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Record Number: 1999 /163 Cos

THE HIGH COURT


IN THE MATTER OF THE COMPANIES ACTS 1963 to 1990
AND IN THE MATTER OF PART II OF THE COMPANIES ACT 1990 AND SECTIONS 8 AND 17
AND IN THE MATTER OF ANSBACHER (CAYMAN) LIMITED
(formerly GUINNESS MAHON CAYMAN TRUST LIMITED,
ANSBACHER LIMITED and CAYMAN INTERNATIONAL BANK AND TRUST COMPANY
LIMITED)

REPORT OF THE INSPECTORS


APPOINTED TO ENQUIRE INTO THE
AFFAIRS OF ANSBACHER ( C A Y M A N )
LIMITED

Published by Order of the Court made on 24 June 2002

V O L U M E [5]: A P P E N D I X X V ( 3 0 ) TO X V ( 4 2 )
ISBN 0-7557-1355-9

© Government of Ireland 2002


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

a) Extractfrom transcript of evidence of Mr George Carville dated 17 May


2000.

b) Extract from transcript of evidence of Mr William Corrigan dated 18 July


2000.

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


Hotels Ltd.

d) Internal Guinness and Mahon memo of 11 June 1984.

e) Guinness Mahon & Co telex of 28 August 1987.

f) Letter of 2 September 1987 from JD Traynor to Guinness and Mahon.

g) Guinness Mahon & Co telex of 2 March 1988.

h) Undated schedule of loan interest paid by Doyle London Hotels Ltd.

i) Guinness and Mahon statement of account of 20 February 1983 re GMCT


a/c re IH Investments Inc.

j) Letter of 28 September 1990 - JD Traynor to Doyle Hotels Group.


Appendix XV (30) (1) (a)
1 128 Q. I want to ask you a couple of questions about thi
2 paragraph. You say:
3 "In 1977 the late Mr. P. V. Doyle set
up a Liechtenstein establishment which
4 received commissions from Extern Travel
Inc."
5
6 What do you mean by "an establishment"? was it j
7 company or was it a trust?
8 A. I am led to believe an establishment was what we
9 would classify as a trading company.
Ho 129 Q. A trading company?
11 A. Yes. There are two things in Liechtenstein, a
12 foundation and an establishment.
13 130 Q. Yes?
14 A. And I am told that an establishment is a trading
15 company.
16 131 Q. A trading company?
17 A. Yes.
18 132 Q- Do you know what it was called?
«
A. Can I refer to my notes.
20 133 Q. Yes, certainly?
21 A. It was called Reisen.
22 134 Q. Could you spell that for me?
23 A. R-e-i-s-e-n.
24 135 Q. Yes.
25 A. welt.
26 136 Q. Yes?
27 A. w-e-l-t.
28 137 Q. Yes?
29 A. Weit. I think it is W-e-i-t.
s

1 Yes. Are they three words or all one word?


2 Two, two words.
3 Which way are they broken up?
4 Pardon.
5 Reisen?
6 Reisen is one word.
7 Yes?
8 And Weltweit.
9 Weltweit is the other?
10 Weltweit, yes.
11 Weltweit, yes. Grand. You then go on to say:
12 "It received commissions from Extern
Travel Inc., a U.S. corporation."
13
14 The U.S. Extern Travel was finally, according to
15 your statement, owned as to five-sixth by the Doyle
16 family members. They were majority shareholders in
17 this company?
18 Eventually, yes.
19 As I understand your statement, commissions from
20 this company were paid to this Liechtenstein
21 establishment?
22 They were paid to Extern first. We had an American
23 — the majority of the visitors coming to Ireland.
24 Yes?
25 In proportion.
26 Yes?
27 Were Americans.
28 Yes?
29 I think at that stage it was about 25% or 28%.
!
20 .
r*

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 an
9 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.
13 153 Q. Yes?
14 A. Years before that we had a New York office.
15 154 Q. Yes?
16 A. in the 19501s.
17 155 Q. Yes?
18 A. We were in Bord Failte, in Fifth Avenue.
^ 156 Q. we need not get into too much detail?
20 A. Sorry. Okay.
21 157 Q. To try and expedite this whole thing as much as
22 possible?
23 A. Okay.
24 158 Q. You effectively, the Group, paid a commission to
25 Extern Travel?
26 A. Yes.
27 159 Q. Extern Travel in turn paid a commission to this
°8 Reisen Weltweit?
29 A. To Liechtenstein.
r*
r

1 160 Q. in Liechtenstein?
2 A. Yes.
3 161 Q. Later there was a second Liechtenstein
4 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.
^10 164 Q. R-e-i-S. . . (INTERJECTION) ?
11 A. R-e-i-s-e-n.
12 165 Q. Weltreisen. This company also then got commissions
13 from Extern Travel?
14 A. I think it was tapering off in Liechtenstein at that
15 stage.
16 166 Q. Yes?
17 A. And there were very little commissions paid.
18 167 Q. Yes. However, any way you did get commissions?
19 A. Yes.
20 168 Q. Finally, the third step in this thing, was that both
21 of these establishments transferred their entire
22 funds to this entity TAWA?
23 A. Correct.
24 169 Q. When you say they transferred their entire fluids,
25 where they wound up, or whatever is done in
26 Liechtenstein with companies, at that stage? Was
27 that the end of them?
28 A. Certainly the first one I think went into
29 liquidation.
r*

r*

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 into
7 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 1984
12 and I think it continued to 1994 when everything was
13 probably abandoned, might be a better word. Don't
14 know whether they were liquidated.
15 175 Q. Weltreisen was founded when the other one was
16 liquidated?
17 A. Yes.
18 176 Q. I see. That was transferred, you say, to TAWA,
•.. .A foundation set up in
Liechtenstein.»
20

21 is a foundation like a trust?


22 A. Yes, a foundation -- its a family foundation and its
23 practically the same as a discretionary family trust
24 here in Ireland.
25 177 Q. Yes. I want to ask you some questions about that in
26 the light of what you said about the statements on
27 A/A38. This discretionary foundation "TAWA"?
A. Yes.
29 178 Q. Received the entire funds of Reisen Weltweit and
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 say
6 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 that
12 stage?
13 A. I would imagine and, you know, we can probably check
14 this.
15 183 Q. Yes?
16 A. I would imagine it would be 1984/85 that there would
17 be...(INTERJECTION).
18 184 Q. The TAWA?
j A. The funds would have been transferred.
20 185 Q. Do you have, I am not asking you to produce them
21 now, documents relating to the setting up of this
22 foundation?
23 A. I have no documents with regard... (INTERJECTION).
24 186 Q. Has Mrs. Doyle?
25 A. No.
26 187 Q. Where would such documents be?
27 A. They would be in Liechtenstein.
2p 188 Q. In Liechtenstein?
29 A. Yes.
# »
»

1 189 Q-" ' I see. This, what we will call for convenience "a
2 discretionary trust", was set up in Liechtenstein in
3 or around 1984?
*
4 1
A. .Yes.
5 190 Q. And to it were transferred... (INTERJECTION) ?
6 A. I think it was. I think my note here was that it
7 was formed in 1984.
8 191 . Q- Right. To it were transferred the funds held by
A either Weltreisen alone or both of then together?
1 • •A
yr A. Yes.
11 192 Q. However, certainly all the fund that had been held
12 in that?
13 A. All funds went into TAWA.
14 193 Q. All the funds went into TAMA. That was the
15 settlement made on the Trust. They were -- this
16 - became the trust funds?
17 A. Yes.
18 194 Q- Is that correct?
/""Ns?-. A. Yes.
20 195 Q. Can you tell me who the beneficiaries of that trust
21 were?
22 A. I am not absolutely sure who the beneficiaries were.
23 196 Q. Have you any idea?
24 A. I honestly don't know.' I know that they were
25 controlled, the foundation "TAWA" was controlled, by
26 a council.
27 197 Q. By a council?
2« A. And this is the way they work it in Liechtenstein,
29 by a council who had, believe it or not, authority
25
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 that
9 Nr. Carville? How do you come, do know that much
10 about it?
11 A. We went out last year, in January 1999, my assistant
12 Joe McKenna and myself, to find but the details. We
13 met a Dr. Santa Passo who --at Zurich Airport. We '
14 didn't even_ go down to Zurich.
15 202 Q. Yes?
16 A. And he brought the files up. He had retired from-
17 the office at that stage down there.
18 203 Q. What office was he from?
19 A. There was a Dr. Peter Marxer.
20 204 Q. How did you come in contact with this man?
21 A. Well, he was the one that we dealt with it over the
22 years.
23 205 Q. You would had have correspondence with him?
24 A. I.wouldn't have corresponded but I would have meet
25 him on my visits to Liechtenstein.
26 206 Q. You went there during the life time of Mr. Doyle?
27 A. I went...(INTERJECTION).
28 207 Q. In connection with TAWA?
29 A. Yes, I did, yes.
1 208 Q- It would be possible to get documentation from this
2 gent 1 eman in relation to the beneficiaries, would
3 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 given
9 but certainly we will try and get it in writing from
10 him.
11 211 Q. I see. I am not asking you at this stage to get it?
12 A. Okay.
13 212 Q. We may do so if we establish a link between this and
14 "AnBbacher" because what we are investigating is not
15 Liechtenstein?
16 A. Yes.
17 213 Q. However, "Ansbacher"?
18 A. Yes.
"19 214 Q. The reason I'm asking you questions at all about
w
20 TAWA, and what it is and its operation and so on, is
21 because you say yourself in your statement (Exhibit
22 1) -- just moving back up that page to the
23 paragraphs above the heading TAWA?
24 A. Yes.
25 215 Q. A paragraph directly above it: You have talked
26 about accounts A/A3 8 and A/A42, which we will talk
27 about in a moment?
28 A. Yes.
29 216 Q. Which you told us you have statements for?
1 A. Yes.
2 217 Q.
3 you say:
4 "I also attach a copy of a cheque dated
9th December 1993, drawn on an account
5 of Irish Intercontinental Bank Limited
with the Royal Bank of Scotland in the
6 sum of ST6.£162,338.64 made payable to
"TAMA.". This sum appears to represent
7 the balance, as at 9th Deceiriber 1993,
of the said A/A38 account."
8
9 A. Yes.
10 218 Q. Can we look at that cheque Mr. Carville, which you
11 sent us a copy of? Do you have it there because we
12 will provide you with a copy now if you have not got
13 it (Bxhibit 2)?
14 A. I think I have it somewhere, yes.
15 219 Q. It is at page 10?
16 A. No, I have it here I think. Yes?
17 220 Q. Can you tell me who signed that cheque?
18 A. No, no. I presume it was a person from
19 Irish Intercontinental Bank.
20 221 Q. Right. How did you come to have this cheque in the
21 first place? Where did you get it?
22 A. I think I got a photostat copy of that cheque from
23 the Tribunal.
24 222 Q. Prom the Tribunal?
25 A. Yes.
26 223 Q. Yes?
27 A. Yes.
28 224 Q. Do you recollect this cheque being drawn on I IB' s
29 account in Bank of Scotland and made payable to
r

