Ansbacher Cayman Report Appendix 5

8/14/2019 Ansbacher Cayman Report Appendix 5

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Reco rd Nu mb er : 1 9 9 9 /1 6 3 Co s

T H E H I G H C O U R TI N T H E M A T T E R O F T HE C OM PA NIE S A CT S 1 96 3 to 19 90

A N D I N T H E M A T T E R O F P A R T I I O F T H E C OM PAN IE S A CT 1990 AN D S EC TIONS 8 AN D 17A N D IN T H E M A T T E R O F A N S B A C H E R ( C A Y M A N ) L I M I T E D

(formerly G U I N N E S S M A H O N C A Y M A N T R U S T L I M I T E D ,A N S B A C H E R L I M I T E D an d C A Y M A N I N T E R N A T I O N A L B A N K A N D T R U S T C O M P A N Y

L I M I T E D )

R E P O R T O F T H E I N S P E C T O R S


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ISBN 0-7557-1355-9

Govern ment of I reland 2002


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Appendix XV (30) Mr P Vincent Doyle, deceased1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to MrP Vincent Doyle.

a) Extractfrom ranscript of evidence of Mr G eorge Carville dated 17 May2000.

b) Extract from transcript of evidence of Mr W illiam Corrigan dated 18 July2000.

c) Letter of 22 August 1983 from Guinness Mahon & Co Ltd to PV DoyleHotels Ltd.


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1 128 Q. I want to ask you a couple of questions about thi2 paragraph. You say:345

"In 1977 the late Mr. P. V. Doyle setup a Liechtenstein establishment whichreceived commissions from Extern TravelInc."6 What do you mean by "an establishment"? was it j7 company or was it a trust?8 A. I am led to believe an establishment was what we9 would classify as a trading company.

Ho 129 Q. A trading company?11 A. Yes. There are two things in Liechtenstein, a12 foundation and an establishment.


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s

123456789

10111213

Yes. Are they three words or all one word?Two, two words.Which way are they broken up?Pardon.Reisen?Reisen is one word.Yes?And Weltweit.Weltweit is the other?Weltweit, yes.Weltweit, yes. Grand. You then go on to say:

"It received commissions from ExternTravel Inc., a U.S. corporation."


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1 148 Q. Yes?2 A. The Brits were next.3 149 Q. Yes?4 A. The Irish.5 150 Q. Yes?6 A. And then other continentals.7 151 Q. Yes?8 A. And we were paying a commission on every time an9 American stayed in the hotel. Mow, if an American

stayed three nights we paid three nights commission.11 152 Q. You paid that to who?12 A. To the American company, Extern.


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1 160 Q. in Liechtenstein?2 A. Yes.3 161 Q. Later there was a second Liechtenstein4 establishment, which was called what?5 A. Weltreisen, W-e-l-t...(INTERJECTION).6 162 Q. Yes?7 A. R-e-i-s-e-n.8 163 Q. Is that one word?9 A. Yes.

^ 1 0 164 Q. R-e-i-S. . . (INTERJECTION) ?11 A. R-e-i-s-e-n.12 165 Q. Weltreisen. This company also then got commissions


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1 170 Q. Yes?2 A. Now, again. . . (INTERJECTION) .3 171 Q. You are hazy?4 A. I am going back.5 172 Q. Just as best you can remember?6 A. I think in 1984, my note states that, it went into7 liquidation.8 173 Q. This is Weltreisen?/""V..9 A. Reisen Weltweit.

174 Q. Yes?11 A. And the other one, Weltreisen, was formed in 198412 and I think it continued to 1994 when everything was


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1 Weltreisen?2 A. That is right.3 179 Q. When it was set up?4 A. Yes.5 180 Q. Do you have the date when that happened? You say6 during the 1980's?7 A. I don't have the date, no.8 181 Q. You just said to me that in 1984 Reisen Weltweit was

wound up or liquidated?lV4^ A. Well. . . (INTERJECTION) .11 182 Q. Did it transfer the fund to Weltreisen at that12 stage?13 A. I would imagine and, you know, we can probably check14 this.


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#

1 189 ' Q- I see. This, what we will call for convenience "a2 discretionary trust", was set up in Liechtenstein in3 or around 1984?4 *1 A. . es.5 190 Q. And to it were transferred... (INTERJECTION) ?6 A. I think it was. I think my note here was that it7 was formed in 1984.8 191 . Q- Right. To it were transferred the funds held by

A1 A either Weltreisen alone or both of then together?yr A. Yes.11 192 Q. However, certainly all the fund that had been held12 in that?13 A. All funds went into TAWA.


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T >

1 over the funds.2 198 Q. This would be the Trustee as it were?3 A. Yes.4 199 Q. Yes?5 A. Yes, and they were Liechtenstein people.6 200 Q. Yes?7 A. Or...(INTERJECTION).8 201 Q. How did you get your information about that9 Nr. Carville? How do you come, do know that much10 about it?11 A. We went out last year, in January 1999, my assistant12 Joe McKenna and myself, to find but the details. We13 met a Dr. Santa Passo who --at Zurich Airport. We '


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1 208 Q- It would be possible to get documentation from this2 gent 1 eman in relation to the beneficiaries, would3 it?4 A. Well, certainly we would try and get documentation.5 209 Q. Yes?6 A. I am led to believe that they will give nothing.7 210 Q. You were led to believe that?8 A. Yes, at that, meeting he said nothing will be given9 but certainly we will try and get it in writing from10 him.11 211 Q. I see. I am not asking you at this stage to get it?12 A. Okay.


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1 A.2 217 Q.3456789 A.

10 218 Q.1112

Yes.

you say:"I also attach a copy of a cheque dated9th December 1993, drawn on an accountof Irish Intercontinental Bank Limitedwith the Royal Bank of Scotland in thesum of ST6.162,338.64 made payable to"TAMA.". This sum appears to representthe balance, as at 9th Deceiriber 1993,of the said A/A38 account."

Yes.Can we look at that cheque Mr. Carville, which yousent us a copy of? Do you have it there because wewill provide you with a copy now if you have not got


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123 A.4 225 Q.5 A.6 226 Q.78 A.9

10 227 Q-11 A.12 228 Q.

TAWA? This is after the death of Mr. Doyle, is thatnot correct? He died in 1988?That is right, yes.This is 1993?Yes.Were you dealing with the affairs of his Estate onbehalf of Mrs. Doyle at that stage?No. Willie Corrigan, a solicitor," was dealing withthe Estate.


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Vlo-ll1213

Mr. Rowan will ask you some questions about theGroup. What I want to ask you about now is acompany called IH Investments Incorporated Limited?What can you tell me about that company? Was this acompany belonging to Mr. Doyle?

A. Yes. In 1981 we acquired The Normandy Inn, whichwas...(INTERJECTION).

458 Q. You acquired, sorry?A. The Normandy Inn Hotel in Washington.459 Q. Yes?A. It was a small hotel. I think it was for two and a

half million dollars.460 Q. Yes?


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v.-.

1 A. And we formed a company, Irish Hotel Group Inc.2 467 Q. Yes?3 A. Now, on the 4th May 1981 we formed IH investments.4 468 Q. When you say, "we formed IH investments"?5 A. Yes.6 469 Q. "We" is who?7 A. Well, The Doyle Group.8 470 Q. The Group?9 A. The Doyle Group, yes.

"10 471 Q. You then formed it. What was it? Was it a company?11 A. It was a holding company and it... (INTERJECTION).12 472 Q. A holding company?13 A. And it wholly owned the other two companies that I14 referred to.


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1 480 Q. Who was he?2 A. Strange as it may seem, I am not too clear. It was,3 what we presumed at the time, a nominee company that4 Des Traynor produced, that would hold the shares in5 trust for something that we would decide later on.6 481 Q. Wait now. I am slightly lost. You are saying that7 Charles Frederick was a company?8 A. I am saying I don't know, believe it or not.9 482 Q. Right?10 A. And I know it is very difficult for even our11 solicitors or yourselves to believe that I did not12 know.13 483 Q. However, you thought that -- just explain that to me


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1 489 Q.2 A.3 490 Q-4 A.5 491 Q.6 A.789 492 Q.10 A.1112 493 Q.13 A.

It was either Weltreisen or Reisen Weltweit?Yes.One of those?Yes.Why do you presume that?Well, from meetings and discussions that we had atthe time. I don't have any record of those but thatwas the presumption.You said Mr. Traynor set up this, is that right?I said Mr. Traynor produced this nominee companyCharles Frederick.Charles Frederick was a nominee company?Yes, and...(INTERJECTION).


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1 rang Des Traynor and said, "Look, can you help us2 with this?"3 499 Q. Yes?4 A. And he said, "I will be in New York on such and such5 a date. Why don't you or George come over and we6 will get advice in America".7 500 Q. Yes?8 A. X was appointed to go over. I met Des Traynor,.9 presumably in 1981. We went to one of the bigitf accountancy firms in America and we told them our11 story.12 501 Q. Yes?13 A. That we had acquired and were about to acquire


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1 holding company, and they will agree and they will2 charge you a few thousand dollars.3 506 Q. Right?4 A. That is exactly what happened.5 507 Q. Right?6 A. And I got a bill for $5,000 for that advice, which I7 refused to pay.8 508 Q. Right. The advice essentially was Mr. Traynor's own9 advice?i A. Was Mr. Traynor's, yes.11 509 Q. His advice was that a company would be formed for12 each hotel?13 A. Any time you bought a hotel form a company.


