Ansbacher Cayman to pay US$9m to Irish Revenue
Wednesday, January 7, 2004
DUBLIN, Ireland: South African banking group FirstRand, the owner of Ansbacher Cayman, has agreed to pay the Irish Revenue Commissioners US$9 million following the Irish Government's investigation into tax evasion facilitated by the Cayman Islands bank.
The 2002 Ansbacher Report found evidence that Ansbacher Cayman facilitated widespread tax evasion from the late 1970s to late 1990s.
A Revenue spokesman said the settlement followed detailed discussions with the bank against the background of "unusual circumstances and potential protracted litigation", the outcome of which was uncertain.
The Revenue said that the settlement was with FirstRand only and it would continue to vigorously pursue individual taxpayers in connection with the Ansbacher accounts. The State has recovered over US$40 million in unpaid tax so far as a result of its investigations.
FirstRand said late last year that a decision to make a "without prejudice" payment, was likely to prevent protracted and lengthy litigation and consequent substantial legal costs which would be involved if it had refused.
Ansbacher was bought in 1993 by First National Bank, which FirstRand acquired in 1998. The Ansbacher Group has a long-standing presence in the Caribbean, dating back to 1957 in the Bahamas and 1967 in the Cayman Islands.
In the Cayman Islands, the group is represented by Ansbacher (Cayman) Limited and by its wholly owned subsidiary, Cayman International Trust Company Limited. In the Bahamas, the group is represented by Ansbacher (Bahamas) Limited.
Together they provide a broad range of wealth management services, including banking, trust services, corporate management and investment services.
Ansbacher became embroiled in controversy after an inquiry ordered by the Irish high court in 1999 found that customers of its Cayman Islands branch were allegedly involved in tax evasion from the 1970s to 1996.
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