Unnamed Ansbacher clients may face probe
The Revenue Commissioners and the Director of Corporate Enforcement are seeking access to all documents gathered by the Government inspectors in their investigation into the affairs of Ansbacher Cayman.
These include many unpublished records dating over the past three decades as well as more recent items of correspondence that arose during the investigation.
Some documents relate to people investigated by the inspectors but not included in the final report for legal reasons.
The inspectors’ report said they excluded “Irish persons who, although Ansbacher clients, are not resident in Ireland and for whom Ansbacher did not conduct business in Ireland”.
They continued: “Certain other persons whose names might have been expected to appear in the list have been omitted”, going on to explain that while they had connections to Ansbacher’s Cayman Island operations, they did not fall within the limited definitions in the High Court order governing the inspectors’ work.
The report states the belief that all but three individuals who came within the definition have been identified but the 190 named falls far short of the list of clients recorded by Des Traynor who, in 1984, stated there were 462 individual depositors.
Some of these depositors had dealings with Ansbacher which could not be classified as “Irish business” as required by the High Court order.
The inspectors’ report is also being sent to tax and banking authorities in Britain, the US and Grand Cayman to see what action they may take.
The move to have all documents relating to the investigation disclosed will also enable proceedings to begin against individuals named as failing to co-operate with the inspectors.
Meanwhile the Institute of Chartered Accountants has said it is deeply angry that one of its members, Des Traynor, was at the centre of what it called “this disgraceful episode”.
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