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f >1 family?2 A. That is right.3 516 Q. The P. V. Doyle Hotels, which was Mr. Doyle's4 company, is that not right?5 A. That is right, yes.6 517 Q. Then this nominee company, which you are not quite7 sure what it was but it was some kind of nominee8 company, held 36% of the shares, probably in trust9 for one of the Liechtenstein companies?10 A. Yes.11 518 Q. Essentially all the shares were held for or on12 behalf of the Doyle family, would that be true to13 say?14 A. I think X would have to ask Brian is that correct.


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Yes, and for the hotel group.So we are going back to what year roughly?That would have been in the early 1950's.Did you continue on as their solicitor rightthrough?Yes, basically, but there*were other solicitorsinvolved in different transactions.Were you Mr. Doyle's personal solicitor as well?I would have been, yes.Mr. Corrigan,.as you know, we wrote to youspecifically in connection with the Thornhill Trust?That's right.I think you probably know there is some confusionabout a couple of Thornhill Trusts that have arisen?


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1 MS. MACKEY).2 14 Q. Thank you very much.3 A. It was actually a standard form of Trust that was4 being used at that stage for families with money5 where the idea was that you put the assets of the6 business or the family business into a Trust, you7 give the equity of the company to the Trustees for8 the children where the parents would retain the9 preference shares which really controlled the10 company. It was kind of a standard at that time.11 15 Q. Right. So that was 1965?12 A. Yes, 1965.


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1 A. In Ireland basically, mainly through PV Doyle Hotels2 which again held the shares in all the other3 companies like the Skylon, the Green Isle and hotel4 and motel enterprises.5 20 Q. So Thornhill Incorporated was the umbrella company?6 A. Yes, was the umbrella.7 21 Q. Through Thornhill then all the Doyle companies were8 owned ultimately through Thornhill?9 A. Yes, that's right. For example when they sold on to10 Jurys, it was Thornhill that was sold and it took11 everything with it.12 22 Q. Yes. The shareholders in Thornhill were all the13 children, is that right?


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1 28 Q. He died in 1988.2 A. Sorry, it could have been 1986, I don't know.3 29 Q. It was before his death anyway?4 A. Yes, it was before his death.5 30 Q. They were distributed to all the children?6 A. There was 25 shares of 100 each given.7 31 Q. In the case of two of the children, Michael and8 David, did they sell their shares prior to the sale9 to Jurys?

10 A. They did but that was a long time later. After11 those 25 shares each, nothing happened until about12 two years after Vincent died and then we were13 reorganising the matter and the shares that the


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1 70 Q. This foundation called TAWA?2 A. Yes.3 71 Q. Were you aware that a sum of money was transferred4 from TAWA into the account of Ansbacher in Guinness5 & Mahon in London to back the loans?6 A. I knew that there was backing, but again I just7 thought it was with Guinness & Mahon.8 72 Q. You did not know it was in Guinness Mahon Cayman9 Trust's account?

('M' 10 A. No, it was just an arrangement that apparently

11 Mr. Traynor had set up.12 73 Q. Were you aware of any other Trusts set up by


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1 after the Burlington was opened, they started to2 flood in and he formed a company over there called3 P.V. Doyle Hotels. Then he changed that because4 they were worried that if something went wrong, they5 could be sued in America and levied here and that the amounts would be astronomical and there was7 trouble with the insurance company who said to8 separate the two things. So I think it became9 external and it dealt with the.bookings from America

10 to Ireland.11 78 Q. Had you any involvement in the establishing of that12 company?13 A. No.


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f "

Our raft IC/w/G4 A4-522nd August 1983

Guinness M ahonGufeMMM MataiACa LJMitad, BMcanR . Box 442,32 St Mary tt HK *London EC3P3AJ. Tel: 0t~6239333Cables: Quhnacp, Tihw: Bfl403S.V. Doyle Hotels Llaited,c/a Guinness c Mahon Limited,17 Callage Green,Dublin 2/Ireland. 1

- i.. Dear sirs, VH.Ha confirm that we are prepared to place at your disposal a loan facilityof up to ona Billion Pounds Sterling (1,000,000) (tba "Facility") toaasist finance your general working capital requirements.Interest will be charged on the daily debit balance outstanding under theFacility at the rata of 1/2* (ona half of one per cantua) per annua abovethe coat to ua of obtaining a Matching funding depoait for an intereat


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ft * Guinness M ahon3) Certified copy of a Saaolution of your "oacd of Oiractora confirmingyour acceptance of tha fcanu and conditiona of the Facility andautho ria l^ an offlcar to andoraa tha attachad copy o this lattar.If you are in agraaaant with tha foragoing fcaoM and conditlona plaaaasign and ratucn to ua (La accordance with tha aforaaantionad BoardKaaolution) tha ancloaad copy of thia lattar togatbar with tha othacit s eaqjwatad harain'wlthin 31 daya or tha data haraoff, othacwiaa thiaof far of fcha Facility will ba daaoad to hava lapaad.


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>3667 MARS EI -,84033 GUIMAN :STH AUGUST 19870 GUINNESS" MAHON DUBLINTT PAT 0'OWYER

COPY TO MICHAEL PENDERROH GUINNESS, MAHON LONDON

Ifi'.r. r>55J*-

E P.V. OOYLE HOTELS LOAN FACILITY OF PD8 1 MILLIONTO RECENT DISCUSSION? CONCERNING THE ABOVE FACILITY (WHICH *XPIRED 24/8/87) UNDERSTAND THAT BORROWER WI8HES FACILITY TO BEENEWED FOR A FURtHER PERIOD.


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c|/03/fl?rpHJE FROM

" S s . 8HO. 0FR^ 6|| Was

V X A TKI.lfAX

16>09

P. O'Dwyer, Esq.,Guinness Mahon Limited,17 Collage Green,DUBLIN 3.

0 0 1

19 t o w n N M i t d n s t u i t ,DUBLIN 3 .

2n a S e p t e m b e r , 1 9 8 7 .

Be: P.V.Doyle HotelsLoan FacilityGuinness Mahon * Co.Dear Pat,


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1667 HARS 1fc033 6UIMAN 6MO HARCH 1988GUINNESS MAKON DUBLINTN MR. COL.LERYI 6UINNESS HAHOK LONDON V OOYv.5 HOTELS LOAM FACILITY PMDS 1 MILLIONi ADVISE THAT INTEREST ON THE ABOVE LOAN FOR THE PERIOD 24 AUGUS"87 TO 23 Fc8 ARY 1988 AMOUNTING TO *ND8 57i261.99 BECAME OUE FORIVMPwT ON ?cS"AY


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1 Accounts Bank period StBttsnoot firs Sftoctbff22nd. Angnst1983 863.01 yfe 31/7/84 NoBUfYeartoM*. 31336.16 yfe 31/7/84 YesHslfYeartoAag. 30,797.93 NoEUfYeartoPdi.tS 37,34X47 y/e 31/7/13 YesHalf earto Ang.'Sa 36,407.33 YesHalf earto Feb.*86 3884.23 y/e 31/7/86 YesHalf earto ABg.*86 37,963.73 NoHalf earto Feh.*87 . 3JS35.96 yto 31/7/87 NoHalf earto An.-87 Slfi67.il NoHUfYasrtoNb.W 37,261.99 y/e 31/7/88 NoBUf earto Ang.'SS 37,027.40 MbHalf Yearto fdj. 53,691.78 y/e 31/7/89 NoHalf ear o ng-TO 69.734J9 NoHalf earto Peb.*90 73,80L37 y/e 31/7/90 No


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6. Carvllle, Esq.,Doyle Totals Group,Granfor*Cranforfl Court,Sttllorgan,..

SSLi A/A3B an* A/A42

28th September, .1990,

Dear George,The position ro .above ia as follows*


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Appendix XV (31) Mrs Helen Dow nes1. Evidence relied upon by the Inspectors in arriving at the conclusion relating toMrs Helen Downes.

a) Statement of Helen Downes of 8 March 2000.b) Extract of evidence given by Padraig Collery of 11 January 2000 toAnsbacher Inquiry, with list of codes showing A/A45 relating to H elenDownes.c) Statement of account of Ansbacher Cayman Limited of 31 December1992.d) Statement of account - Hamilton Ross of 31 January 1993.


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Appendix XV (31) (1) (a)


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Statement of Helen Downes, prepared for the purposes of the Inspectors appointed byorder of the High C ourt to Ansbacher (Cayman) Ltd.

Re letter dated 20 January 20001. I never caused to be executed a deed of trust or other instrument in the Cayman Islandsor elsewhere whereby the Company or some other person associated with it, or acting asits discretion was a trustee or managed the trust and I never transferred money or otherassets to any such trust.2. I have never caused to be established in the Cayman Islands a body corporate to whichmoney or other assets was or were assigned and which were managed by the Companyor by any other person associated with it or acting at its discretion.3. I never borrowed or utilised funds in the Company or any "back to back" basis or on anybasis.