1 TAWA? This is after the death of Mr. Doyle, is that


2 not correct? He died in 1988?
3 A. That is right, yes.
4 225 Q. This is 1993?
5 A. Yes.
6 226 Q. Were you dealing with the affairs of his Estate on
7 behalf of Mrs. Doyle at that stage?
8 A. No. Willie Corrigan, a solicitor," was dealing with
9 the Estate.
10 227 Q-
11 A.
12 228 Q.
13 A. Why this was drawn was we were availing of the

14 amnesty..
15 229 Q- Yes?
16 A. At that stage.
17 230 Q.
18 A.
with gathering... (INTERJECTION) .
20 231 Q. Who is Terry Cooney, sorry?
21 A. He is a tax consultant. He is our tax consultant
22 probably for the last ten/fifteen years from
23 Cooney & Taggart.
24 232 Q. Cooney & Taggart, yes. So... (INTERJECTION) ?
25 A. He dealt with the Revenue.
26 233 Q. Yes?
27 A. With regard to clearing up our tax affairs.
28 234 Q. Yes.
29 A. We had the tax people in for, I don't know, six or
29
1 Mr. Rowan will ask you some questions about the
2 Group. What I want to ask you about now is a
3 company called IH Investments Incorporated Limited?
4 What can you tell me about that company? Was this a
5 company belonging to Mr. Doyle?
6 A. Yes. In 1981 we acquired The Normandy Inn, which
7 was...(INTERJECTION).
8 458 Q. You acquired, sorry?
V A. The Normandy Inn Hotel in Washington.
lo- 459 Q. Yes?
ll A. It was a small hotel. I think it was for two and a
12 half million dollars.
13 460 Q. Yes?
14 A. It was 60 or. . . (INTERJECTION) .
15 461 Q. In 19. .. (INTERJECTION)?
16 A. In 1981.
17 462 Q. Yes?
18 A. 60 or 70 bedrooms.
{• J 463 Q. Yes?
r
20 A. And that was owned by what we called III, Irish Inns
21 International.
22 464 Q. it was owned by them before you bought it?
23 A. No, no. We formed a company Irish Inns
24 International.
25 465 Q. Right?
26 A. In December/January 1981/82 we got a lease. We
27 acquired a lease on The Stratford Inn in
"8 Connecticut.
29 466 Q. Yes?
r >
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.
v.-
.
^"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 I
14 referred to.
15 473 Q. It wholly owed Irish Inns International?
16 A. Yes, and... (INTERJECTION) .
17 474 Q. And Irish Hotel Group Inc?
18 A. Yes, yes.
J^, ',19 475 Q. Yes. Who were the shareholders in this company?
20 A. The shareholders were: Extern Travel owned 30%.
21 They had 3,000 shares.
22 476 Q. Yes?
23 A. In the company, 30%.
24 477 Q. Yes?
25 A. p. V. Doyle Hotels owned 34%, 3,400 shares.
26 478 Q. Yes?
27 A. And Charles Frederick owned 36%, 3,600 shares.
28 479 Q. who was Mr. Frederick?
29 A. Charles Frederick.
r

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 that
4 Des Traynor produced, that would hold the shares in
5 trust for something that we would decide later on.
6 481 Q. Wait now. I am slightly lost. You are saying that
7 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 our
11 solicitors or yourselves to believe that I did not
12 know.
13 483 Q. However, you thought that -- just explain that to me
14 again?
15 A. I presumed it was a bank in New York.
16 484 Q. You presume it was a bank?
17 A. A bank in New York.
18 485 Q. Yes?
19 A. That held the shares in trust for whoever we wanted
20 in years to come.
21 486 Q. Namely the 36t, those shares?
22 A. The 36%. I would have presumed that the person
23 that it was held in trust for was the Liechtenstein
24 company.
25 487 Q. The Liechtenstein company, TAW A, the foundation?
26 A. Well, I think TAWA was formed after that in 1985.
27 488 Q. Yes?
28 A. But a Liechtenstein company, whether it was Weltweit
29 Reisen or one of those.
n

1 489 Q. It was either Weltreisen or Reisen Weltweit?


2 A. Yes.
3 490 Q- One of those?
4 A. Yes.
5 491 Q. Why do you presume that?
6 A. Well, from meetings and discussions that we had at
7 the time. I don't have any record of those but that
8 was the presumption.
9 492 Q. You said Mr. Traynor set up this, is that right?
10 A. I said Mr. Traynor produced this nominee company
11 Charles Frederick.
12 493 Q. Charles Frederick was a nominee company?
13 A. Yes, and...(INTERJECTION).
14 494 Q. Wait now. Just like me take this step by step.
15 Mr. Traynor produced this company. When you say
16 "produced it" what do you mean? Was Mr. Traynor
17 involved in the forming of IH Investments?
18 A. Yes, I was about to tell you this morning.
495 Q. Right?
20 A. That my first acquaintance with Mr. Traynor was when
21 we had acquired The Normandy Inn and we were about
22 to acquire this other hotel within a year.
23 496 Q. The Stratford?
24 A. P. V. said, "Look, we have to have some structure in
25 America".
26 497 Q. Yes?
27 A. "And the best person to advise us is Des Traynor".
28 498 Q. Yes?
29 A. Now, I don't know whether I or -- I presume P. V.
57
1 rang Des Traynor and said, "Look, can you help us
2 with this?"
3 499 Q. Yes?
4 A. And he said, "I will be in New York on such and such
5 a date. Why don't you or George come over and we
6 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 big
itf accountancy firms in America and we told them our
11 story.
12 501 Q. Yes?
13 A. That we had acquired and were about to acquire
14 another.
15 502 Q. Okay?
16 A. And what is the structure that we should get here.
17 503 Q. You and Mr. Traynor went to the accountancy firm?
18 A. Mr. Traynor and myself were the two people.
504 Q. Right?
20 A. And how I remember that is, it is a bit funny if you
21 don't mind, I remember when we were, believe it or
22 not, in the toilets, and Des was a small man and he
23 turns around to me and he says, "What do you think
24 of that meeting?" I said, "I am confused. I don't
25 know, what advice?" He said, "They have given us no
26 advice. Now," he says, "what we have to do is go
27 back and tell them here is what we suggest we do".
°8 505 Q. Right?
29 A. That we form a company for each Hotel, have a
58
r

1 holding company, and they will agree and they will


2 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 I
7 refused to pay.
8 508 Q. Right. The advice essentially was Mr. Traynor's own
9 advice?
i A. Was Mr. Traynor's, yes.
11 509 Q. His advice was that a company would be formed for
12 each hotel?
13 A. Any time you bought a hotel form a company.
14 510 Q. Form a company?
15 A. Yes.
16 511 Q. And that you would have a holding company that would
17 wholly own those companies?
18 A. Yes, and it was..4 (INTERJECTION).
,19 512 Q. And that holding company was IH investments?
20 A. Yes. It was a replica of what we did in Ireland.
21 Any time we bought or built a hotel we formed a
22 company. Burlington Hotel did it.
23 513 Q. Yes?
24 A. And we had a holding company.
25 514 Q. Yes?
26 A. P. V. Doyle Hotels Limited or whatever.
27 515 Q- Right. IH Investments then owned the previous two
28 companies. It itself had as its main shareholders
29 Extern Travel, which was majority owned by the Doyle
f >
1 family?
2 A. That is right.
3 516 Q. The P. V. Doyle Hotels, which was Mr. Doyle's
4 company, is that not right?
5 A. That is right, yes.
6 517 Q. Then this nominee company, which you are not quite
7 sure what it was but it was some kind of nominee
8 company, held 36% of the shares, probably in trust
9 for one of the Liechtenstein companies?
10 A. Yes.
11 518 Q. Essentially all the shares were held for or on
12 behalf of the Doyle family, would that be true to
13 say?
14 A. I think X would have to ask Brian is that correct.
15 519 Q. What do you say, Mr. Carville? I am asking you what
16 you think. I mean if you do not
17 know...(INTERJECTION)?
18 A. Extern, yes.
19 520 Q. Yes?
20 A. Certainly because they owned the five sixths.
21 521 Q. Yes?
22 A. The Doyle family did not own P. V. Doyle Hotels. It
23 was Mr. fcMrs. Doyle that owned that.
24 522 Q. Right?
25 A. If you call than "the family".
26 523 Q. Yes?
27 A. If you cail them... (INTERJECTION) .
28 524 Q- Can we say the family or members of the family?
29 A. Yes, yes.
Appendix XV (30) (1) (b)
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 right
through?
Yes, basically, but there*were other solicitors
involved 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 you
specifically in connection with the Thornhill Trust?
That's right.
I think you probably know there is some confusion
about a couple of Thornhill Trusts that have arisen?
We never had a Thornhill Trust.
This is what I want to ask you, I want to ask you
what it was you had. You had a Trust that had a
company called Thornhill Incorporated?
No, we had a Trust, that was Mr. Doyle. We had
another one for Mrs. Doyle and basically Joe
Charleton and myself, that was Joe Charleton the
accountant of Bastow Charleton, Joe Charleton and
myself were the Trustees of that Trust. Basically
•the assets of that Trust consisted of shares in
Thornhill Incorporated.
Can you tell me when that Trust was constituted?
I have a copy of the Trust Deed.
That would be great.
It was back in 1965 (Exhibit 1). (SAME HANDED TO
o

1 MS. MACKEY).
2 14 Q. Thank you very much.
3 A. It was actually a standard form of Trust that was
4 being used at that stage for families with money
5 where the idea was that you put the assets of the
6 business or the family business into a Trust, you
7 give the equity of the company to the Trustees for
8 the children where the parents would retain the
9 preference shares which really controlled the
10 company. It was kind of a standard at that time.
11 15 Q. Right. So that was 1965?
12 A. Yes, 1965.
13 16 Q. Were the shares immediately distributed at the time?
14 A. No, no, I think there was £100 put into the company.
15 You don't mind me looking at notes of days and
16 dates?
17 17 Q. Not at all, no.
»

