what was
16 in your account?
17 A. Yes .
23 is what I think.
21
1 the other statement?
7 A. Yes .
8 117 Q. That was the document that you got and behind this
10 A. Yes .
12 A. I see that.
19 obtained?
24 A. No.
26 we have?
27 A. No.
28 122 Q. These are documents that you have got and produced.
22
1 your records?
18 2?
19 A. Yes .
20 126 Q.
"In the course of my dealings with The
21 Company only three withdrawals were
made from my account, the third of
22 which served to close the account... ."
23
26 127 Q. No, I am not talking about what you read. Can you
27 recollect?
23
1 from day one that the years were different than they
10 131 Q. Would you turn to page 182(3), is that what you are
22 A. Yes.
25 A. Yes.
28 ....(INTERJECTION).
24
1 piece of paper.
2 137 Q. Sorry?
5 closed.
9 A. 1983?
12 a reference to it in a letter.
14 ....(INTERJECTION).
19 1990/91.
23 143 Q. You asked him for a cheque for the total amount of
24 the account?
25 A. Yes .
26 144 Q. What did you do with the cheque then? Where did you
27 deposit it then?
25
1 145 Q. But nothing to do with Guinness & Mahon?
2 A. No.
7 A. Yes .
17 149 Q. So you got the money. Who were your advisors then?
20 other money?
23 .... (INTERJECTION) .
26 suggested ....(INTERJECTION).
29 ....(INTERJECTION).
1 152 Q. That was the end of your relationship with the
3 A. Yes .
4 153 Q. That was, you think, in 1993, was it, did you say?
6 No, some time after 1988 because that was the time
7 my father died.
13 Byrne.
15 A. Yes .
20 purchase a car.
21 157 Q. Yes .
22 A. The other one I don't know, I may have asked him for
26 158 Q. The car would not have been a very substantial sum
28 A. Unfortunately it was.
29 159 Q. It was?
1 A. Yes .
8 163 Q. 1990?
9 A. Yes .
10 164 Q. If that was before the last one, the last one must
17 1991 perhaps?
20 166 Q. That would have been three years after your father's
21 death?
22 A. Yes .
23 167 Q. That is the closing of the account and then the car
28
1 other words, I remember specifically buying the car,
5 withdrawals.
6 A. Yes .
14 of it.
21 to put in ....(INTERJECTION).
23 A. I don't to be honest.
25 A. No.
28 A. No.
29 175 Q. So you are trying to do the best you can, you are
1 trying to think of various possibilities that may
2 have arisen?
3 A. Yes.
10 put in Liechtenstein.
15 180 Q. How could money have been drawn from the Cayman
21 181 Q. Mr. Doyle, you say in your statement that you made
22 three withdrawals.
23 A. Yes.
30
1 find out what your recollection is. You recollect
3 A. Yes.
6 A. I don't.
9 minutes.
10
11
12 (SHORT ADJOURNMENT)
13
14
18 Thornhill Trust.
19 A. Yes.
23 your family?
25 189 Q. Were and are. There was your brother, who is your
26 brother?
28 brother Michael.
29 190 Q. Yes.
31
1 A. My sister Eileen.
3 A. Eileen Monaghan.
4 192 Q. Yes.
5 A. Ann Roche.
11 A. Yes.
14 A. No.
16 A. No.
26 199 Q. Sorry?
32
1 whenever the Tribunal started, or there were
3 200 Q. Yes.
25 202 Q. Mr. Corrigan wrote to you and told you that it had
29 right?
33
1 A. Yes, I would have thought that was Thornhill
2 Incorporated.
4 Incorporated.
5 A. Okay.
7 A. Yes .
12 206 Q. Sorry?
16 before ....(INTERJECTION).
20 A. Yes .
25 included shares?
29 ....(INTERJECTION).
1 211 Q. When you say "Jurys," is this the Jurys Hotel Group?
2 A. Yes.
3 212 Q. Did they purchase the business that had been carried
5 A. Yes.
6 213 Q. The manner in which that sale took place was through
8 A. Yes.
22 A. I believe so.
35
1
3 Jurys ?
6 A. Yes .
11
13 A. Yes .
15 there?
26 8) :
29
1 Who was Mr. O'Donnell?
3 222 Q. Yes .
4 A. He is the solicitor.
6 A. Yes .
7 224 Q. You say that you had written to him about the
9 A. Yes .
12 A. I am presuming.
13 226 Q. Sorry?
23 in Thornhill?
24 A. Yes .
37
1 Moriarty Tribunal?
5 230 Q. Sorry?
28 with you?
29 A. Absolutely not.
38
1 233 Q. Because you obtained no funds?
8 A. Yes.
9 235 Q. Was used for a Trust that was based in the Cayman
10 Islands?
11 A. Yes.
15 relationship.
22 A. Exactly.
39
1 about the Amnesty. Unfortunately I don't speak to
18 A. Yes.
21 made, that it was the Amnesty that was used and that
23 interest?
29 it.
40
1 MR. JUSTICE COSTELLO: Thank you, Mr. Doyle.
3 END OF INTERVIEW
10
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13
14
15
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17
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19
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22
23
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25
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29
41
fAcMM^ OvKJwtN^VyJ
ioVAciNa^
TO: Office of the Inspectors Appointed by Order of the High Court to
Ansbacher (Cayman) Ltd
PRELIMINARY
This statement is as full and detailed as my memory and records can afford.
I am aware that a letter was furnished by the Revenue Commissioners to Mr. Terry
Cooney confirming that such a settlement was reached.
I have made attempts to procure such information as I believed necessary from
Guinness and Mahon Bank, the Doyle Hotel Group and the estate of the late Mr Des
Traynor.