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Schedule of E ntities and Perso ns to th e best of my recollection and know ledge at this timein accordance with th e information required in the Schedule Section 1.2

t

17 H D ow ne s -A / A 45


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'"Sr MslSBACHER LIMITED. U 88 } n nd Cayman British West l,._.es


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Ansbacher LimitedCayMnL J

Telephone Mo. 04553/4Telex CP 305 Cable Addreaa Guinn essA/A 45

ACCOUNT NUMBED 80001634 PAGEBALANCES SHOWN ARE lit rtarling930A1/92 BROUGHT FORWARDh/12/92 23/12/92 EEPAH)13/12/92 23A2/92 BKLCOGED23/12 /92 23/1 2/92 IHT AM23/12/92 23 /12 /92 In t e re a t t o 33/12/93

31/12/92V. CARRIED FORWARD

14130.300.01

*4049.4714130.30

80 .84

14130, 30


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n n i H O D M u n c n i i i v i 1 1 c u\ 0 ~ e ^V3rnd Cayman British Wast


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,TOti BOSS -f ai t. .a .,4 / 0 1 / 9 3 2 3 / 1 2 / 9 3 .1 25 / 0 1 / 9 3 3 3 / 0 1 / 9 3 M T KB E S TB 5 / 0 1 / 9 3 2 5 / 0 1 / 9 3 * B B I T MB 5 / 0 1 / 9 3 2 5 / 0 1 / 9 3 HB PA XDB 5 / 0 1 / 9 3 2 5 / 0 1 / 9 3 EB LOD GK D5 / 0 1 / 9 3 2 5 / 0 1 / 9 3 I n t e r e s t t o 2 5 / 0 1 / 9 3

A/A45ACCOUNT NUMBS* 80001634 p A Q E 1BALANCH SHOWN ARE DC s t e r l i n g

.001 * 1 3 0 . 3 065.0414219.73 1 4 2 1 9 . 7 36 5 . 0 4

Jl/01/93\ 14219.73CARRIED FORWARD


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Appendix XV (32) Mr Jam es Durkin1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to MrJames Durkin.

a) Letter of 31 October 2000 from Michael Durkin to Inspectors..


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43a Napsbury Lane.St AlbansHertfordshireAL11DUEngland

31 October 2000-f m

The Honourable Mr Justice Dedan Costeflo& Ms Noreen Mackey & Mr Paul Rowan31" 1 FloorTrident HouseBlackrockCo DublinIrelandDear Srs/ MadamGUINNESS MAHON, DUBLINI ackrcwtedge receipt of you-leto I also confirm that I have nowbecome aware that you wrote a letter in sirdar emislnJune 2000 omyfatf^,James Durlcw^Road, Worthing, W Sussex. I wish oe s p o n d on behalf of both of us oyour letter as follows:


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My lather's intention, as expressed to me at that t ime, was that his investment with Guinness Mahonwas o"put something by" or his ourchildren, i went oDublin with my father as he requested andthe two of us met "Mr Traynor" at an office block in Dublin city, which I assume was the GuinnessMahon bank premises, and I signed a document produced ome by Mr Traynor, but I was not givena copy of what I signed. This was the first and only ime met Mr Traynor, whom I recollect was apersonable man who seemed sompetent in inancial matters; and that my father and I both left ourmeeting with im eeing confident that my father's investment was secure and growing. Both then andsubsequently my understanding and, I believe, my father' s understanding, was that my father'sinvestment was with Guimess Mahon in Dubin and that Guinness Mahon charged and administrationfee for their services, calculated as a percentage of the otal nvestment at the end of each annualperiod. That was the end of my involvement with the investment orseveral more years.

4. About six years ago, m y father spoke ome again about the investment and was somewhat agitatedabout it, having apparently been telephoned by someone in Guinness Mahon. Again, he asked met o goto Dubln with him, which I cid, and we met with two men, whose names I cannot recall, who toldus that Mr Traynor had died some months previously and that they were now managing my lather' sinvestment I ecollect heir talking about " making changes that possibly would make more money" ,which made me personaly apprehensive on my father's behalf. In the months ollowing hat meeting,I sought opersuade my a t h e r omove his investment oanother bank. Eventually, after about six


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Ansbacher LimitedPleasereply o:42 Fitzwilliam Square,Dublin 2.Tel: 765144/763065Fax: 612033

P.O. Box 887, Giand Cayman. Cayman Islands, British West IndiesTelephone: (809) 949*8655 Ttlex: CP 4305' Facsimile (809) 949-7946 (809) 949-5267

Ronan Redmond, Esq.,Corporate Services,Irish Intercontinental Bank Limitad,91 MarrIon Square,DUBLIN 2.

11th August, 1992.

Dear Ronan,Could you please arranga to let ma hava for collaction onFriday morning please, 14th August, two Sterling chequesas follows


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Hamilton Ross Co. LimitedM . _ P.O. Box 8X7. Grand Cayman. Ciyman Utaxfc. BriiWi Wat Indie*PZflSSC KQi9 cO*42Fi&wflUunSqtuw, " Tdephwfa(W94WM5 Telex: CP 4305Dublin 2 Ficulmlle (800)949-7946. (809)949-3267Tfcl: 765144/763065Rue 612035 11th February,1993.Ronan Redmond, Esq.,Corporate Services,Irish Intercontinental Bank Liaited,91 Merrion Square,DPBLIW 2.

pear Ronan* *Could you please arrange to let me have for oolleotion aStarling cheque for Stg.2,000.00 payable to J. Durkin anddebit the cost to Hamilton Ross Account No.02/01354/81.

*


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Ms Daire Nolan-Cassidy, 12th September, 1994.Corporate Services,Hsh Intercontinental BankLimited,91 Menion Square,DUBLIN2.

: ! * * < : vDearDoire, . i iConidyou please strangeto let ua havefbr coltectionas soon as pwithin t Sterling


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Appendix XV (33) Mr James Sidney East, deceased1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to MrJames Sidney East.

a) Letter of 18 August 1971 from Kennedy Crowley & A ssociates to MrJohn Ronan.


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Appendix XV (33) ( l) (a )


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Kennedy Crowley & Co. Chartered AccountantsHainault House 69/71 S t Stephen's Green Dublin 2 Telephone 757971John Ronan, Bsq., H. Ronan & Sons, B W A94/95 South Mall,C o r k - Oste: 18 August 1971

re: Cayman islands TrustSear John,In the course of discussions which I had on Friday with Kaasrs.Gaorga Crampton and I vu asked to writs to youasking you to advise than and Messrs. 8. Clarke, 8. Seymour, j. sidnay E&seand i. Webb regarding tha satabliabsent of discretionary trustsin the Cayman Islands. X had alraady sant yon for general informationa draft of a trust daad which Is us ad In the Cayman Island* and thaabove named would lika you to advlaa than aa a group on the suitabilityof such a trust daad for their purposes but at a later stag*


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Kennedy Crowley & Co. Chartered AccountantsHainault Housefid/71 St Stephen's Green Dublin 9 Telephone 757971

Q.C. Crop on, Baq., DR/GC9, Maple load,Dublin 14. | J m b { 8th Kerch, 1972

Re: Cayaan Trusts.

Bear Mr Crampton,Z m sorry that It haa' taken ate rather longer to coae back to you withthe draft Letter of Wlahes. X en no* enclosing six copies of thisdraft so that It may be considered bj eech of the IndlrLduala concerned.I think that the tern* of the letter are fairly self-explsnatory sadshould not give rise to any problems hut, should anyone wish to discuss


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tKmnady Crowleyfc Co. continuation htat /


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GUIUKtfaS c AUOfi LTD.MEliTIMG Ol' BOdBD Of DTRECTOUS2CI.li tOvMMHK; 74 .

A G E N D A

000534KL is


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" Lo*m mitK/lMWuK 1nc :t HtmCuptor Ul* lafcoraaiJteis .laisasi Comt

Sldnty iMt 5,000 is s,oaaAdditional fund* at M.ooo uka upsuitably nauM position.


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III I7 236 Q. X would like, Mr. Crampton, if we could go through8 briefly the last set of documents you gave us, which9 we got yesterday (SAME HANDED TO MR. CRAMPTON).

10 Yes, this might be a good time to we will break11 now, Mr. Cramp on, and you might like to look at12 these documents I want to go through with you. We13 will break for ten or fifteen minutes.14 A. All right.151 6 SHORT Apjotnaooprr17


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1 240 Q. Were these fellow Directors of yours?2 A. Correct.3 241 Q. Were these Trusts set up, do you know?4 A. That, I do not know.5 242 Q. 1 do not know?6 A. No.7 243 Q. You have not talked to your fellow Directors at all8 about this?9 A. There is only one alive at moment.10 244 Q. who is that?11 A.12 245 Q.13 A. Correct.14 246 Q. Is it your recollection that you did not talk to any


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Appendix XV (34) Mr Francis Augustine Eastwood1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr

Francis Augustine Eastwood.a) Letter of 9 August 2001 from Sheehan & Company to Solicitor to theInspectors enclosing unsworn statement of M r Ronan Eastwood .b) Letter of 30 April 1991 from Ansbacher Limited to IIB.


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Appendix XV (34) (1) (a)


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ftheehan & CompanyS O L I C I T O R S

I CLARB STREET DUBLIN 2. TELEPHONE 01 fttl tV]}TBLSPAX DJ 64I0D 1J, O.D .I. 161

OUR RI P; VOUR RKH: DATS:JPS/MC ' 941 August 2001Maty CumminsSolicitor to the Inspectors3 r d FloorTrident HouseBlackrockCo. Dublin

Re: Ou r Client: Ellen Eastwood

Dear Sits,Further to your recent letter, we apologise for the delay in dealing with tins matter.