18 A. The Trustees, as I say, were Joe Charleton and


19 myself. Mr. Doyle was the settlor and the assets of
20 the Trust initially comprised of the £100 that was
21 put in and there was 230 ordinary shares in
22 Thornhill Incorporated and that was his contribution
23 to the Trust. Thornhill Incorporated was an
24 unlimited company.
25 18 Q. It was an unlimited company?
26 A. Yes, it was a incorporated company, but it wasn't
27 limited. Thornhill Incorporated held the shares in
28 the various Doyle companies.
29 19 Q. In Ireland or everywhere?
t
1 A. In Ireland basically, mainly through PV Doyle Hotels
2 which again held the shares in all the other
3 companies like the Skylon, the Green Isle and hotel
4 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 were
8 owned ultimately through Thornhill?
9 A. Yes, that's right. For example when they sold on to
10 Jurys, it was Thornhill that was sold and it took
11 everything with it.
12 22 Q. Yes. The shareholders in Thornhill were all the
13 children, is that right?
14 A. No, when it started off there was just Mr. &
15 Mrs. Doyle and then shortly — sorry, I better be
16 correct — in December 1988.
17 23 Q. Mr. Corrigan, we were just thinking if you actually
18 have that written out, have you?
19 A. Yes.
20 24 Q. Would it be possible to make a copy of that
21 available to us?
22 A. Yes, of course. Sorry, I would have done it. In
23 1988 anyway 105 of the shares ...(INTERJECTION).
24 25 Q. We can get it copied now actually.
25 A. Were transferred to the five children.
26 26 Q. In 1988?
27 A. In 1988.
28 27 Q. Was this before Mr. Doyle's death?
29 A. This was before.
7 I
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 and
8 David, did they sell their shares prior to the sale
9 to Jurys?
10 A. They did but that was a long time later. After
11 those 25 shares each, nothing happened until about
12 two years after Vincent died and then we were
13 reorganising the matter and the shares that the
14 Trustees held were disposed of at that stage. They
15 were acquired by Thornhill Incorporated, they were
16 redeemed basically for a sum of money, so that it
17 was a way of getting rid of the shares in the Trust
18 and enhancing the shares of the remaining
19 shareholders.
20 32 Q. That happened when?
21 A. About two years after.
22 33 Q. About 1990?
23 A. I will give you the date now in a second. (SAME
24 HANDED TO INSPECTORS). Sorry, it was 21st December
25 1988 (Exhibit 2) .
26 34 Q. Right, I see that. Mr. Doyle died in 1988.
27 A. That's right, yes.
28 35 Q. So this seems to have happened after his death?
29 A. It was after his death.
;
8
1 70 Q. This foundation called TAWA?
2 A. Yes.
3 71 Q. Were you aware that a sum of money was transferred
4 from TAWA into the account of Ansbacher in Guinness
5 & Mahon in London to back the loans?
6 A. I knew that there was backing, but again I just
7 thought it was with Guinness & Mahon.
8 72 Q. You did not know it was in Guinness Mahon Cayman
9 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
13 Mr. Doyle or Mrs. Doyle or the Doyle Group?
14 A. No.
15 74 Q. Either in Ireland or off-shore?
16 A. Anywhere.
17 75 Q. Other than the Trusts that you have just told us
18 about and the Liechtenstein foundation?
19 A. Yes.
20 76 Q. You were aware of that?
21 A. Yes, I was aware of that, but it wasn't regarded as
22 a Trust.
23 77 Q. I know, it was regarded as a foundation. Can you
24 tell me anything about Mr. Doyle's company in the
25 States IH Investments Limited?
26 A. I can I suppose. Again I am not sure of the dates
27 because I don't have the dates for the things,
28 originally he opened an office in Bord FAilte in New
29 York to. deal with American bookings and particularly
i
14 t.
1 after the Burlington was opened, they started to
2 flood in and he formed a company over there called
3 P.V. Doyle Hotels. Then he changed that because
4 they were worried that if something went wrong, they
5 could be sued in America and levied here and that
€ the amounts would be astronomical and there was
7 trouble with the insurance company who said to
8 separate the two things. So I think it became
9 external and it dealt with the.bookings from America
10 to Ireland.
11 78 Q. Had you any involvement in the establishing of that
12 company?
13 A. No.
14 79 Q. Or advising on it in any way?
15 A. No, I think it was the insurance company who
16 originally said you should do it and then the
17 lawyers over in America dealt with it.
18 80 Q. Were you aware that IH Investments itself held a
19 deposit or an account in Guinness Mahon Cayman
20 Trust?
21 A. No.
22 81 Q. You were not?
23 A. No, I wouldn't have thought it was even necessary.
24 82 Q. Mr. Corrigan, did you act for the Doyles during the
25 sale of Doyle's bakeries to Brennans in 1991?
26 A. Yes. Sorry, yes and no, yes basically.
27 83 Q. You say yes and no?
28 A. it was done, as far as I can remember, by a sale of
29 shares and I wasn't involved, in that it was the
15 ' .
Appendix XV (30) (1) (c)
»f •"

Guinness Mahon
Our raft IC/«w/G4 A4-5 GufeMMM MataiACa LJMitad, BMcan
R Q. Box 442,32 St Mary tt HK *
London EC3P3AJ. Tel: 0t~6239333
Cables: Quhnacp, Tihw: Bfl403S
22nd August 1983

».V. Doyle Hotels Llaited,


c/a Guinness c Mahon Limited,
17 Callage Green,
Dublin 2/1
Ireland.

- i.. Dear sirs,


•VH.
Ha confirm that we are prepared to place at your disposal a loan facility
of up to ona Billion Pounds Sterling (£1,000,000) (tba "Facility") to
aasist finance your general working capital requirements.
Interest will be charged on the daily debit balance outstanding under the
Facility at the rata of 1/2* (ona half of one per cantua) per annua above
the coat to ua of obtaining a Matching funding depoait for an intereat
period of 12 Months duration. This intereat cata will be reviewed and
rafixed at the end of each such*interest tfi&riod toe a further period of
12 nontha.

The intereat will be calculated on the baais of a 355 day year and will
be payable six nanthly In areaar and on final repayment. Zn addition you
will pay to ua the coat of our Maintaining Liquid Assets/Sterling Deposits w
as requested by the Bank of England and/or other Governmental Agency from
fhw to- tine, in so far as they relate to the facility. Such additional
coats will be payable by you on the sane dataa as the aforementioned
interest.

The raclllty, which.la- repayable on our jlemand «t any tine, will be


repayable in any event three (4) yeara from initial drawdown, which
drawdown nuat be in full and in ona aaount. Should you prepay the
Facility (other than on our demand) you will pay to ua the coat (if any}-
of our breaking our corresponding funding gfjgoait.
• at
Aa a continuing security for your obligations hereunder we shall require
the unconditional guarantee of Guinness a Mahon Limited, in a form
acceptable to ua. In thia reapect we have today written to thin,
enclosing a copy of thia'letter.

The Facility will be available to you upon receipt by us of the aforanentloned


aecurlty and our having received the following*

1) Bank Mandate and »p*ci*t*n signatures Instructing us In the operation


•of the Facility.

2) Originals (or certified true copies) of your up-to-date Meaarandua (


and Articles af Association together with your. Certif(car* of Incorporat Ion. .
r*

ft *

Guinness Mahon

3) Certified copy of a Saaolution of your "oacd of Oiractora confirming


your acceptance of tha fcanu and conditiona of the Facility and
authorial^ an offlcar to andoraa tha attachad copy o£ this lattar.

If you are in agraaaant with tha foragoing fcaoM and conditlona plaaaa
sign and ratucn to ua (La accordance with tha aforaaantionad Board
Kaaolution) tha ancloaad copy of thia lattar togatbar with tha othac
it a s eaqjwatad harain'wlthin 31 daya or tha data haraoff, othacwiaa thia
of far of fcha Facility will ba daaoad to hava lapaad.

va ara plaaaad to ba of aaaiatanca to you in thia raapaot.

youra faithfully*
for GafiUSSS MAHON & 00. LIMITED.

Diractor.
Appendix XV (30) (1) (d)
Appendix XV (30) (l)(e)
• Ifi'.r. r>55»J*-

>3667 MARS EI -
,84033 GUIMAN €
:STH AUGUST 1987

0 GUINNESS" MAHON DUBLIN


TT PAT 0'OWYER
COPY TO MICHAEL PENDER
ROH GUINNESS, MAHON LONDON
E P.V. OOYLE HOTELS LOAN FACILITY OF PD8 1 MILLION

TO RECENT DISCUSSION? CONCERNING THE ABOVE FACILITY (WHICH *


XPIRED 24/8/87) UNDERSTAND THAT BORROWER WI8HES FACILITY TO BE
ENEWED FOR A FURtHER PERIOD.
N ORDER THAT NECESSARY FORMALITIES FOR RENEWAL CAN BE COMPLETE0
TO INCLUDE CREDIT COMMITTEE) WE WOULD BE GRATEFUL IF YOU COULD DO
OLLOWINGi-
. CONFIRM THAT BORROWER WISHES FACILITY TO BE RENEWED FOR A FURTHER
PERIOD OF ONE YEAR* AND
. > . .
. PROVIDE US WITH BRIEF DESCRIPTION OF THE BORROWER AND BACK GROUND
TO FACILITY.
WHIL8T THE FACILITY HAS OF COURSE BEEN IN EXISTENCE SINCE 1983 IT
WOULD BE OF GREAT HELP IN PREPARING CREDIT COMMITTEE PROPOSAL TO .
HAVE SOME BACKGROUND INFORMATION. OUR FILES HAVE NO DETAILS J!
«CH WOULD ASSIST IN THI8 RESPECT.
ifiE 2 HAVE ABOVE INFORMATION WE WILL ATTEND TO RENEWAL FORMALITIES
3UICKLY AS POSSIBLE.
to
iST REGARDS > •
tVID HUGES/TONY ADLARD

>D 14»09 28.a.87


ig no iao9-2aoa-at
>4033 GUIMAN G*
1667 MARS EI
Appendix XV (30) (l)(f)
c
-rpHJE FROM |/03/fl? 16>09 001

"••Ss.8
HO. 0FR^ 6 «|| W 19 town N M i t d n s t u i t ,
as DUBLIN 3.

VXA TKI.lfAX 2na September, 1987.

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

Be: P.V.Doyle Hotels


Loan Facility
Guinness Mahon * Co.
Dear Pat,
Shank you for your communication advising me of the
requires carta Indicated to yot» by Guinness Mahon ftCo.
I would not wish to burden them with lota of work and as
such I suggest that X should make arrangements to have the
business pieced elsewhere, which I will do on my return
. from holidays and suggest that the timing might best be «
30th September. Would you please advise London of the
/•••'• * position and ask than to make sura that they advise
^ Mr. David Hughes.
Needless to remark^ the Deposit will be uplifted a*
the same time that the loan.is repaid.

Youra aincaroly,

J r P ? Trayng*^

P.S. Would you please pass a copy of this to


Mr. Michael Pender.

