BusinessCompany NewsTraynor’s estate settles with Irish Revenue

Traynor’s estate settles with Irish Revenue

H&R Block has reported a massive net losses of half a billion US dollars for the October quarter as a result of the sub-prime crisis

The estate of the late Des Traynor, key figure in the
Ansbacher
tax evasion scandal, has reached a settlement of €4m (?1.96m) with
Revenue because he held an
Ansbacher account and under-declared other taxes.

Traynor, who died in 1994, was chairman of cement giant
CRH when he was not
establishing a complex system of tax evasion for Ireland’s business elite,
whereby Irish depositors who ostensibly had money lodged in the Cayman Islands
could access it through Mr Traynor and Guinness & Mahon Bank in Dublin,
The Irish Times reports.

His name was included in the quarterly list of tax defaulters published
yesterday together with Jack Stakelum, a former associate of Traynor. The
retired accountant made a settlement of €425,000 for holding an Ansbacher
account and under-declaring income tax.

Stakelum also ran the Ansbacher accounts. He was disqualified from
involvement in the management of any company for five years. The Irish High
Court found he acted in a calculated way to facilitate tax evasion.

Further reading:

Prominent Irish accountant banned

On the money: Effects of the Big Bang

Read
story in The Irish Times

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