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UNSWORN STATEMENT OF RONAN EASTWOOD, son of the lateAugustine Eastwood.I am the son of the late Francis Augustine Eastwood of528 Antrim Road, Belfast

My father died on the 7 * of January 1999. My mother, Ellen Eastwood is still alive, aged 77.However, she has no direct knowledge of die matter, the subject of your enquiry, and was totallyunaware of my late father's dealings with Ansbacher (Caymen) Limited (ACL) during h is lifetime.I am one of IS children and I am satisfied that none of us whatsoever were aware of my father'sdealings with ACL.The first time I became aware of the matter was when I read an article in the Sunday Independentwhich named my father as an account holder. I d un made enquiries of M r. Padraig Collery whoconfirmed the position and suggested that I contact AC L directly to ascertain die Acts in m oredetail.


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name of the third trust It was subsequently confirmed by Mr. Bothwell that the third trust was theOmaha Trust.

My Solicitor, Mr. Sheehan, duly met with Mr. Bothwell and Mr. Kervin Glidden of ACL and alsowith Mr. Andrew Jones of M aples and Calder, Attorney-At-Law representing ACL , followingwhich meeting it was agreed that in return for my m other signing three deeds of Indemnity, (onein respect of each Trust)(copies enclosed), the Bank would distribute the balance remaining ineach Trust to my mother. Tbis process is just now coming to a conclusion.

From information which I have acquired over the past months, it seems that certain distributionswere m ade to my father, or at his direction, to third parties-from he various Trust Funds. Thesewere made with the assistance of Mr. Collery and I believe originated in Ireland from funds heldby ACL atH B in Merrion Square, and were made by way of Bankdraft. .I know that in or around 1993/1994 all 15 children in the family received a gift of 5,000 whichexplains a d istribution at ins ime of 75,000from die Omaha TrustFrom documents made available to m y Solicitor by IIB, it seems that certain loans were m ade tomy fether and third parties, die security forwhich was,fiom what I understand, W hatiJ referred to


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You have raised a number of questions in Appendix C of your letter. The following are ray replieson behalf of my later father's estate, to the best of my knowledge:-

1 a) Herewith please find all documentation in my possession in relation to the three trusts(namely, Canton, Dallas & Omaha) comprising Deeds of Trusts, Trust Accounts andvarious statements.

There are no associated corporate bodies.

b) 1989.

c) None.

d) i. There were no distributionsfrom he Canton Treat.ii. There were distributionsfrom he Omaha Trust between 1992-1994 only,iit There were distributionsfrom he Dallas Trust between 1992 and 1998

Details are as seto ut in theacawntsfbinisfaed herewith. .


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Do not know but will endeavour to ascertain.

The answers are similar to those at 2a-f respectively.

I believe that this is not applicable.

ft does seem that the service as referred to was availed of. I enclose booklet of

correspondence furnished by IIB in tins regard.

No permission was appliedfor o the best of my knowledge.In relation to this question it is possible that the funds deposited in AOL were originallydeposited with College Trustees Limited, however, tins has no t been confirmed.


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27th November 1989Dated:


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THIS INDENTURE OF SETTLEMENT is made the 27th day of NovemberA.D. ]9 89 BETWEEN JOHN A. FURZE of Snug Harbour, P.O. Box 887,Grand Cayman, B.W.I, (hereinafter called "the Settlor11) of theone part and ANSBACHER LIMITED a companyincorporated under the laws of the Cayman Islands and carryingon business thereinafter (hereinafter called "the Trustee" whichterm shall also include any additional or successor trusteeor trustees hereof) of the other part.WHEREAS the Settlor has caused the property described in theFirst Schedule hereto (which together with the money invest-ments and property, for the fcime 'being - pemtmsmsgt'-tisriiwsi''and -and additions or diminishments thereto, and any furtherproperty becoming subject to the trusts hereof is hereinaftercalled "the Trust Fund" and shall be known as "the Omaha


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or property other than money either to permit all or any ofthe same to remain as invested for as long as the Trusteesshall in their absolute discretion deem fit or to sell callin or convert into money all or any of such investments orproperty UPON TRUST as to money including the money arisingfrom any such sale calling in or conversion as aforesaid toinvest the same in or upon any of the investments hereinafterauthorised.2. THE Trustees may apply or invest the Trust Fund .in thepurchase of or at interest upon the security of such stocksfunds shares securities options or other investments or. propertywhether real or pers^al^movab^ .nature and wherever situate (including any fractional orundivided interest, therein and including the purchase maintenance


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execution of the trusts and powers hereof the Trustees shallnot be liable for any loss to the Trust Fund arising by reason

tof any investments made in good faith or by reason of anymistake or omission made in good f.aith by the Trustees or byreason of any other matter or thing except wilful and individual

ifraud or wilful and individual wrong-doing on the part of theTrustees who are sought to be made liable without limiting thegenerality of the foregoing the Trustees are hereby specificallyempowered to make investments and to acquire property withoutany requirement of diversification even though such investmentsor property may be highly speculative or not of a type whichare suitable trust investments or holdings. In particular the


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Trustees shall be concerned to inquire into the propriety orvalidity of any act of the Trustees or to see to the applicationof any money :paid or property transferred to or upon the orderof the Trustees.4* DURING the Accumulation Period the Trustees shall standpossessed of the Trust Fund and the income thereof upon thefollowing trusts that is to say:-

(a) Upon trust for all or any to the exclusion of theothers or other of the persons described in the SecondSchedule hereto (being and hereinafter called "theAppointed Class") in such shares and in such mannerTrustees in their absolute and uncontrolled discretionat any time or. times before the Fixed Date by any deed


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existence at the time of such disposition and whetherin accordance with the laws of the Cayman Islands or

*

not) under which any member of the Appointed Class isa beneficiary to be held as- an accretion to the TrustFund thereof and subject to any such appointment and sofar as the same may not extend.(b) Upon Trust to accumulate any income of the TrustFund in the way of. compound interest by investing thesame and the resulting income therefrom in any of*the investments hereinbefore authorised and addingsuch accumulations and resulting income as accretions


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in equal shares absolutely and subject as aforesaidthe Trustees shall hold the capital and income of theTrust Fund in trust for the Grand Cayman branch ofthe British Red Cross Association and the receipts ofthe Treasurer for the time being of such Charity shallbe a good discharge to the Trustees,(e) Any payment or application of the Trust Fund toor for the benefit of any one or more of theparties hereinbefore enumerated may be made eitheroutright or in trust for the said party or partieswhich trust or trusts may be formed by the Trustees


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(b) With respect to any property constituting thewhole or part of the Trust Fund to exercise all powerswhich individual beneficial owners might exercisewithout being restricted in *ny way by the officeof trustee including (without prejudice to the generalityof the foregoing) the following powers.

(i) To .promote and incorporate companies to carryon any business whatsoever and power to liquidate thesame and distribute their assets in specie or other-.wise.(ii) To vote upon or in respect of any shares 'securities bonds notes or other evidence bf interest,in or obligations of any corporation trust association


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(v) To become a party to any voting trust ordeposit agreement and to deposit any securities orproperty held hereunder with any protectivereorganisation or similar committee or in any votingtrust or with any depositary designated thereby and(vi) To exercise or concur in exercising thevoting and other rights attaching to any securitiesfor the time being forming part of the Trust Fundso as to become a Director or other officer oremployee of any company and to be entitled to votefor and to be paid and to retain for the .Trustees *

1


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^ - 9 -retain the shares or securities of investment companiesor investment trusts whether of the open or closed typeand without notice to anyone to participate in anycommon trust fund maintained" "by any corporate trusteeat any time serving hereunder.(d) To engage the services of an investment advisoror advisors at the expense of the Trust FUnd and withoutliability to follow tKe recommendations -of such advisoror advisors even though such recommendations may- behighly speculative or not of a type which wouldordinarily be legal or suitable trust investments.

to such persons including the members of the Appointed


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derived from any property at any time comprised in theTrust Fund and generally to determine What part of thereceipts of the Trust is income and what is capitaland whether or not such property is wasting or unproduc-tive or was purchased at a premium-or discount and*notwithstanding the time when such dividends stockdividends rights interest rent issues or profits wereearned accrued declareci or paid to make such reserves outof income or capital as the Trustees deem proper -forexpenses taxes and other liabilities of the Trust topay from income or from capital or to apportion between

investments and of selling exchanging or leasing


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(i) To institute prosecute and defend any suits oractions or other proceedings affecting the Trusteesor the'Trust Fund or any part thereof to compromiseany matters of difference "or* compound any debts owingto them as Trustees or any other plainus and to adjustany disputes in relation to debts or claims againstthem as Trustees upon evidence that to the Trusteesshall seem sufficient"*and in whole or in part at publicauction or private sale or otherwise and upon such termsand for such terms as the Trustees deem advisable tomake partition with the co-owners or joint owners besides

1^


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default negligence or fraud of any agent, so - -."rui.-.-ltirrnB

including the receipt or payment of money and theexecution of documents and no firm association orcorporation any of whose securities are included

*

within the Trust Fund and no'purchaser or other persondealing with any agent purporting to act under,delegation or authority from the Trustees shall berequired to ascertain^ or inquire whether a case existsin which such delegation is permitted or whether suchdelegated authority is still subsisting PROVIDED howeverthat the Trustees shall not be responsible for the


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various Beneficiaries and further that any distributionsof the Trust Fund may be either made directly to anyBeneficiary or applied for his benefit by the Trusteesor during his minority made to his duly appointedguardian or to any person with whom he lives or residesfor the use of said Beneficiary without responsibilityfor its expenditure.WITHOUT prejudice to the generality of Clause 5'hereof

if the Trust Funds shall include any shares or other interestsin a company the ownership of which gives to them the right