JDT/AJN
Appendix XV (30) (l)(g)
1667 HARS £1
fc033 6UIMAN 6
MO HARCH 1988
GUINNESS MAKON DUBLIN
TN MR. COL.LERY
I 6UINNESS •HAHOK »LONDON
» »V OOYv.5 HOTELS LOAM FACILITY PMDS 1 MILLION

i 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 FOR
IVMPwT ON ?cS»"A«»Y
aut~o*;s* ti? av t^stso.-tewSX to oesit your ?nos c/a i or ?
JS VAMIP yeaRyARV -.988-
^erest on ew cayman blocked deposit a/c re* pvo for the same
aioo
* YOUA VM
AOUN
LUETS23TOFEBRUARY
PNOS *2i873.Q0
1988 ON. CREOIT.
RECEIPT THIS
OF LOSA
UN
MINTERE8T.
WILL BE RELEASED
iSAROS
EDIT ADWIN
& 12«48 2.3.88
fe NO 2943-0203-01
*G33 6UIMAN
MARS EI
Appendix XV (30) (1) (h)
' o

1 • Accounts Bank

• •
period StBttsnoot
• firs• £ Sftoctbff
22nd. Angnst 1983 863.01 No
BUfYeartoM*.^ 31336.16 yfe 31/7/84 Yes
HslfYeartoAag.^ 30,797.93 No
EUfYeartoPdi.tS 37,34X47 y/e 31/7/13 Yes
HalfYear to Ang.'Sa 36,407.33 Yes
HalfYear to Feb.*86 38^84.23 y/e 31/7/86 Yes
HalfYear to ABg.*86 37,963.73 No
HalfYear to Feh.*87 . 53JS35.96 yto 31/7/87 No
HalfYear to An«.-87 Slfi67.il No
HUfYasrtoNb.W 37,261.99 y/e 31/7/88 No
BUfYear to Ang.'SS 37,027.40 Mb
Half Year to fdj.^ 53,691.78 y/e 31/7/89 No
Half YeartoAng-TO 69.734J9 •
No
Half Year to Peb.*90 73,80L37 y/e 31/7/90 No
HalfYearto Aqg,*90 " 79.423J7 Yes
HalfYear to Feb.^! 80.462J3 jh 31/1/91 Yes
HalfYear to Ang^l .67,03842 Yes
Half Year to Feb.<92 38,917.81 y/e 31/1/92 Yes
HalfYearto Aug.*92 33.784J3 y/e 31/1/93 No
681.936.63 417.449.35

' Notes
ThallniL wsadntwn down on the 22adAngnst 1983 and loriyri to the account of
P. V. Dcgpk Eofcb Ltd. with the Bank ofbelaud it ClQr Office, Lombaid St, I/mdnaEC3,
aa per atatmnmtt dated 24th. Angoat 1983 ( copy attached)
Tha Loan was with Ouianess Mahon ftCo. United, London as per OH statement doted
23rdFfefanary 198%( copy attached). The address ihownfbr P. V. Doyle Hotels Ltd. is
do, Onhmess A Mahon Lid., 17,Colkge Green, DqUipl We only haw «wr bank
m
Stt^8Dl68t8ttl06Tfll68Jbrtikis8C6CREItte
The Iasn was tuuaftaed to Henry Aadmchcr; 1, KdBtre Square, LandonEC3A,3AN. In
late Augfeariy Sept "89. We do not hara any kra statements forthis, bot we do have
five statements fbr a Currast Account (a/c no. 1111-460112-101) which shows therecentof
certain intereat payments made by ua to then. Wo also havefourstatement! ibr an account
which la called a DOC Currency Advances (a/c no. 1111-460112-301) which seems to record
the rollover of a £lmL debit balance.
The interest payment!, togetherwitha £2,500 half yearfce,were drawn en a cheque book
held In the office of Mr. P. V. Doyle, in the name of Doyle London Hotels Ltd.
TheUKccmqsax^washUtiaQylaiownasP. V.Doyle Hotels Ltd., and changed its name
to Doyle Iandnn Hotels Ltd. on the 13 th. December 1983.
The Loan was eventually cleared by a transfer offtmds from Bank of Ireland, Dublin on the
rw» Mrwwnliw 1QQ? In the amount os £1.039.842.46 sterling.
Appendix XV (30) (1) (i)
Appendix XV (30) (1) (j)
28th September, .1990,

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

SSLi A/A3B an* A/A42

Dear George,
The position ro .above ia as follows*
A/A36
Por lottor mth Jnly 1f90 H138,230.63
- Interoat to 12th Septenber 1990 5,052.32
Interest to 30th September 1990 1.024.03
Balance as at 30th September 1990 6144,314.98

;> */M2
for lettar 10th July 1.990 . H207,996.47
^ Lodged (re Back to Back Iondon) 74,647.92
Intereat to 30th September 1990 9.343.21

Balance as at 30th September 19SO 8290,987.60

Yours sincerely,

J.D. Traynor.

JDT/AJW
Appendix XV (31) Mrs Helen Downes
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to
Mrs Helen Downes.

a) Statement of Helen Downes of 8 March 2000.

b) Extract of evidence given by Padraig Collery of 11 January 2000 to


Ansbacher Inquiry, with list of codes showing A/A45 relating to Helen
Downes.

c) Statement of account of Ansbacher Cayman Limited of 31 December


1992.

d) Statement of account - Hamilton Ross of 31 January 1993.


Appendix XV (31) (1) (a)

T
Statement of Helen Downes, prepared for the purposes of the Inspectors appointed by
order of the High Court to Ansbacher (Cayman) Ltd.

Re letter dated 20 January 2000

1. I never caused to be executed a deed of trust or other instrument in the Cayman Islands
or elsewhere whereby the Company or some other person associated with it, or acting as
its discretion was a trustee or managed the trust and I never transferred money or other
assets to any such trust.

2. I have never caused to be established in the Cayman Islands a body corporate to which
money or other assets was or were assigned and which were managed by the Company
or 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 any
basis.
4. Although I was aware that the funds were deposited offshore, I never considered whether
or not I was breaching Exchange Control regulations. No one ever told me and no one
ever asked me.
5. I was never concerned with or involved in any Channel Islands trusts or companies.

6. As far as I am aware, my money was deposited through Guinness & Mahon by Mr.
Traynor whenever I required withdrawals, I asked Mr. Collery.

7. I never received a statement and only on a few rare occasions did I enquire as to the
standing of my deposit. I remember on the last occasion thinking that the rate was very
low.

Helen Downes
8 March 2000

McM^- 0 2 •
Appendix XV (31) (1) (b)
15 254 Q. Is this X / K X X X a former /XXX
16

17 A. Yes. The next list of accounts are accounts that I


18 was unable at the particular time to identify as to
19 who the beneficial owners was. Some of than had
•30 closed over the period. J will come back to you,
21 perhaps, maybe on some more details on individuals
22 out of that. and had a
23 small account within the Bureau system as such, so
24 that relates to his account, I believe an individual
25 relationship.
26 255 Q. Is this who was the
27
28 A. That is correct. Mrs. H. Downes, I believe does not
29 have a trust, I think it is an individual account.
59
Schedule of Entities and Persons to the best of my recollection and knowledge at this time
in accordance with the information required in the Schedule Section 1.2

17 H Downes-A/A 45
Appendix XV (31) (l)(c)
MslSBACHER LIMITED
. U 88 }nnd Cayman British West l,._.es
• '"Sr Telephone Mo. 0—4553/4
Ansbacher Limited Telex CP 305 Cable Addreaa Guinness
CayMn
A/A 45

L J ACCOUNT NUMBED 80001634 PAGE


39
BALANCES SHOWN ARE lit rtarling
30A1/92 BROUGHT FORWARD 14130.30
*4049.47
h/12/92 23/12/92 EEPAH)
13/12/92 23A2/92 BKLCOGED 14130.30
23/12/92 23/12/92 IHT AM 0.01
23/12/92 23/12/92 Intereat t o 33/12/93 80.84

14130, 30
31/12/92
CARRIED FORWARD
V.
Appendix XV (31) (l)(d)
n i H O D M u n c n i—i i v i 1 1 c u

n \ 0 ~ e ^V3r«nd Cayman British Wast


-fait. .a .,<J. 0—4853/4
,TOti BOSS
Telex CP 309 Cable Address Guinness
A/A45
L. J ACCOUNT NUMBS* 80001634
BALANCH SHOWN ARE DC
pAQE
sterling
1

H/Ol, _ .00
[>4/01/93 23/12/93 . 1*130.30
125/01/93 33/01/93 MTKBEST
B5/01/93 25/01/93 *B» B I T M 65.04
B5/01/93 25/01/93 HBPAXD 14219.73
B5/01/93 25/01/93 EBLODGKD 14219.73
5/01/93 25/01/93 Interest to 25/01/93 65.04

Jl/01/93 14219.73
\ CARRIED FORWARD
Appendix XV (32) Mr James Durkin
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
James Durkin.

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

b) Letter of 11 August 1992 from Ansbacher Limited to IIB.

c) Letter of 11 February 1993 from Hamilton Ross to IIB.

d) Letter of 12 September 1994from Hamilton Ross to IIB.


Appendix XV (32) (1) (a)
43a Napsbury Lane.
St Albans
Hertfordshire
AL11DU
England

31 October 2000
-f m
The Honourable Mr Justice Dedan Costeflo
& Ms Noreen Mackey & Mr Paul Rowan
31"1 Floor
Trident House
Blackrock
Co Dublin
Ireland

Dear Sirs/Madam
GUINNESS MAHON, DUBLIN
I ackrcwtedge receipt of you-leto I also confirm that I have now
become aware that you wrote a letter in sirdartemislnJune 2000tomyfatf^, James Durlcw^
Road, Worthing, W Sussex. I wishtorespondon behalf of both of ustoyour letter as follows:
1. Myfetheris84 years okl ami has, over the past severely^ suffering
from a decline in his mental capacity, which at present is very confused in relationtoall aspects of
WsSfewllhbolh short and lohg4erm memory loss. When, on receipt of your letter, I approached him
he was unableto(fiscuss any matter concerning his investment with Guinness Mahon other than to
respondtomy reference toDesmond Traynor with, "Traynor, yes, ask Traynor". Therefore, any
details I give below arefrommy own personal recollection or my recollection ofwhat my father told
me in previous concersalions with him over the years sincg hefirsttoldme of investment in Guinness
Mahon. My mother is of similar agetomyfatherand also now suffers fromloss of mental capacity,
although both are sffll abletolive at home on their own with a rota of visits frommyself or one of my
two sisters, all of whom five reasonably close by.

