Irish bank in avoidance spotlight
Allied Irish Bank is the latest big name company to come under the tax avoidance spotlight after it emerged that the bank has admitted to involvement in an offshore scheme to avoid tax.
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.