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n i,

the time being having power to appoint new Trustees hereof

PROVIDED however that thie Trustees may transact on behalfof or with the Trust or any Beneficiary hereunder any businesswhich by their constitution they are authorised to undertake 'upon the same term as would for the time being be made withan ordinary customer and without accounting for any profitthereby made and in.particular and without prejudice to thegenerality of the foregoing the Trustees may retain on currentaccount or deposit .account or advance at interest all moneysnecessary or convenient to be retained or advanced in connectionwith the Tj


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8. (a) THE Trustees hereof (whether original or substituted)may at any time or times be removed from their office of

iTrustees by a deed executed by the Settlor (hereinafter called"the Appointor") and delivered to. the Trustees and theAppointor may by deed executed and delivered as aforesaid appointany other person or persons Whether or not resident in theCayman Islands to be Trustees either jointly with any other *then continuing Trustees or "Solely if after removal there shallnot be any continuing Trustees and thereupon the Trust-Fundshall be by any assurance as may be necessary or expedientvested jointly in the persons who shall thereupon become theoutgoing trustee who is liable as. a trustee hereof or may on


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or become incapable of acting therein then the followingpersons namely: (i) the Appointor or if he shall be dead or unable I... ior unwilling to act ji

(ii) the surviving or continuing Trustees hereof for the Itime being or if there be no surviving or continuingTrustees . !(iii) the personal representatives of the last survivingTrustee if such last Trustee was an individual but ifsuch last Trustee was a corporation then such last Trustee upon retirement may by deed appoint one or more- _ fincluding the persons exercising the power) to be aTrustee or Trustees in the place of the Trustee so


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the Appointor may from time to time appoint in writing. Suchresignation shall become effective upon the day specified insuch notice of. resignation.

(e) In the event of the resignation of the Trusteeshereof or in case there shall be no trustee hereunder ASSBACHER(C.I.) LOOTED of GUERNSEY, CHANNEL ISLANDS or theirsuccessors shall become substituted Trustees hereunder.

(f) Upon the resignation or removal of the Trustees ashereinbefore provided the Trustees shall be entitled to receive *reimbursement out of the Trust Fund for all expenses incurredby them in connection with the settlement of the account of the

(g) On every change in the trusteeship a memorandum shall

ji


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THE Trustees shall provide for the safekeeping of alldocuments of title and securities the subject of this Settlementand may at the expense of the Trust Fund (which expense mayinclude any charges for the safe custody of securities and thecollection and remittance of income) deposit the same in thecustody of any bank banking company corporate trustee or stock-broker in any part of the world that undertakes the safe custodyof securities as part of its business but so that the Trusteesshall not be in any wise responsible for the misapplication ofthe same or any of them by such bank banking company corporatetrustee or stockbroker or for any loss which may be occasioned

n-- I!ii ' f


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12- THIS Trust shall be irrevocable and the Appointorexpressly waives all right and power whether alone or inconjunction with any other person to alter amend or revoke

* .

this Settlement in whole or in part or as to any of its terms.13. THE Trustees shall not be personally -liable on contractsmade by them in the administration of the Trust and personsentering into contracts with the Trustees shall look solelyto the Trust Fund.14. WITHOUT prejudice to the "right under the general lawof the Trustees to refuse disclosure of any document it is.hereby declared that the Trustees shall not be bound to disclose


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principal office of any corporate trustee hereof but shall notbe bound to give any further information to any member of theAppointed Class relating to the affairs of the Trust or to permitany member of the Appointed Class to make any copies of anydocuments relating to the Trust.1 5

THIS Settlement is made under the laws of the CaymanIslands and the rights of all parties and the construction andeffect of each and every provision hereof shall be subjectto the exclusive jurisdiction of and construed only accordingto the laws of the Cayman Islands which shall be the forum forthe administration of this Trust PROVIDED however .that the

by deed declare that this Trust and the rights of all partiesand the construction 'and effect of the provisions hereof shall


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Class hereunder or which would not recognise the validity ofthis Trust if such non-recognition would result in therevocation or termination of the Trust.IN WITNESS where of the said JOHN A.;'FUBZE has set hishand and seal and the Common Seal of ANSBACHER LIMITEDhas been hereunto affixe'd" the day and year first before.written.Signed and Sealed )

Sfljilll^


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FIRST SCHEDULEUS]00.00 (one Hundred Dollars United States currency)

SECOND SCHEDULE

Any individual or corporate entity contributing the sum of U.S.dollars ten or more to the Cayman Islands Branch of the BritishRed Cross Association upon the production to the Trustees ofa receipt for said donation, signed by the Treasurer

W P S i of said Association and in the event the said


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BE IT REMEMBERED that on the 27th day of November 1989before me a Notary Public in and for the Cayman Islands personal 1;came and appeared MflRIBELLE:BROWN Who on oath swears thatshe was present and did see JOHN A. FURZE duly sign and seal andas and for his act and deed execute acknowledge and deliverthe within Deed for the purposes therein mentioned.SWORN AND SUBSCRIBED TO before me at George Town, Grand Caymanthis 27th day Of November 19 89


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!


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Balance SheetSeptember 30 2000 1999(Expressed in Pounds Sterling)ASSETSCash

Fixed depositAccrued income5,006

858,6021,8591,356

827,0461,796864,967 830,198

LIABILITIESAccounts payable and accrued expenses (288) MNET ASSETS 864,679 830,031

REPRESENTED BY:

Omaha Trust UNAUDITED


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Income Account

September 30(Expressed in Pounds Sterling)

INCOMEBank Interest

EXPENSESTrustee feesAccounting

N E T INCOME

2000 1999

38,918 42,793

4,148289 3,9351704,887 4,10584,531 38,688


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Capital Account

September 30 2000 1999(Expressed in Pounds Sterling)

BALANCE AT BEGINNING OF TEAK 741,763 741,723

Foreign exchange gain 117 40BALANCE AT END OF YEAR 741,880 741,763

r


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Notes to the Trust Accounts(Expressed in Pounds Sterling)September 30,20000 BACKCKOL'Ni) IM-'OKMAHON

The trus t was established by deed of settlement dated November 27,1989 in the Cayman Islands .2. \(T()L NTlNr, I'OI TCIKS

These trust accounts have been prepared in accordance with International Accounting Standardsand the significant accounting policies a re as follows:Cash Flow StatementA cpyhflow statement has sot been prepared as the users of the financial statements are fullyinformed of all transactions involving cash or cash equivalents, and no additional information wouldbe provided by preparing a cashflow statement.Foreign Currency TranslationMonetary asse ts and liabilities denominated in foreign currencies have been translated into PoundsSterling at the rates of exchange prevailing at the balance sheet date. Income and expenditures.transaction occurred. Resultant exchange gains or losses have been taken to the Capital Account.


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Trust AccountsSeptember 30,1999


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UNAUDITEDwmmmmmmBalance SheetSeptember 30 1999 1998(Expressed in Pounds Sterling) (Notes)ASSETSCashFixed depositAccrued income

1,356827,0461,7963,379787,772301880,198 791,452

LIABILITIESAccounts payable and accrued expenses JiZLN E T ASSETS


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September 30(Expressed in Pounds Sterling)

INCOMEBank Interest

EXPENSES^ . Annual trustee feesAccounting fees

NET INCOME

1999 1998(Notes)

42,793 53,591

8,9351704,105

3,862149

S 8,688 49,580

r . .OMAHA TRUST UNAUDITED


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Capital Account

September 30 1999 1998(Expressed in Pounds Sterling) (Notes)

BALANCE AT BEGINNING OF YEAR 741,723 741,885

Foreign exchange gain (loss) 40 (162)

BALANCE AT END OF YEAR 741,763 741,723


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UNAUDITEDmmmmmmmNotes to the T rust Accounts(Expressed in Pounds Sterling}September 30,1999

15A< KNThe trust was established by deed of settlement dated November 27,1989 in the Caym an Island s.A C C O U N T I N G P O L I C I E SThese trust accounts have been prepared in accordance with International Accounting Standardsand the significant accounting policies are as follows:


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H -i-

pMAHA TRUST UNAUDITEDTrust Accounts

OMAHA TRUST UNAUDITED


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Balance SheetSeptember 30 1998 1997(Expressed in Pounds Sterling) (Notes)ASSETSCash 8,379 3,706Fixed deposit 787,772 739,157

Accrued income 301 138Current Assets 791,452 743,001T ABILITIESAccounts payable and accrued expenses (149) (1,116)N ET ASSETS 791,303 741,885REPRESENTED BY:Income AccountCapital. Account

iv .

49,580741,723 741.885

rOMAHA TRUSTIncome Account

UNAUDITED


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September 30 1998 1997(Expressed in Pounds Sterling) (Notes)

INCOMEBank Interest 53.591 42,75453,591 42,754

EXPENSES iAnnual trustee feesTrustee time spent chargesAccounting fees3,862

1494,011

3,94475114,462

ODMAHA t r u s tCapital Account

UNAUDITED


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September 30 X998 1997(Expressed in Pounds Sterling)

BALANCE AT BEGINNING O F YEAR

(Notes)

741,885 703,652

Transferred from Income AccountGain/(loss) on foreign exchange (162)

38,292(59)

BALANCE AT END OF YEAR 741,723 741,885


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Notes to the T rust Accounts(Expressed in Pounds Sterling)September 30,1998L- B.U'KGi'uPL -N'i> f M UR.U VI K>iN

The trust was established by deed of settlement dated November 27,1989 in the Cayman Islands.


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bW?