2. My father was bomin Ireland but cametoEngland when aged 14, some 70 years ago. He has lived
in England ever since,flving upto1954 In the Balham area of London (exact address not known);
between 1954 and 1961 at Queens Road, Whitley Bay, Tyne & Wear; between 1961 and 1971 at
Monkseaton Drive, Whitley Bay;from1971to1973 at Biddick Lane, Fatfield, Cop Durham; from 1973
to 1983atGreenhiII Close, Copthall, Camberley, Surrey and since 1983 at Bernard Road, Worthing,
W Sussex. I myself am now 45 years old and have lived and worked all my life in England, as have
my older brother and two older sisters.

3. My father was engaged all his working life in the construction industry, progressing over some 50
years from being a labourertobeing a senior manager. Approximately 15 years ago, my father first
told me that he had invested money in Guinness Mahon several years before. He told me that at the
time he had been encouragedtodo so by someone whom he did not identify to me but whom I
surmised at the time was Irish. His purpose in telling me then of his investment was so that I would
gotoDublin with himtosign a document that would make me a trustee/nominee of his investment in
Guinness Mahon in the event of his death, as requested by Guinness Mahon.
My lather's intention, as expressed to me at that time, was that his investment with Guinness Mahon
wasto"put something by" for hisfourchildren, i wenttoDublin with my father as he requested and
the two of us met "Mr Traynor" at an office block in Dublin city, which I assume was the Guinness
Mahon bank premises, and I signed a document producedtome by Mr Traynor, but I was not given
a copy of what I signed. This was the first and onlytimeI met Mr Traynor, whom I recollect was a
personable man who seemed sompetent infinancialmatters; and that my father and I both left our
meeting with imfeeing confident that my father's investment was secure and growing. Both then and
subsequently my understanding and, I believe, my father's understanding, was that my father's
investment was with Guimess Mahon in Dubin and that Guinness Mahon charged and administration
fee for their services, calculated as a percentage of thetotalinvestment at the end of each annual
period. That was the end of my involvement with the investment forseveral more years.

4. About six years ago, my father spoketome again about the investment and was somewhat agitated
about it, having apparently been telephoned by someone in Guinness Mahon. Again, he asked me
to goto Dubln with him, which I cid, and we met with two men, whose names I cannot recall, who told
us that Mr Traynor had died some months previously and that they were now managing my lather's
investment Irecollecttheir talking about "making changes that possibly would make more money",
which made me personaly apprehensive on my father's behalf. In the monthsfollowing that meeting,
I soughttopersuade myfathertomove his investment toanother bank. Eventually, after about six
months, my lather agreed and the then value of his investment was transferred by Guinness Mahon,
in two tranches as I recollect,toanother bank, where I am at present a trustee/nominee.

5. My father does rat appear at present to have any documentsrelatingtohis Guinness Mahon
investment I do not recollect ever having seen any documents or statements relating to the
investment and my understanding fromprevious was that communications by Guinness Mahon with
my father tendedtobe by telephone rather than in writing:
6. In conclusion, I wishtoreiterate that my father's capacitytohelp you at this time is extremely limited.
He is certainly not in a positiontotravel toIrelandtomeet with you, but if you wish, you or your
representative may visit him at his home, in my in ordertosatisfy yourselves astowhat he
can recaH. Alternatively, if there are specific documents on which you wish metocomment; or wish
metoput before myfather,I confirm that I would be wi^ng todo so.
Yours faithfully

Michael DufKin
Appendix XV (32) (l)(b)
Ansbacher Limited
Pleasereplyto: P.O. Box 887, Giand Cayman. Cayman Islands, British West Indies
42 Fitzwilliam Square, Telephone: (809) 949*8655 Ttlex: CP 4305
Dublin 2. ' Facsimile (809) 949-7946 (809) 949-5267
Tel: 765144/763065
Fax: 612033

11th August, 1992.


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

Dear Ronan,
Could you please arranga to let ma hava for collaction on
Friday morning please, 14th August, two Sterling cheques
as follows
(1) Payable to Jamas Durfcin for Stg.fi2,000
(2) Payable to Michael Durkin for Stg.£2,500
Please debit both amounts to Ansbacher Limited Account
No. 02/01087./81.
Yours sincerely.

CL-. LjU—
For ANSBACHER LIMITED

JDT/AJW

OUBWm. MOtMCO ANDaWRBKMa


Appendix XV (32) (l)(c)
Hamilton Ross Co. Limited
M . _ P.O. Box 8X7. Grand Cayman. Ciyman Utaxfc. BriiWi Wat Indie*
PZflSSC KQi9 cO*
42Fi&wflUunSqtuw, " Tdeph«wfa(W94WM5 Telex: CP 4305
Dublin 2 Ficulmlle (800)949-7946. (809)949-3267
Tfcl: 765144/763065
Rue 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 a


Starling cheque for Stg.£2,000.00 payable to J. Durkin and
debit the cost to Hamilton Ross Account No.02/01354/81.
• *

Yours sincerely,

" % o r HAMILTON ROSS CO. LIMITED

DPC - Pleas* debit A/A8.


^ Funds from A/A11 will be
transferred to A/A8 at maturity
of A/A11. i

JDT/AJW

OUx^JUL pOotZct
Appendix XV (32) (l)(d)
Ms Daire Nolan-Cassidy, 12th September, 1994.
Corporate Services,
Hsh Intercontinental BankLimited,
91 Menion Square,
DUBLIN 2.

: ! •
* :* •<v ••
DearDoire,
. «
i i
Conid you please strange to let ua have fbr coltection as soon as p within t Sterling
<&oquo forStg^OOO.^ payable to Gufanw
Hamilton Ross Account No.02/01354/81.
i I
As ttis is required urgently assistance wou^
• » * •

Yours flincttcdy,
f i ..:»*» f J •
i

• »
For HAMILTON ROSS CQi IIM fhi L

/AJW
DPC - J . Durldn requires Stg.£4,000 in cash. G.&M.
have agreed to handlefor me and will advise the
cost element in due course. This phis the
extra in due course should be debited to A/AS.

Cheque lodged
Appendix XV (33) Mr James Sidney East, deceased
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
James Sidney East.

a) Letter of 18 August 1971 from Kennedy Crowley & Associates to Mr


John Ronan.

b) Letter of 8 March 1972 from Kennedy Crowley & Associates to GC


Crampton.

c) Guinness and Mahon Board Meeting Agenda & internal Guinness and
Mahon memo re new/increased loans of 28 November 1974.

d) Extract of transcript of evidence of Mr George Crampton given to the


Inspectors on 8 February 2000.
Appendix XV (33) (l)(a)
Kennedy Crowley & Co. Chartered Accountants

Hainault House 69/71 St Stephen's Green Dublin 2 Telephone 757971

John Ronan, Bsq., •


B W A
H. Ronan & Sons,
94/95 South Mall,
Cork
- Oste: 18 August 1971

re: Cayman islands Trust

Sear John,
In the course of discussions which I had on Friday with Kaasrs.
Gaorga Crampton and I vu asked to writs to you
asking you to advise than and Messrs. 8. Clarke, 8. Seymour, j. sidnay E&se
and i. Webb regarding tha satabliabsent of discretionary trusts
in the Cayman Islands. X had alraady sant yon for general information
a draft of a trust daad which Is us ad In the Cayman Island* and tha
above named would lika you to advlaa than aa a group on the suitability
of such a trust daad for their purposes but at a later stag* <-eferesss
will of course ba naeessas* lo tha individual requirements of aach.
In tha first instanca thay would wish to have writtan advieo and
at a later stags thay would lika to discuss this writtan adviea with you
on some auitabla occasion whan you ara In town.
As you know from your other connections these trust* will be tba
recipients ultimately of certain tax free profit* in the Cayaan Islands
and tha anxiety la that the arrangements should be as flexible a*
possible, consistent with the continuing tax free stetnx* of the trust
and of appointments made by the trustees to the beneflciariaa of
the trust.
I have already given you some comment on the general fsetuves of
the trust deed end if you feel a further discussion would be helpful
please let m know.
I an sending a copy of this letter to Mr. C. C. Crampton.

Yours sincerely,

D. Said

Martin C u w y K ' A E d g a r fiwxtor VX'A CiHMuluut I'mriptl M a m p m


D r c l m CkIKim A C A l - j l w a n l luv|C4ii l ' C A
ConorCwwIcvVCA I V i » n O ' C m a m r Al".\ Cirrakl W W f c r Kt'A S'lwnuii B a k
loiiirciiiY C r n w l r y K ' A IXivkl K m . , - W A IVtcr l.jurli
NuiBOwtevHA Atv*x S j w u i KC'A I>k< I W U
\ Y illiam I'liU-y l ' C A
Appendix XV (33) (l)(b)
Kennedy Crowley & Co. Chartered Accountants

Hainault Housefid/71 St Stephen's Green Dublin 9 Telephone 757971

Q.C. Crop ton, Baq., DR/GC


9, Maple load,
Dublin 14. |Jmb{ 8th Kerch, 1972

Re: Cayaan Trusts.

Bear Mr Crampton,
Z m sorry that It haa' taken ate rather longer to coae back to you with
the draft Letter of Wlahes. X en no* enclosing six copies of this
draft so that It may be considered bj eech of the IndlrLduala concerned.
I think that the tern* of the letter are fairly self-explsnatory sad
should not give rise to any problems hut, should anyone wish to discuss
then with mm I would he happy to do ao.
Sines I saw you we haws seat to the Cayman Ialanda the revised draft
Trust Deed, together with the detail .1 required to complete the eppointed
elasa In each caae.
For assa of reference, and to avoid too much Identification, we are calling
.the Truata the White thorn Trusts. Tour own will be the Whitethorn A Trust,
Mr Clark's the Whitethorn B Trust, Mr Bast's tha Whitethorn C Trust,
Mr Seymour's the Whitethorn X Trust, and
Mr Webb's the Whitethorn T. Trust.
As soon as the Trusts are drawn up 1 will have the Letter of Wishes signed
in each case by Paul Harris who 1* the settlor. Two formal steps will then
remain to be taken. The first is the formation by the Trustees of s compeny
(or companies) to receive income from deposits or investaunts on behalf of the
Trustees. The second will be the execution by Paul Harris of a Deed (in
blank) assigning his powers as Appointor of the Truata.

