TD Denis Foley’s evidence branded as ‘incredible’

EVIDENCE given to the Moriarty Tribunal by former TD Denis Foley was branded “incredible” by the inquiry’s findings.

The former chairman of the Dáil’s influential Public Accounts Committee was found to have stg£133,000 in an Ansbacher account, the report stated.

The funds came to light after documents detailing Ansbacher accounts in coded form where handed to the tribunal by Margaret Keogh in 1999.

Mr Foley deposited two drafts for £50,000 with Des Traynor in 1979 for investment.

In 1995, Mr Foley withdrew £50,000 from the offshore Ansbacher account set up by the now deceased Mr Traynor via a third party.

Mr Foley applied the cash towards two bank drafts from the Bank of Ireland.

His evidence to the Tribunal stated he retained the drafts with a view to paying the Revenue Commissioners. The tribunal noted he did pay monies to the Revenue in December 1999 — four years after the transfer from the Ansbacher account.

“The tribunal considers that Mr Foley’s evidence in relation to the purpose for which the sought the withdrawal of £50,000 is incredible and that while he did ultimately apply these funds towards the discharge of tax liabilities, this course was taken only after the tribunal had made contact with him on foot of documents produced by Ms Keogh,” the report stated.