I Ir v . Will KB

UNAUDITED


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O M A H A T R U S TBALANCE SHEET AS AT 30 SEPTEMBER 1997

(expressed In Pounds Sterling)

imASSETSCash at BankCurrent accountsFixed deposit

Accounts receivable

Accounts payable and accrued expenses

3,706739,157

r s mt\UNAUDITED


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CAPITAL ACCOUNTFOR THE YEAR ENDED 30 SEPTEMBER 1997(expressed in Founds Sterling)

notesBALANCE BROUGHT FORWARDTransferred from Income AccountBALANCE CARRIED FORWARD

1226703,65238,233

741,885

\ $

" Uiuiij


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OMAHA TRUSTINCOME ACCOUNTFOR THE YEAR ENDED 30 SEPTEMBER 1997

(expressed In Pounds SterHng)

UNAUDITED

INCOMEBank deposit interestGain on foreign exchange

notes

4

42,754m

42,695

1996

*

r^


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OMAHA TRUSTNOTES TO THE FINANCIAL. STATEMENTSFOR THE YEAR ENDED 30 SEPTEMBER 1997

(expressed in Pounds Sterling)

1. BACKGROUNDThe trust was established by Indenture of Settlement dated 27 November 1989.

2 . ACCOUNTING POLICIESThesefinancial statements have been prepared in acconjance with g e ^nrraimting principle and the principal accounting poKcy jg Shown bdOW.FOREIGN EXCHANGE TRANSLATIONAssets and liabilities denominated in foreign currencies have been translated into Pounds; at the rates of exchange prevailing at the balance sheet date. Income and


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OMAH A TRUSTFINANCIAL STATEMENTSFOR THE YE AR END ED 30 SEPTEMBER 1996


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OMAHA TRUSTBALANCE SH E E T A S A T 30 SEPTEMBER 1996

(expressed in Pou nds Sterling)

A S S E T SCash at BankCurrent accountsFixed deposit

1995

r .


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I N C O M E A C C O U N TFOR THE YE AR EN DE D 30 SEPTEMBER 1996(expressed In Pounds Sterling)

r* - notesINCOMEBa nk deposit interestGain on foreign exchange

E X P E N S E S

40,005(5939,950

1225


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NOTES TO THE F INA NC IAL STATEMENTSFOR THE YEAR E ND ED 30 SEPTEMBER 1996(expressed la Pounds Stertfng)

1. BACKGROUNDThe trust w as established by Indenture o f Settlement dated 27 November 1989.

^ 2. ACCOUNTING POLICIESThesefinancial statements have been p repared in accordance w ith generally acceptedaccounting principles and the principal accounting policy is shown below.FOREIGN EXCHANGE TRANSLATIONAssets and liabilities denominated inforeign currencies have been translated into Pounds

r*-' %


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OMAHA TRUSTFINANCIAL STATEMENTSFOR THE YEAR ENDED 30 SEPTEMBER 1995

i M M M M

r


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OMAHA TRUSTBALANCE SHEET AS AT 30 SEPTEMBER 1995

(expressed in Pounds Sterling)

t "

' r- 1


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OMAHA TRUSTINCOME ACCOUNTFOR THE YEAR ENDED 30 SEPTEMBER 1995(expressed in Pounds Sterling)

Two yearsended30-Sqp-94r* INCOMEBank deposit interest

Accountancy foesManagement fees

45,476

r


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NOTES TO T HE FINANCIAL STATEMENTSFOR THE Y EAR ENDED 30 SEPTEMBER 1995(expressed in Prands Starting)

L BACKGROUNDTh e trust was established by Ind enture o f Settlement dated 27 N ovember 1989.

2. ACCOUNTING POLICIESThere fmapHil statrmrrtft W i prepared in accordance with generally ac ceptedaccounting principles and die principal accounting policy is shown below. In theprevious accounting period, the statements were prepared on die cash basis.No restatement o f the previous years'figures, due to the change in accounting basis,has been made, since the adjustments would have been imm aterial.FOREIGN EXCHANGE TRANSLATION


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r*


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BALANCE SH EE T AS AT 30 SEPTEM BER 1994(expressed in Pounds Sterling)

ASSETSCash at BankCurrent accountsFixed deposit

1992

(3,874)631,921

'


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I N C O M E A C C O U N TFOR THE TW O Y EA RS END ED 30 SEPTEMBER 1994(expressed in Pounds Sterling)

27-Nav-89to


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OM AHA TRUSTNOTES TO TH E FINANCIAL STATEMENTSFOR THE TW O YEA RS ENDED 30 SEPTEMBER 1994(expressed la Pounds Sterling)

1. BACKGROUNDThe trust was estabfished by Indenture of Settlement dated 27 November 1989.

2. ACCOUNTING POL ICIES

*

r".'


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n m i A l T A T R U S T

P.O. Boot 887,B.WX


143/433

MmgB-Sllfflfl A* ^ 30rti l j ' ^ t l r j i i r l w M W2(Allfigures expressed in Pounds Starting)

LIABHiTIES;rapltalAccounts Payable

758,296.842JgQ.OO

Rcjreaented by *

. /


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Interest Received 61,382.49

LessEsEBcaadbos:


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A Mimto r tf lit Mmy Ambottmr 8oUU*> fLC Mmhmt J b n f c n t G ro u p


146/433

/ * Please reply to:42 FlttwQliun Square,Dublin 1Tel: 7&5144/763065Rue 612035

MX h i K7. Oiud Cwmn. Brivfc W WinPtKMK (ten MM6S3/4Trine Cf 00}f tu c ( M l ) N M N 6(M*)MM2Sr

Garrett Logan, Ssq.,Irish Intercontinental Bank United,91 Marrion Square,PPM-IW 2.30th April, 1991,

Daar Garrett,Could you pleat* arrange to lt ma hava for collection a StarlingDraft for 2,976.00 rirrahlT rff fft f.A. tltrnffl* .A^i.k^


147/433

r


148/433

. t i fV - * -.V' ..-V

Mtm kr tf thr Umy Ambtthm HeUmgt PLC MtrdmuMtnkittg GroupPleasereply o:


149/433

Please reply to:42 Fitzwflliim Square.Dublin 2.

Facsimile (109) 949-7946(FtancrfyAufaacber Limited)


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Tel: 765144/763065Fax: 6120355th April, 1993.

Ronan Redmond, Esq.,Corporate Services,Irish intercontinental Bank Limited,9 1 Merrion Square,DUBLIN 2.

Dear Ronan,


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< t 9

InternationalTrust GroupBank ancPWuatCompany LimitedP.O. Box 887Grand CaymwBrtfrt WastM as


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TelefaxT*phom 809 949 8655Tata CP 4305FacaMa 809 949 5287

From: Furae, Eaq. Refno.To: Irleh later ontinental Bank, Dublin IrelandAttention: ROHAN HHMND, XSQ.Fax No: 011-3531-6783-034.Date: 13-03-94


153/433

.. \ *r*


154/433

Telefax

Ansbachar (Cayman) LimitedP&.BatKJ2S28EfKipininWomWiMmMH-JuMflOflMasssAttn*009 9418287

From: Join A. Jtanw RafnaTo:AamOon:Fax No:

Irish Intercontinental Bank - Dublin, IrelandMS. OURS NOLRN-CAMCnW0U-353-1-678-M3415 Novmbmc, 1394

Appendix XV (35) Mr Stephen Enoch


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1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to MrStephen Enoch.a) Transcript of evidence of Mr Stephen Enoch dated 11 January 2001.b) Letter and enclosures of 6 December 1989 - Guinness and Mahon to

Ansbacher Limited.c) Letter of 22 November 1991 - Guinness and Mahon to JD Traynor.d) Internal Guinness and Mahon memo of 8 October 1993 re Tab MountCorporation.e) Letter of 24 January 1991 - Guinness and Mahon to Mr Stephen Enoch.f) Internal Guinness and Mahon memo of 9 March 1992 re Tab MountCorporation.g) Letter of 13 June 1990 - Guinness and Mahon to Mr Stephen Enoch .


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Internal Guinness and Mahon memo of 30 July 1991 re Mr StephenEnoch.Letter of 30 June 1993 - Guinness and Mahon to Mr Stephen Enoch .


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PRIVATE EXAMINATION OF MR. STEPHEN ENOCH


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UNDER OATH

ON WEDNESDAY, 17TH JANUARY 2001

I hereby certify the

PRESENT

The Inspectors: JUDGE 0'LEARYMS. MACKEY BL


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Solicitor to the Inspectors MS. M. CUMMINS

Interviewee:

Instructed by:

MR. STEPHEN ENOCH

L.K. SHIELDS & CO.

1 THE INTERVIEW WITH MR. STEPHEN ENOCH COMMENCED AS2 FOLLOWS ON 17TH JANUARY 2 001:34 JUDGE 0'LEARY: Good morning.5 As you know this is an6 interview pursuant to the powers conferred on the


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7 Inspectors to enquire into the company. That is8 what we are doing, enquiring into the company. We9 are not enquiring into any individual, we are

10 enquiring into the company. Ms. Mackey and myself11 are two of the four Inspectors. We are the people12 who will be dealing with any matter arising in13 respect of this interview. Others will be dealing14 with other aspects of it. I am pleased to note that15 you have legal representatives. They are very very16 welcome. There is no difficulty with regard to that17 at all.18

1 inferences which are adverse to anybody including2 yourself, that person will have an opportunity of3 assessing and questioning the foundations of that.4 Do you understand that?5 A. MR. ENOCH: Yes.6 1 Q. This is a sworn interview so I would ask you to take


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7 the oath.89

101112131415161718

1 MR. STEPHEN ENOCH, HAVING BEEN SWORN, WAS EXAMINED2 AS FOLLOWS BY JUDGE 0'LEARY:34 2 Q. MR. SHIELDS: Mr. Enoch would like to5 make a few opening6 comments if he could?


