Irish bank in avoidance spotlight

Link: AIB takes £39m hit over FRS 17

In a statement the bank said that five former executives had held funds in Faldor, a British Virgin Islands investment company managed by the bank’s offshore department.

The relationship with Faldor was set up in 1989 and ended in 1996. An investigation carried out by the bank found that €750,000 was managed by Faldor and that there was a breach in taxation law.

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