Yours sincerely.

in Beid
Bncla.
^ Ir.rtiii '.'n«->- ti'.^ Kitjrnr l\>ru.'r K'A CtHtuiUnm l*ri«t<t|«l M.uun.t"ni
IV ftm V i.lUiu: \f.°\ K.h»n«l Nivicm Kl'.l
t'lHicrt'oiv I v'.V \ (>risn <)t'muB:r Al'.\ t wmU WIui-Kr K'A Numum Iktk-
1 -ii:<vm'i' \f w,vli-y H' \ Uni't lliw.' h'l" \ I'.-i.r l.nidi
NwlUVwU P. \ Alt \ S^iin !•'('."> I'trti ll.'iil
V.'ti'im: '-'iik-v VTA
t
Kmnady Crowleyfc Co. continuation «htat /

P.S. X should aention that in Mch caaa tbt aattlor would be


a Cayasan Ialandi raaidant and the appointor would ba
tha appropriate individual naaad abova.
Appendix XV (33) (1) (c)
GUIUKtfaSfcHAUOfi LTD.
MEliTIMG Ol' BOdBD Of DTRECTOUS
2CI.lirtOvMMHK»; T 74 .
000534
KL is

AGENDA

Minutes of Board Meetings held on 26th


September 1974 and 17th October, 1974.

Management Report covering the period


1st September to 31st October 1974.

Any other business.

iw
»" Lo*m mitK/lMWuK 1nc» :»»t Htm
Cupto—r U»l* lafcoraai .laisasi Co—mt
Jteis— A
Sldnty iMt 5,000 is s,oaa sd
ud
ii
tt
ai
bo
ln
yalnauM
fund*pa
ot
sitM.n
ioo.
oo uk«a up
Appendix XV (33) (l)(d)
I
I
I I
7 236 Q. X would like, Mr. Crampton, if we could go through
8 briefly the last set of documents you gave us, which
9 we got yesterday (SAME HANDED TO MR. CRAMPTON).
10 Yes, this might be a good time to — we will break
11 now, Mr. Cramp ton, and you might like to look at
12 these documents I want to go through with you. We
13 will break for ten or fifteen minutes.
14 A. All right.
15
16
SHORT Apjotnaooprr
17
18 237. Q. MR. JUSTICE coSTBLLOt Mr. Crampton, we will
19 continue then, would you
20 look at this file of documents that you gave us
21. yesterday?
22 A. Yes.
23 238 Q. I think it is document No. 10 of 8th March 1972.
24 That is from Kennedy Crowley telling you how the
25 Trusts, were going to be set up. Do you see that
26 there were to be six Trusts set up, Exhibit 1?
27 A. Yes.
28 23 9 Q. Do you see that?
29 A. Ye8.
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 all
8 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
15 of them after this financial arrangement was made?
16 A. I understood that there were ... (INTERJECTION) .
17 247 Q. You understood that they were all set up?
18 A. Yes, but I could not confirm that. I understood
19 there were six trusts.
20 248 Q. Do you know whether any of them had Ansbacher
21 accounts such as you had or Guinness & Mahon
22 accounts such as you had in Dublin?
23 A. I am sure they had.
24 249 Q. You are sure they had?
25 A. They probably had, yes.
26 250 Q. In other words, you think they carried on the same
27 way as you carried on?
28 A. They might, but not for as long.
29 251 Q. Not for as long?
33

T
Appendix XV (34) Mr Francis Augustine Eastwood
1. 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 the


Inspectors enclosing unsworn statement of Mr Ronan Eastwood.

b) Letter of 30 April 1991 from Ansbacher Limited to IIB.

c) Letter of 15 August 1991 from Ansbacher Limited to IIB.

d) Letter of 5 April 1993from Cayman International Bank & Trust Company


to IIB.

e) Telefax of 15 March 1994 from Cayman International Bank & Trust


Company to IIB.

f) Telefax of 15 November 1994 from Cayman International Bank & Trust


Company to IIB.
Appendix XV (34) (1) (a)
ftheehan & Company
S O L I C I T O R S
I CLARB STREET DUBLIN 2. TELEPHONE 01 fttltV]}
TBLSPAX DJ 64I0D1J, O.D.I. 161

OUR RIP; VOUR RKH: DATS:


41
JPS/MC ' 9 August 2001

Maty Cummins
Solicitor to the Inspectors
3 rd Floor
Trident House
Blackrock
Co. Dublin

Re: Our Client: Ellen Eastwood

Dear Sits,
Further to your recent letter, we apologise for the delay in dealing with tins matter.
We enclose unsworn statement of Mr. Reman Eastwood, son of Mrs. Ellen Eastwood^
who has effectively being handling this matter on his mother's behalf.
Mr. Eastwood is one of IS children of die late Mr. Augustine Eastwood and is prepared
to attend before you to give whatever evidence he can in relation to the matter. None of
his brothers or sisters are familiar with the details and his mother, who is an elderly lady
and residing in Belfast is also nnfamiliar with the detail of the matter. Neither she or any
of her family were aware of the existence of the relationship between her late husband

IEHEUUH SHEEHAN B.A. DAVID C. COLBERT ».A.. LI.II.


OR AI.VME AHER.V a.C.l.. MSI. PEROCJO.N l».~Sc. D.L.S.. DOLORES O'KKEPFE B.C.L.
UNSWORN STATEMENT OF RONAN EASTWOOD, son of the late
Augustine 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 totally
unaware of my late father's dealings with Ansbacher (Caymen) Limited (ACL) during his life
time.

I am one of IS children and I am satisfied that none of us whatsoever were aware of my father's
dealings with ACL.

The first time I became aware of the matter was when I read an article in the Sunday Independent
which named my father as an account holder. I dun made enquiries of Mr. Padraig Collery who
confirmed the position and suggested that I contact ACL directly to ascertain die Acts in more
detail.

Since July 20001 have worked in conjunction with my Solicitor, Mr. Jerry Sheehan, seeking foil
information from ACL in relation to my late father's affairs. In that time we have effectively
uncovered all relevant information.

By way of background, my later fatter was a major "scrap metal" dealer in Bel&st for many yean,
until he sold his yard in 1986 or thereabouts^

In 1987 he purchased a house in Drogheda - Easton House, Colpe Ctoss, Drogheda, where he and
my mother livedfor circa ten years. They moved back to live in Belfast shortly before he died. I
believe ttfe proceeds of die sale of die yard were automatically deposited on three trusts in ACL.

Despite months of my Solicitor trying to obtain information from ACL between August 2000 aad
January 2001, both my letter and by phone, no real information was forthcoming.

In January 2001 it was suggested by Mr. Bothwell, Managing Director of ACL that my Solicitor
travel to meet him (i.e. Mr. Bothwell) and the lawyers to ACL to consider die situation regarding
three trusts which my late father had caused to be set up.

Prior to this Mr. Collery had advised that my late father had been associated with three trusts, two
of which were named the Dallas Trust and the Canton Trust respectively. He could not recall the
name of the third trust It was subsequently confirmed by Mr. Bothwell that the third trust was the
Omaha Trust.

My Solicitor, Mr. Sheehan, duly met with Mr. Bothwell and Mr. Kervin Glidden of ACL and also
with Mr. Andrew Jones of Maples and Calder, Attorney-At-Law representing ACL, following
which meeting it was agreed that in return for my mother signing three deeds of Indemnity, (one
in respect of each Trust)(copies enclosed), the Bank would distribute the balance remaining in
each 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 distributions
were made to my father, or at his direction, to third parties-from the various Trust Funds. These
were made with the assistance of Mr. Collery and I believe originated in Ireland from funds held
by ACL atHB 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 which
explains a distribution attinstime of £75,000from die Omaha Trust

From documents made available to my Solicitor by IIB, it seems that certain loans were made to
myfether and third parties, die security forwhich was,fiom what I understand, WhatiJ referred to
as "back to back loans" i.e. part of the funds are held by ACL in EB on behalf of die Trusts set up
by my late Gather were set aside as security for the loans by HBtomyfether and third parties at his
direction.

I enclose a booklet of documents made available by IIB in this regard.

To the best of my knowledge, I believe, one of the loans was made available to my brother Francis
Augustine Eastwood and another loan was made available to a Mr. Rue Leonard.

It is my understanding that while my father was tax resident in the Republic of Ireland during his
occupation of die house in Drogheda, he remained domiciled in Northern Ireland. Thus during the
period he had no tax liability for interest earned on die funds lodged with ACL. However, there
may have been a liability in respect of distributions made in the period if they were withdrawn
fiom income earned as opposed to capital original deposited. The latter situation appears to have
been more likely. Consequently, a submission is currently bang lodged with the Revenue
Commissioners.

I appreciate that die above information is general in nature and to the extent that I can I am
prepared to attend before you to give any further assistance possible.
You have raised a number of questions in Appendix C of your letter. The following are ray replies
on 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 and
various statements.

There are no associated corporate bodies.

b) 1989.

c) None.

d) i. There were no distributionsfrom the Canton Treat.


ii. There were distributionsfrom the Omaha Trust between 1992-1994 only,
iit There were distributionsfrom the Dallas Trust between 1992 and 1998

Details areas setout in theacawntsfbinisfaed herewith. .

e) I. do not have this information.

f) None to hand.

g) Instructions were given to Mr. Padraig Collery. There are no records of any written
instructions.

2.a) Most likely Mr. Desmond Traynor.

b) 1989 or thereabouts. Seerepliesat 1 d aboveregarding other dates of distributions.

To the best of my knowledge no further deposits were made.

c) Only one initial lodgment seems to have been made.

d) I believe contact was made with Mr. Collery who would make arrangements to have the
monies withdrawnfrom IIB by Bankdraft and delivered to my late father.

e) No.
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 to the best of my knowledge.


In relation to this question it is possible that the funds deposited in AOL were originally
deposited with College Trustees Limited, however, tins has not been confirmed.

A) Most likely, Desmond Traynor.


B) None available.
C) Not known
D) Not known - most likely Padraig Collery.
E) Piaaaibty 1996-1997. .
F) None available.
G) Ditto.
H) Unaware.
J) Most likely via Mr. P. Collery.