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7 JUDGE 0'LEARY: I have no difficulty with8 that. If he wants to make9 an opening speech, I have no difficulty with that at

10 all.11 MR. ENOCH: "I, Stephen Enoch, refer12 to your letter of13 17th May 2000 and to your subsequent correspondence14 with my Spanish attorney, Signor Ripll and15 Messrs. LK Shields Solicitors. As you are aware, I16 have been advised that the High Court order of17 22nd September 1999 does not apply to me and that18 you as Inspectors have no jurisdiction over me.

1 appropriate to refer to a letter from the2 Central Bank of Ireland dated 31st May 1979 which3 was issued shortly after I became a non-resident.45 In your letter of 27th July 2000 you refer to loans6 amounting to 1,300,000 from Guinness & Mahon7 Ireland Ltd received by me. I cannot locate any


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8 documentation in relation to these loans. I would9 like to clarify certain issues in relation to these

10 loans for the avoidance of doubt. At the time that11 the loans were granted to me I was not a resident12 for tax purposes in the US. My recollection is that13 these loans were required to be secured by property14 and deposits. I understand from your letter of15 27th July 2000 that it was arranged that letters of16 hypothecation would be signed by Mr. Desmond Traynor17 and that the facility letter given by Guinness &18 Mahon Ireland Ltd would not mention the

1 would not come to the attention of United States2 Internal Revenue Service. This may have been3 intended to defraud the United States Internal4 Revenue Service. I regard this to be a very5 serious, false and misleading insinuation. As I was6 not resident in either the United States or Ireland7 for the duration of this loan, such loans and


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8 deposits were regular and legal. I am at a loss to9 understand why any party should suggest otherwise

10 and am I annoyed that my reputation has been11 tarnished. These loans were ultimately repaid in12 1994 .1314 You have referred in your letter of 27th July 200015 to trusts managed by Ansbacher Cayman Ltd. I wish16 to state for the record that if any trusts were17 established, that any such trusts were established18 after I ceased to be resident in Ireland."

1 A. Precisely it was my father, my brother and myself.2 7 Q. Was it a limited liability company, do you know?3 A. Yes.4 8 Q. What was the name of that company?5 A. Telerents Ltd.6 9 Q. Each of the three of you had shareholdings in it?7 A. Yes.


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8 10 Q. Do you remember in respect of yourself what your9 shareholding was. Was it a particular percentage?

10 A. Not exactly a percentage, no.11 11 Q. Was it in the order of a third?12 A. It would have been probably between a quarter and a13 third.14 12 Q. I am really interested in your brother's affairs as15 such. What is your brother's name?16 A. Michael.17 13 Q. He is still resident?18 A. Yes, he is.

1 A. 1978.2 20 Q. From a tax point of view, you believe that you left3 Ireland sometime shortly after that, is that4 correct?5 A. I don't believe it, I know it.6 21 Q. When was that?7 A. That was on 1st April 1979.


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8 22 Q. Was a trust established before or after the sale of9 the business?

10 A. What trust are you talking about?11 23 Q. You said a trust was founded after you left?12 A. Any trust that may have been founded would have been13 done after I left.14 24 Q. Was such a trust formed?15 A. Probably, yes, I think so at some stage after I16 left.17 25 Q. In the Cayman Islands?18 A. Yes.

1 A. No, I don't know. I cannot recall.2 29 Q. Do you know the name of the operating companies3 which were using the trust money?4 A. No.5 MR. SHIELDS: Could we clarify what6 trust we are talking about7 so that we are a little bit clearer?


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8 JUDGE 0'LEARY: Any trust he wants to tell9 me about. I asked him,

10 did you establish a trust.11 MR. SHIELDS: It was only after he12 left Ireland.13 30 Q. JUDGE 0'LEARY: I understand that, it is14 nothing to do with it.15 A. Certainly a trust was formed after I left Ireland.16 31 Q. Mr. Enoch, there is nothing wrong with having a17 trust; anybody can have a trust.18 A. When you talk about trusts and all these things,

1 individual, not through companies at all.2 33 Q. Was there any money transferred by you while you3 were still a tax resident in Ireland to the4 Cayman Islands?5 A. No. At that time there was exchange control for6 four years and assets were being frozen.7 34 Q. Are you familiar with an operating entity called


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8 Martina Investments?9 A. Personally, no, I have no involvement with it.

10 I have obviously heard the name. But I have no11 connection whatsoever with it.12 35 Q. Who are the beneficial owners of that company, do13 you know?14 A. No.15 36 Q. The directors of the company are John Collins,16 John Furze and M. Winter. Mr. Furze is17 unfortunately deceased. Mr. Collins is a former18 director of Ansbacher Bank and Mr. Winter, we don't

1 38 Q. Do you know what those properties were?2 A. No, not offhand.3 39 Q. We have reason to believe that Martina Investments4 Ltd is a company controlled by Cayman International5 Bank & Trust Company Ltd for the ultimate benefit of6 the members of your family?7 A. That is incorrect because I have absolutely no


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8 connection whatsoever nor have I ever had any9 connection whatsoever with Martina Investments.

10 MR. SHIELDS: Have you a document or11 something or information12 to that effect?13 40 Q. JUDGE 0'LEARY: That is a matter for14 ourselves, Mr. Shields.15 Is Michael B. Enoch your brother?16 A. Yes .17 41 Q. Would you be surprised if I told you that he had a18 power of attorney for that company?

1 A. No, I don't know but certainly not for me.2 45 Q. Do you know who the beneficial owners of the company3 are?4 A. No.5 46 Q. Mr. Enoch, you considered yourself from6 1st April 1979 no longer to be resident in Ireland?7 A. Correct.


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8 47 Q. You are familiar with the difference between being9 resident and being tax resident. They are not

10 necessarily deemed to be the same thing. Are you11 referring to being resident or to being tax12 resident?13 A. Both.14 48 Q. Where did you become tax resident at that stage?15 A. In the United States.16 49 Q. As and from 1979?17 A. Correct.18 50 Q. You left the United States sometime later and went

1 is usually in my own name.2 54 Q. You are not the beneficial owners of that at all?3 A. No.4 55 Q. Do you know the property that is owned by the5 Tabmount Corporation?6 A. Some of them, yes.7 56 Q. But you have no beneficial investment?


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8 A. No. To the best of my knowledge none of these9 properties are located in Ireland.

10 57 Q. Are you familiar with an investment vehicle called11 Girard Investments?12 A. Yes.13 58 Q. Do you own that?14 A. I used to own part of it.15 59 Q. Is the name of one of the trusts which was16 established in the Cayman Islands after you left17 Ireland, the Anne Enoch Trust?18 A. No, I am not aware of that trust.

1 letter dated 15th April 1988 from Guinness Mahon2 Cayman Trust to its Dublin office indicating that3 its assets are security for a loan of 1,250,0004 which you were negotiating on behalf of5 Girard Investments if you know nothing about it?6 A. Because Girard Investments borrowed 1,250,000 from7 Ansbacher.


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8 63 Q. I understand that. If you know nothing about it,9 obviously it couldn't be used as security for that

10 1,250,000?11 A. I only owned a small part of Girard Investments.12 Therefore for my part of it I would have known about13 the loan.14 64 Q. But did you know that Anne Enoch Trust was being15 used as security for this?16 A. No, my understanding is that the property was being17 used for security. The Girard Investments loan was18 for a property located in the United States, not in

1 loan were the assets of the Anne Enoch Trust?2 MR. SHIELDS: You are reading from a3 piece of paper and we4 don't have it?5 JUDGE 0'LEARY: Yes, that is true.6 You are not getting it7 either until I want to give it to you.


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8 MR. SHIELDS: It is a bit unfair on the9 interviewee with respect.

10 JUDGE 0'LEARY: This is an interview, this11 is not a court of law.12 MR. ENOCH: Can you repeat that13 question please ?14 69 Q. JUDGE 0'LEARY: I said you negotiated on15 behalf of Girard16 Investments a loan of $1 ,250,000. Obviously the17 person who negotiated the loan is the person who18 puts the security in place?

1 72 Q. Did anybody else negotiate the loan with you or do2 you remember who negotiated the loan?3 A. Yes, the other partners involved in4 Girard Investments.5 73 Q. Who were they?6 A. It wasn't me, therefore I am not at liberty to say7 who they were.


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8 74 Q. Are you refusing to answer that question?9 A. No.

10 75 Q. Then I will ask you again, who were they?11 A. Who they were.12 76 Q. Yes, it is a simple question?13 A. There were other partners involved in14 the...(INTERJECTION).15 77 Q. If you refuse to answer the question, I understand16 that I will take a note of that. I don't agree with17 it -- I will make it quite clear -- because you have18 a duty to answer questions.

1 78 Q. You are refusing, that is the bottom line?2 A. That is your interpretation on it. I am not saying3 that. I am saying that until such time ...You are4 posing the question to me now. If you had given me5 that question in advance I might have been able to6 find out if it was possible.7 79 Q. Do you think you might be able to convey the


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8 information to us later?9 A. Yes.

