FirstRand settles up with Revenue

The Revenue Commission has reached a settlement of €7.5m with South African bank FirstRand, the owner of Ansbacher (Cayman) Ltd.

The Ansbacher Report published in July 2002, found evidence that private bank Ansbacher Cayman Ltd, which FirstRand bought as Guinness Mahon Cayman Trust Limited in 1988, operated a 'sham' trust structure that assisted widespread tax evasion from the late 1970s to late 1990s.

The Revenue says it is still pursuing investigations of individual taxpayers in connection with the Ansbacher accounts. So far €34m has been recovered as a result of the investigations.

Despite paying the settlement, FirstRand maintains that there was no liability.