A) None.
B) None.
C) None.
D) Dallas Trust/Canton Trust/Omaha Truat
27th November 1989
Dated: —

JOHN A. FUBZE
Settlor

ANSBACHER LIMITED
i i -i,. v.-,-i ',ji.,.:. ...
Original Trustee

Pr-SCRETIOMARY SETTLEMENT
THIS INDENTURE OF SETTLEMENT is made the 27th day of November
A.D. ]9 89 BETWEEN JOHN A. FURZE of Snug Harbour, P.O. Box 887,
Grand Cayman, B.W.I, (hereinafter called "the Settlor11) of the
one part and ANSBACHER LIMITED a company
incorporated under the laws of the Cayman Islands and carrying
on business thereinafter (hereinafter called "the Trustee" which
term shall also include any additional or successor trustee
or trustees hereof) of the other part.
WHEREAS the Settlor has caused the property described in the
First 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 further
property becoming subject to the trusts hereof is hereinafter
called "the Trust Fund" and shall be known as "the Omaha
Trust") to be duly transferred into the name of under the
control of the trusts hereinafter expressed.
NOT THIS SETTLEMENT WITNESSETH as follows:
1. The Trustees shall stand possessed of the Trust and
during the period commencing on the date of execution of these
presents and terminating on the expiration of twenty (20) years
after the death of the last survivor of the lineal descendants
now living of His Late Majesty King George the Fiftli or on the
eviration of seventy years from the date hereof (whichever
shall be the earlier) (said period hereinafter called "the
Accumulation Period" and said termination date heing herein-
after called "the Fixed Date") UPON TRUST as to investments
or property other than money either to permit all or any of
the same to remain as invested for as long as the Trustees
shall in their absolute discretion deem fit or to sell call
in or convert into money all or any of such investments or
property UPON TRUST as to money including the money arising
from any such sale calling in or conversion as aforesaid to
invest the same in or upon any of the investments hereinafter
authorised.
2. THE Trustees may apply or invest the Trust Fund .in the
purchase of or at interest upon the security of such stocks
funds shares securities options or other investments or. property
whether real or pers^al^movab^ .
nature and wherever situate (including any fractional or
undivided interest, therein and including the purchase maintenance
or improvement of a freehold or leasehold dwellinghouse situate
anywhere in the world for use as a residence) and whether invol-
ving liability or not and whether producing income or not or
upon such personal credit with or without security as the
Trustees in their absolute discretion shall think fit with
power from time to time to vary such investments for others
of a like nature (yet. being under no duty to diversify invest-
ments) and with power to hold cash funds uninvested and other
non-income producing property to the extent that the Trustees
shall have the same full and unrestricted powers of investing
the Trust Fund in all respects as if they were absolute owners
beneficially entitled PROVIDED however that in the professed
execution of the trusts and powers hereof the Trustees shall
not be liable for any loss to the Trust Fund arising by reason
t

of any investments made in good faith or by reason of any


mistake or omission made in good f.aith by the Trustees or by
reason of any other matter or thing except wilful and individual
i

fraud or wilful and individual wrong-doing on the part of the


Trustees who are sought to be made liable without limiting the
generality of the foregoing the Trustees are hereby specifically
empowered to make investments and to acquire property without
any requirement of diversification even though such investments
or property may be highly speculative or not of a type which
are suitable trust investments or holdings. In particular the
Trustees may margin or hypothecate trust assets or securities
in whole or in part sell short, purchase or sell options, puts,
calls or other contracts or securities or commodities and carry
•i
on trading activities of every type whatsoever, "" '
3. TEE Trustees shall have the power to 'sell lease or
*

exchange and to grant options to purchase lease or exchange


any property movable or immovable (which expression shall be
deemed always to include any part or share of any such property!
/

which may at any time- constitute the whole or any part of the
Trust Fund either at public auction or private sale for such
consideration and on such terms credit or security as the
Trustees may deem advisable and whether for the purpose of
re-investnent distribution or diversion and no purchaser on
any sale by the Trustees or other person dealing with, the
Trustees shall be concerned to inquire into the propriety or
validity of any act of the Trustees or to see to the application
of any money :paid or property transferred to or upon the order
of the Trustees.
4
* DURING the Accumulation Period the Trustees shall stand
possessed of the Trust Fund and the income thereof upon the
following trusts that is to say:-
(a) Upon trust for all or any to the exclusion of the
others or other of the persons described in the Second
Schedule hereto (being and hereinafter called "the
Appointed Class") in such shares and in such manner

Trustees in their absolute and uncontrolled discretion


at any time or. times before the Fixed Date by any deed
or deeds revocable-or irrevocable without transgressing
the rule against perpetuities may appoint and so that
• by any such appointment the Trustees may confer upon
any appointee auiy valid power or powers of appointment
' in favour of any other member of the Appointed Class.
• /

AND it is expressly provided (without prejudice to the


generality of the for-egoing) that the Trustees may
appoint on discretionary trusts and that such trusts
may include as objects of the powers as regards income
of the Trust Fund any member of the Appointed Class
and may dispose of the whole or any part of the Trust
Fund to the Trustees of any other Settlement (in
i •
I .../5
existence at the time of such disposition and whether
in accordance with the laws of the Cayman Islands or
*

not) under which any member of the Appointed Class is


a beneficiary to be held as- an accretion to the Trust
Fund thereof and subject to any such appointment and so
far as the same may not extend.
(b) Upon Trust to accumulate any income of the Trust
Fund in the way of. compound interest by investing the
same and the resulting income therefrom in any of*
the investments hereinbefore authorised and adding
such accumulations and resulting income as accretions

(c) Provided always that the Trustees in their absolute


discretion may. pay or apply at any time and from time
to time during the Accumulation Period all -or any part
of the income or capital of the. Trust Fund to or for
the benefit of the members of the Appointed Class and
of more than one for any one or more to the exclusion -
of the other or others of them and in such shares as
the Trustees may in their absolute discretion think fit,
(d) Upon the "termination of the Trust on the Fixed
Date Upon Trust as to the Balance of the Trust fund
to or for the benefit of such members of the Appointed
Class as shall be living immediately before the Fixed
Date in such shares as the Trustees shall determine
and in default of such determination if more than one
in equal shares absolutely and subject as aforesaid
the Trustees shall hold the capital and income of the
Trust Fund in trust for the Grand Cayman branch of
the British Red Cross Association and the receipts of
the Treasurer for the time being of such Charity shall
be a good discharge to the Trustees,
(e) Any payment or application of the Trust Fund to
or for the benefit of any one or more of the
parties hereinbefore enumerated may be made either
outright or in trust for the said party or parties
which trust or trusts may be formed by the Trustees

including trusts and powers exercisable at the


discretion of any person or persons as the Trustees
may in their absolute discretion think fit."
5. IN addition to all the powers vested in the Trustees
-.»

expressly or by implication hereunder or by law or statute the


Trustees shall have all the following powers and may in their
absolute discretion•exercise all or any of the same from time
. i
to time in such manner and to such extent if at all as may
seem to them desirable..
(a) To receive additional property or donations by gift
or will or by the provisions of any other trust or trusts
or otherwise from any person or persons as additions to
this Trust and as part of the Trust Fund and to hold the
same upon the Trusts herein set forth and to administer
such additions under the provisions hereof.
(b) With respect to any property constituting the
whole or part of the Trust Fund to exercise all powers
which individual beneficial owners might exercise
without being restricted in *ny way by the office
of trustee including (without prejudice to the generality
of the foregoing) the following powers.
(i) To .promote and incorporate companies to carry
on any business whatsoever and power to liquidate the
same 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
or concern whether or not affecting the security or
the apparent security of any part of the Trust Fund
or the purchase or sale or lease of the assets of
any such corporation trust associiation or concern
b t
and
(iii) To give proxies or powers of attorney with or
without power of substitution for voting or acting
on behalf of the Trustees as the owners of any such
property and
(iv) To participate in and consent to any corporate
reorganisation consolidation merger liquidation
dissolution sale or lease or in and to any other
change in any corporation or in its financial
structure affecting any securities or other property
i
held hereunder and
(v) To become a party to any voting trust or
deposit agreement and to deposit any securities or
property held hereunder with any protective
reorganisation or similar• committee or in any voting
trust or with any depositary designated thereby and
(vi) To exercise or concur in exercising the
voting and other rights attaching to any securities
for the time being forming part of the Trust Fund
so as to become a Director or other officer or
employee of any company and to be entitled to vote
for and to be paid and to retain for the .Trustees *

Trustees1 services.
(vii) ^Fo hold or deposit any securities or other
property in bearer form or in the name"" of the
Trustees or in the name of any one of them being a
Trust Corporation or in the name of some other
persons or partnership or in the name of a duly
appointed nominee without disclosing the fiduciary
i
relationship
» and
(viii) To omit to register bonds or securities and
(ix) To keep the whole or any part of the documents
relating to and the money investments and property
comprised in the said Trust Fund within or without
the said Cayman Islands.
(c) To invest re-invest and manage the Trust Fund either
separately or together with .other funds to acquire and
^ 1
- 9 -

retain the shares or securities of investment companies


or investment trusts whether of the open or closed type
and without notice to anyone to participate in any
common trust fund maintained" "by any corporate trustee
at any time serving hereunder.
(d) To engage the services of an investment advisor
or advisors at the expense of the Trust FUnd and without
liability to follow tKe recommendations -of such advisor
or advisors even though such recommendations may- be
highly speculative or not of a type which would
ordinarily be legal or suitable trust investments.

to such persons including the members of the Appointed


Class as the Trustees may determine to be reasonable
and proper and without limiting the generality of the
foregoing to mortgage or hypothecate all or any portions
of the Trust Fund.
r"v (f) To make execute and deliver deeds conveyances
assignments transfers options leases mortgages instruments
of pledge instruments creating liens contracts and
other instruments sealed or unsealed to raze or erect
any buildings or other structures and to make any kind
of improvements which the Trustees deem proper.
(g) Without prejudice to the jurisdiction of the Court
and according to the respective rights' and interests
of the persons interested to treat as income or capital
or to apportion between income and capital any dividends
« •
stock dividends rights interest rent issued and profits
derived from any property at any time comprised in the
Trust Fund and generally to determine What part of the
receipts of the Trust is income and what is capital
and 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 stock
dividends rights interest rent issues or profits were
earned accrued declareci or paid to make such reserves out
of income or capital as the Trustees deem proper -for
expenses taxes and other liabilities of the Trust to
pay from income or from capital or to apportion between

investments and of selling exchanging or leasing


including b'tokers' commissions and charges and generally
to determine what part of the expenses of the Trust
shall be charged to capital and what part to income and
to determine as between separate funds and separate parts
or shares the allocation of income gains profits losses
and distributions.
(h) To carry on participate or invest in any corporation
partnership joint venture or co-operative and to enter
into such leases contracts or other undertakings relating
to the Trust Fund or any part of it as the Trustees
shall in their uncontrolled discretion deem advantageous
notwithstanding that such leases contracts or under-
takings extend or may extend beyond the termination of
this Trust. \
(i) To institute prosecute and defend any suits or
actions or other proceedings affecting the Trustees
or the'Trust Fund or any part thereof to compromise
any matters of difference "or* compound any debts owing
to them as Trustees or any other plainus and to adjust
any disputes in relation to debts or claims against
them as Trustees upon evidence that to the Trustees
shall seem sufficient"*and in whole or in part at public
auction or private sale or otherwise and upon such terms
and for such terms as the Trustees deem advisable to
make partition with the co-owners or joint owners besides