10 80 Q. That is quite satisfactory. Would you agree that11 you were involved in three different loans from12 Ansbacher. Girard Investments $1,250,000, yourself13 personally 400,000 and yourself and somebody who14 may be your wife -- I don't know -- L. Enoch for15 900,000?16 A. Yes.17 81 Q. Could you explain to me how that worked. I know it18 was property in the United States. I am not really

1 83 Q. Did you pay them the gross amount of interest or the2 net amount of interest?3 A. I paid them the interest on the loan.4 84 Q. But did you pay them gross or net, if you understand5 what I mean?6 A. No, I don't understand what you mean.7 85 Q. You had money on deposit with them?


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8 A. Yes .9 86 Q. And you had money borrowed from them?

10 A. Yes .11 87 Q. There are two ways you can do it. You can pay them12 the full interest on the money you borrowed by13 giving them a cheque to that effect and they in turn14 credit your deposit account with the appropriate15 interest or they can just charge you with a net16 amount?17 A. No, I always paid the actual amount of interest on18 the loan and then the deposit would receive its own

1 two I had left the United States before they came2 into effect.3 90 Q. Where were you tax resident for the other two?4 A. Spain.5 91 Q. We normally tell people what we don't have. I will6 tell you what we don't yet have. We don't have any7 record of Ansbacher ever giving you certificates of


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8 the kind that can be produced to the tax authorities9 either in the United States or in Spain relative to

10 the interest which you earned. Did you get such11 certificates ?12 A. I would imagine so, yes.13 92 Q. Do you have copies of them?14 A. No.15 93 Q. Surely you have a tax adviser somewhere. You are a16 complicated tax individual if you understand what I17 am saying. Somebody is advising you?18 A. Yes, but you are talking about things that happened

1 98 Q. Did you make returns of the interest which was on2 the deposit?3 A. No because there was no liability to tax anyway on4 those deposits.5 99 Q. There was no liability to tax?

6 A. No.7 100 Q. I understood that they were in your own name?


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8 A. Correct.9 101 Q. You are saying that even though you were tax

10 resident in the United States for part of the time11 and then tax resident in Spain for the rest of the12 time, there was no liability?13 A. No, when I was tax resident in the United States I14 didn't have any deposits with Ansbacher.15 102 Q. When did you put your deposits in your own name in16 Ansbacher?17 A. In 1990.18 103 Q. From 1990 onwards you had deposits in Cayman in your

1 A. You don't.2 107 Q. You don't?3 A. No, you are incorrect on that.4 108 Q. Where do you say you were tax resident after you5 left the United States?

6 A. I am not sure I was tax resident anywhere. I lived7 in Spain because Spain is the only place I have a


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8 home.9 109 Q. I take it therefore that you felt that because you

10 were tax resident nowhere, you had nowhere to return11 the interest to?12 A. Yes.13 110 Q. I understand that.14 A. Yes.15 111 Q. For that reason you wouldn't have asked them for the16 certificates in question?17 A. Correct. I don't know what you mean by18 certificates?

1 you were liable to any particular tax authority2 anywhere and therefore you didn't look for them?3 A. Yes.4 116 Q. Is that a fair summary of it?5 A. You are talking about tax certificates?

6 117 Q. Yes, that is what I am talking about?7 A. Yes.


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8 118 Q. What was your mother's name?9 A. Mabel Enoch.

10 119 Q. Who was Anne Enoch?11 A. Anne Enoch was my grandmother who died a long time12 ago.13 120 Q. You don't know who the beneficiary of Anne Enoch's14 Trust is?15 A. No.16 121 Q. Have you received any money from any17 Anne Enoch Trust?18 A. No.

1 A. No, I don't know who the owner is.2 127 Q. We know that Girard Investments are owned partially3 by you?4 A. Were, yes.5 128 Q. And that it has no connection with the6 Anne Enoch Trust?7 A. Not to my knowledge, no.


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8 129 Q. I thought it was no rather than not to your9 knowledge. Has it a connection with the

10 Anne Enoch Trust or does it not?

11 A. I don't know. It has no connection as far as I am12 concerned.13 130 Q. Would it surprise you to know, Mr. Enoch, that in14 the records of Guinness & Mahon there is a letter15 attaching a schedule which appears to be a schedule16 of items owned or controlled by the Anne Enoch Trust17 which includes Tabmount Corporation and18 Girard Investments Ltd. Would you like to look at

1 132 Q. I am not giving you that at the moment.2 Do you know anything about Fountain Developments?3 A. No.4 133 Q. Do you know whether they owned property anywhere?5 A. I have never heard that name before.6 134 Q. Fountain Developments were granted a loan facility7 of $70,000 by Guinness & Mahon in October 1988 to


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8 finance a housing development in Florida.9 The security was a set-off from an Ansbacher deposit

10 in Guinness & Mahon. You know nothing about that?

11 A. No, I never heard the name before.12 135 Q. Do you know anything about a housing development in13 Florida?14 A. No.15 136 Q. Were you involved in any way in a housing16 development in Florida?17 A. No.18 137 Q. Or any members of your family that you are aware of?

1 Fountain Developments you might also like to look at2 two further documents which I will give you -- 3703 to 389. We will break for coffee and when I come4 back I will ask you about those, particularly 389.56 SHORT ADJOURNMENT78


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9 141 Q. JUDGE O'LEARY: Can we turn to the10 Tabmount Corporation.

11 Do you know anything about that?12 MR. ENOCH: There is something I would13 like to say before we go14 on. It might appear that I have been vague in15 relation to Martina Investments Ltd, Tabmount16 Corporation and the Anne Enoch trust. I wish to17 make it clear that I am aware of these entities as I18 have said but I do not have any ownership interest

1 say you know nothing about it?2 MR. SHIELDS: Which letter?3 143 Q. JUDGE 0'LEARY: Exhibit 2?4 A. Absolutely. This is a complete and utter mystery to5 me. I am aware of our family interests and this6 Fountain Developments is something that I have never7 heard of.8 144 Q. You think your name was used in error there?


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9 A. Absolutely. I never heard of it. I don't know10 anything about it at all.

11 145 Q. I am going to give you another document at12 Exhibit 3. This document you don't have. It is a13 document which we got from Guinness & Mahon and is a14 Guinness & Mahon internal document, so you know the15 source of it. If you leave that to one side for a

16 second.17 I am sorry for going backwards and forwards. If you18 look at Exhibit 2 again, the one you think you know

1 Developments. I thought you had no involvement?2 A. Whom?3 150 Q. Fountain?4 A. Where is the word fountain written in this letter.5 151 Q. It is not but if you look at Exhibit 2 of6 22nd November 1991 you see that it refers therein to7 a letter from Chris White's letter of8 24th January 1991?


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9 152 Q. It refers here "conforming with guidelines given to10 Stephen Enoch." Maybe this is how you actually pay11 interest. I know that I used to pay the interest12 with Girard Investments and they weren't very13 efficient with the amount we had to pay and where we14 had to pay it. I used to have to telephone people15 in Guinness & Mahon to find out what was going on

16 and how it was paid and where it was paid. But17 there still is no relationship between the two18 things?

1 A. No, this is actually incorrect. The first statement2 on the top of that which says "the beneficial owners3 are Victor Enoch, his son Stephen Enoch and other4 family members." I am not a beneficial owner so far5 as I know. They seem to lump a lot of things6 together in their correspondence for their own7 purposes.8 155 Q. You don't know anything about Tabmount Corporation?


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9 A. I am aware of it.10 156 Q. Do you know who the owners are?11 A. No, not the legal owners.12 157 Q. Do you know who the beneficial owners are?13 A. No.14 158 Q. I didn't do a note of it. It is in the transcript15 but I am sure you will remember it. What date did

16 you become a depositor yourself in Ansbacher?17 A. June 1990.18 159 Q. Have you any comment to make on Exhibit 5?

1 you?2 A. Not that I am aware of, no.3 163 Q. Surely you would be aware of it?4 A. No. As I said to you before, these questions5 perhaps should have been addressed to my father.6 If you knew my father, my father is his own man.7 He does whatever he does.8 164 Q. When you say no, do you mean no, you are not a


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9 beneficiary or no, you wouldn't be quite sure10 because you could have been made a beneficiary11 without your knowledge?12 A. It is possible I was made a beneficiary without my13 knowledge. I have no knowledge whether I am or I14 am not, so I don't know.15 165 Q. Presumably your family is like every other family,16 as you get older you take more and more17 responsibility from your father?18 A. One would like to think that, yes. But if you knew

1 What interests me with regard to these various loans2 is the fact that they appear to have been taken out3 in Dublin, in Guinness & Mahon in Dublin, and that4 they appear to have been backed by Ansbacher5 deposits?6 A. Right.7 168 Q. Who was your contact for arranging those loans in8 Dublin over the years?


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9 A. John Collins in Ansbacher Cayman. I never had any10 dealings whatsoever in Dublin other than on payment11 of interest and invoices and things. Everything was12 done through John Collins. It appeared to me that13 it was all the one company. I don't know whether14 the Cayman one owned the Dublin one. It was15 Guinness & Mahon in those days. Or whether Guinness16 & Mahon owned the Cayman one or why they did it that17 way. I have no idea.18 169 Q. But you do understand that because the loans were

1 matters that were raised2 earlier in this interview that I would like to tease3 out a little bit more and clarify. As a4 preliminary can I ask you, have you and your father5 been in partnership in business in the United States6 since you moved from Ireland?7 A. No.8 172 Q. You didn't work together

Documents

Ansbacher Cayman Report Appendix 5