I therefore make this statement based on such records as I have currently to hand,
and based on my recollection of events. I should add that when I moved from my
parents' home in or about 1991 I dealt with and disposed of papers as they came to
hand.
""""Vf VP*
(a) In the early 1980's, as a young man, I was in the fortunate position of
having a substantial amount of money to my name and enjoyed
relatively high earnings from my employment within the Doyle Hotel
Group.
I became concerned regarding the privacy of myfinancial affairs and,
indeed,regarding my personal security should the money at my
disposal become common knowledge.
I believe It relevant to mention that in the early 1980's, my family and I
were very conscious of the threat of kidnapping. I was accompanied to
work on many occasions by Garda detectives, and staff and
management at Doyle Hotels were sensitive to suspicious characters.
I had worked In the USA for a number of years In the late 1970's. When
I completed my training In the USA Ireturned to Ireland and took up the
position as Trainee Manager of the Berkeley Court Hotel.
I was aware that Mr Des Traynor was the Chairman of Guinness and
Mahon. Mr Traynor was a personal friend of my late father and a
regular customer of Doyle Hotels and became well known to myself
and the rest of my family as a result.
I would further state that I did not find anything out of the ordinary in
such dealings with Mr Traynor. Private banking, in my experience, is
substantially different from normal retail banking and involves few if any
conventional over the counter transactions.
At that' meeting, Mr Traynor did not explain the details of the transactions
involved in borrowing the money or applying the money for Mr Haughey's
benefit.
)
(5). I would repeat that at no time did I avail of any loan or guarantee facilities
nor did I offer my deposits to act as backing for loans or provide any
guarantees to any third parties.
(8).
(a) In the course of receiving documentation from the Moriarty Tribunal, I
have become aware of certain dealings regarding Doyle London Hotels
Limited and the Company.
I am unaware of the details of such dealings.
(b) I am unaware of any dealings with the Company by any subsidiaries of
any bodies corporate with which I was or am Involved.
(c) I am unaware of any dealings with the Company by any other entities
related to any bodies corporate with which I was or am involved.
(d) I am unaware of any trusts which had dealings with the Company. . ,
' ' .. ••• '
/ \
Appendix XV (29) ( 1) (c)
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V> f*
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Appendix XV (29) (l)(d)
DEsroption CALL LPJTIT A/C
/ •
|
i
!
X
•J
IENTDATE • J t3 A R K 8 9
credit \ BALANCE
L3,493.03
LUO.OU 13,398-03
1 , 000.00 14 » 3 9 3 . 0 3
123-00 14,523-03
Appendix XV (29) (l)(f)
» .
Cffid 1 - Exit,
A
( (
r>
solicitors
TELEPHONES: 6 7 7 6 1 0 8 6 7 7 6 9 2 7 & 6 7 7 4 2 4 4
W. M. C O R R I G A N , notaay njiuc
FAX: 8 7 9 4 3 9 2
J. B. C O R R I G A N . B . C . L . NOTA*Y KJWJC
E M A I U corrlganOsecuremall.le
D. M . MURPHY. B.C.L
M . P. CORRIGAN. B.C.L, A.C.I.I.
C. G. M Z S I M O N S . B.C.L.
5 May 2000
David Doyle Esq.
Casa El Pino
Uib. Santa Petromlla
MarbelJa 29600
Malaga
Spain
OurRefi WMC/AT
Dear David
I acknowledge your letter of 2nd inst and note your queries.
The only trust that was involved, as far es I know, was the trust that was set up on 15* February
- 1965 by your father and your mother in which Joe Chariton and myself were appointed Trustees.
The assets of that trust were the shares in Thomhill Inc. and a bank account in the Bank of
Ireland. The beneficiaries of the trust were the children and grandchildren of your parents.
The shares in ThornhiH Inc. were distributed equally and as far as I know the only assets left are
some penny shares in Thornhill, which are valueless and some cash in the Bank of Ireland.
With regard to Ac Moriarty Tribunal and the paymentsfor the benefit of Mr Haughey, the first
any of us knew of this was shortly after your father's death when we were told that there was
money due to Messrs. Guinness and Mahpnfrom an account in your fathers' name which we
were told had been used for the benefit of Mr Haughey. It was at that time that we all decided
that the account should be discharged immediately as interest was running. We were also told at
that stage by Mr Traynor that there was absolutely no hope of the monies being repaid by Mr .
Haughey.
With regard to the letter from the inspectors, if you could send me a copy of that letter I will take
the matter further.
If I come across any further information, I will of course let you know.
Appendix XV (29) (1) (h)
.o
CASA EL PINO •
URB. SANTAPETRONDLLA
MARBELLA 29600
MALAGA
SPAIN.
ATdMR WILLIAM CORRIGAN.
. 2nd MAY 00
Dear Mr Corrigan
I havereceiveda letterfrom the 'Injectors'for the Moriarty Tribunal, requesting
information re any oflshore trusts , accounts etc, thai I may have been e beneficiary
o£ Including accounts, papers etc of same.
I am requesting informatwn from you that imy be in your possession re the above as a
result of you having been 'Trustee' of my late fathers estate as well as the Chairman
of Thornhill ioc. And in the light of the fact that you took control of his aflairs after
his death.
I would request that you wouldforward me information in your possession that would
come under the brief of the' Tribunal* andthe Inspectors. So that I can respond as
required by the High Court order.
The relevant documents we are all responsible to answer I believe are currently held
by Brian O Donnell and Partners. I have already addressed a similar letter to Brian
O Donnell re * ThomhtQ inc * and its Directors.
Yours Sincerely
DAVID DOYLE