Tax cheat’s firm sees profits increase

A STEEL company owned by one of the country’s biggest tax cheats managed to increase its profits despite making a near €10 million payment to the Revenue Commissioners.

Leslie Reynolds & Company, owned by the eponymous businessman and his family, made a pre-tax profit of €447,953 in the year to end April 2006. This is up from €360,020 in the previous 12 months period, according to accounts just filed at the Companies Registration Office.

Mr Reynolds made a €9.5m settlement with the Revenue Commissioners in 2005 and received a three-month jail sentence after being found guilty of tax evasion by the Dublin Circuit Criminal Court.