Dáil Éireann díospóireacht -
Tuesday, 26 May 1998

Vol. 491 No. 3

Written Answers. - Ansbacher Accounts.

Eamon Gilmore

Ceist:

39 Mr. Gilmore asked the Tánaiste and Minister for Enterprise, Trade and Employment the progress, if any, made to date by the officer she appointed under section 19 of the Companies Act, 1990 to investigate a number of companies arising from the Ansbacher account disclosures; the position regarding the legal challenge to the inspector being taken in the Cayman Islands; and if she will make a statement on the matter. [12056/98]

Tánaiste and Minister for Enterprise, Trade and Employment (Miss Harney)

Last January I authorised Mr. Gerard Ryan, an officer of my Department, to exmine the books and documents of four companies under section 19 of the Companies Act, 1990. The companies involved are Ansbacher (Cayman) Ltd, Guinness and Mahon (Ireland) Ltd, Hamilton Ross Co. Ltd. and Irish Intercontinental Bank Ltd. His investigations are making significant progress. A significant amount of new and relevant documentation received from Guinness and Mahon (Ireland) Ltd. and Irish Intercontinental Bank Ltd. is being examined, together with a smaller amount of Hamilton Ross Co. Ltd. material.

While Mr. Ryan has been denied the books and documents of Ansbacher (Cayman) Ltd., the papers of Guinness and Mahon (Ireland) Ltd. and Irish Intercontinental Bank Ltd. contain correspondence and other information relating to the business of Ansbacher (Cayman) Ltd. in Ireland.

Having regard to the fact that Mr. Ryan is seeking to uncover clandestine activity in the State spanning a period in some cases of more than 20 years, the Deputy will appreciate that this task will take time. I expect that it will be a number of months before Mr. Ryan can substantially complete his inquiries.

On 27 April last, Ansbacher (Cayman) Ltd initiated legal proceedings in the Grand Court of the Cayman Islands against Mr. Ryan and me. Although I am precluded by Order of the Grand Court from disclosing the content of the proceedings or of any affidavits lodged in the court, I am pleased that the court decided that it did not have the jurisdiction to grant the order sought by Ansbacher (Cayman) Ltd. which would have prohibited the disclosure of Ansbacher books and documents to Mr. Ryan. I will be happy to forward to any Deputy, on request, a copy of the lengthy reasoned decision of the court, which is not covered by the terms of the Grand Court Order. I have no information at this stage as to whether or not Ansbacher (Cayman) Ltd. will be appealing this decision.

I am absolutely determined that Mr. Ryan should complete his inquiries, and I will assist him in doing so by seeking, through all available legal means, retrieval of the Ansbacher documents which should continue to be available to him here for examination. I am at a loss to understand how Ansbacher (Cayman) Ltd., which is owned by reputable banking concerns, can continue to stand over the banking and corporate practices revealed in the McCracken tribunal report. Its attempt in recent weeks to get the Grand Court in the Cayman Islands to give its previous actions legal protection and a veneer of respectability has rightly been thrown out. Even at this late stage, I would urge Ansbacher (Cayman) Ltd. and its parent banks to reconsider their stance of non co-operation with Mr. Ryan's legitimate inquiries into Ansbacher's past activity in Ireland.