1 ^
which the Trustees are interested and to make such
partition either by sale or by set-off or by agreement
or otherwise (including where deemed desirable provision
for equality of exchange) .
(j) To take the opinion on advice of counsel 'concerning
any difference arising under this Settlement or any
matter in any way relating to the Trust Fund or to the
Trustees' duties in connection with the;Trust Fund and
. in all such matters to act in accordance with the opinion
of such counsel.
(k) To employ and pay at the expense of the Trust Fund
any agent in any part of the world whether an attorney
solicitor banker accountant stockbroker or other agent .
and whether or not being one of the Trustees hereunder
to transact any business orjdo any act required to be
transacted or done in the execution of the trusts hereof
including the receipt or payment of money and the
execution of documents and no firm association or
corporation any of whose securities are included
*

within the Trust Fund and no'purchaser or other person


dealing with any agent purporting to act under,
delegation or authority from the Trustees shall be
required to ascertain^ or inquire whether a case exists
in which such delegation is permitted or whether such
delegated authority is still subsisting PROVIDED however
that the Trustees shall not be responsible for the •
default negligence or fraud of any agent, so -— ^-."rui.-.-ltirrnB
or for any loss occasioned thereby although the
employment of such agent was not strictly necessary
or expedient. -* ,
(1) Upon and for the purpose of any distribution or
appropriation of the Trust Fund or any part thereof in
their unfettered discretion to place such value on .any
•and all assets from time to time forming part of the
Trust Fund as to them in their absolute and uncontrolled
/

discretion shall seem just and proper and any such


.valuation made in good faith shall be absolutely final
and binding and conclusive on all Beneficiaries hereunder
and further upon any such discretion or appropriation to
determine to whom specified assets shall be given and
to distribute the same subject to the payment of such
amounts as may be necessary to adjust the shares of the
various Beneficiaries and further that any distributions
of the Trust Fund may be either made directly to any
Beneficiary or applied for his benefit by the Trustees
or during his minority made to his duly appointed
guardian or to any person with whom he lives or resides
for the use of said Beneficiary without responsibility
for its expenditure.
WITHOUT prejudice to the generality of Clause 5'hereof
if the Trust Funds shall include any shares or other interests
in a company the ownership of which gives to them the right

of any of its subsidiaries the Trustees" shall be under no


liability or duty^to appoint any representative to the Board
of the said Company or of any of its subsidiaries and further
shall have no responsibility to enquire into .oversee or take
part in. the management or affairs or business of.the Company
or any of its subsidiaries*
7. IN addition to reimbursement of their proper expenses
the Trustees shall be entitled to remuneration-' (free of any
probate succession es'tate or other death duties wheresoever
payable and as a first charge on the Trust Fund) for their
services as Trustees in accordance with their published scale
of fees in effect at the date of appointment subject to any
amendment thereof which may be agreed upon from time to time
in writing between the Trustees and the person or persons for
n i,

the time being having power to appoint new Trustees hereof


PROVIDED however that thie Trustees may transact on behalf


of or with the Trust or any Beneficiary hereunder any business
which by their constitution they are authorised to undertake '
upon the same term as would for the time being be made with
an ordinary customer and without accounting for any profit
thereby made and in.particular and without prejudice to the
generality of the foregoing the Trustees may retain on current
account or deposit .account or advance at interest all moneys
necessary or convenient to be retained or advanced in connection
with the Tj
of remuneration paid or allowed by stockbrokers insurance
companies or other-agents without being liable to account
j.
for any profit thereby made PROVIDED further that...the Trustees
may transact business on behalf of the Trust. or any beneficiary
hereunder with anyv rorporation or partnership in which the
Trustees are office holders .or shareholders or partners or -
are otherwise financially interested or with any person or
firm holding shares or being otherwise financially interested
in the Trustees without being liable to account for any profit
accruing to the Trustees as such office holders shareholders
or partners as a result of such business and the Trustees may
hold office in any corporation shares or securities which
comprise or form part of the Trust Fund and shall not be liable
to account to the Trust for emoluments received by them as such
office holders.
i
> . .
/"I c
8. (a) THE Trustees hereof (whether original or substituted)
may at any time or times be removed from their office of
i

Trustees by a deed executed by the Settlor (hereinafter called


"the Appointor") and delivered to. the Trustees and the
Appointor may by deed executed and delivered as aforesaid appoint
any other person or persons Whether or not resident in the
Cayman Islands to be Trustees either jointly with any other *
then continuing Trustees or "Solely if after removal there shall
not be any continuing Trustees and thereupon the Trust-Fund
shall be by any assurance as may be necessary or expedient
vested jointly in the persons who shall thereupon become the

outgoing trustee who is liable as. a trustee hereof or may on


the death of any person become liable as a former trustee hereof
for any income probate estate or other duties fees or taxes
shall not be bound to transfer the Tr"ust Fund as aforesaid
unless reasonable security is provided for indemnifyihg such
outgoing trustee against such liability PROVIDED ALSO that .no
removal, of trustees by the Appointor shall be effective unless
after such removal (either with or without a new appointment)
there shall remain at'-least one trustee being a trust corporation
or two trustees being individuals.
(b) Without prejudice to the powers contained in sub-
clause (a) of this Clause if a Trustee hereof whether original
or substituted shall die or being a corporation be dissolved
or shall desire to be discharged from all or any of the trusts
or powers hereof or shall refuse or become unfit to act therein
i
/1 c.
or become incapable of acting therein then the following
persons namely: •
(i) the Appointor or if he shall be dead or unable I
... i
or unwilling to act j
i
(ii) the surviving or continuing Trustees hereof for the I
time being or if there be no surviving or continuing
Trustees . • !
(iii) the personal representatives of the last surviving
Trustee if such last Trustee was an individual but if
such last Trustee was a corporation then such last •
Trustee upon retirement may by deed appoint one or more
- _ f
including the persons exercising the power) to be a
Trustee or Trustees in the place of the Trustee so
deceased dissolved desiring to be discharged refusing '
r

' or being unfit or being incapable as aforesaid.


v. • •

(c) The powers in sub-clause <a) of THIS Clause con-


• • •
• •

tained may at any time be irrevocably released by a deed j


executed' by the Appointor and delivered to the Trustees and
i
the Appointor may in like manner revocably or irrevocably grant
the said powers to any person or persons to take effect
immediately or after the death or the Appointor as the case
may be.
(d) The Trustees hereof or any of them (whether original
or substituted) may if they so desire resign as Trustees hereunder
after 30 days written notice of their intention so to do sent
by registered prepaid post to the Appointor or such person as
n i
the Appointor may from time to time appoint in writing. Such
resignation shall become effective upon the day specified in
such notice of. resignation.
(e) In the event of the resignation of the Trustees
hereof or in case there shall be no trustee hereunder ASSBACHER
(C.I.) LOOTED of GUERNSEY, CHANNEL ISLANDS or their
successors shall become substituted Trustees hereunder.
(f) Upon the resignation or removal of the Trustees as
hereinbefore provided the Trustees shall be entitled to receive *
reimbursement out of the Trust Fund for all expenses incurred
by them in connection with the settlement of the account of the

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


be endorsed on or "permanently affixed to this Settlement stating
the names of the Trustees for the time being and shall be signed
by the persons so named and authenticated by a notary or notaries
v•.
public and any person dealing with the Trust shall be entitled to
rely upon any such memorandum (or the latest of such memoranda if
more than one) as sufficient evidence that the persons named
therein are the fully constituted Trustees for the time being
of this Settlement.
(h) Any substituted Trustees of this Settlement shall have
all the powers conferred upon the Trustees by law and these
presents and any and all banks brokers nominees or other deposit-
ories or custodians of the Trust Fund shall be authorised to
accept instructions from the said substituted Trustees as to the
dispositions thereof.
.../18
ji

THE Trustees shall provide for the safekeeping of all


documents of title and securities the subject of this Settlement
and may at the expense of the Trust Fund (which expense may
include any charges for the safe custody of securities and the
collection and remittance of income) deposit the same in the
custody of any bank banking company corporate trustee or stock-
broker in any part of the world that undertakes the safe custody
of securities as part of its business but so that the Trustees
shall not be in any wise responsible for the misapplication of
the same or any of them by such bank banking company corporate
trustee or stockbroker or for any loss which may be occasioned

10. IN the event of any income probate estate or other duties


fees or taxes becoming payable in the Cayman Islands or else-
where in respect of the Trust Fund or any part thereof on the
death of the Appointor or of any member of the Appointed Class
or otherwise the Trustees may at their discretion pay all or
any part of such duties fees and taxes out of the Trust Fund
without recourse against any member of the Appointed Class or
• • >

refuse to pay the samp or any part thereof unless indemnified


and to determine the time and manner of such payment if any.
11. NO bond shall be required of the Trustees herein named
(whether original or substituted) or if a bond should be required
by law to the extent that a waiver by the Appointor is effective
no surety shall be required on such a bond.

i
i
•ii
f '
n-- I!

12- THIS Trust shall be irrevocable and the Appointor


expressly waives all right and power whether alone or in
conjunction 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 contracts
made by them in the administration of the Trust and persons
entering into contracts with the Trustees shall look solely
to the Trust Fund.
14. WITHOUT prejudice to the "right under the general law
of the Trustees to refuse disclosure of any document it is.
hereby declared that the Trustees shall not be bound to disclose

(1) Any document disclosing any deliberations of the


Trustees (or any of the Trustees) as to the manner in which the
Trustees should exercise any power or any discretion conferred
k upon the Trustees by this Settlement or disclosing the reasons
for any' particular exercise of any such power or any such
discretion or the material upon which such reasons shall .or
might have been based
(2) Any other document relating to the exercise or
proposed exercise of any power or any discretion conferred on
the Trustees by this Settlement (not being legal advice obtained
by the Trustees at the cost of their trust estate)
AND IT IS EXPRESSLY PROVIDED that the TRUSTEES MAY PERMIT
ANY member of the Appointed Class personally to inspect any copy
of this Settlement or any documents relating to the Trust at the
principal office of any corporate trustee hereof but shall not
be bound to give any further information to any member of the
Appointed Class relating to the affairs of the Trust or to permit
any member of the Appointed Class to make any copies of any
documents relating to the Trust.
15
• THIS Settlement is made under the laws of the Cayman
Islands and the rights of all parties and the construction and
effect of each and every provision hereof shall be subject
to the exclusive jurisdiction of and construed only according
to the laws of the Cayman Islands which shall be the forum for
the administration of this Trust PROVIDED however .that the

by deed declare that this Trust and the rights of all parties
and the construction 'and effect of the provisions hereof shall
from the date of such declaration be subject to the exclusive
jurisdiction of and construed only according to the laws of
some other jurisdiction (other than the Cayman Islands) in
which one or more of the Trustees then serving in office is
resident and the forum for the administration of this Trust
shall thenceforth be such other jurisdiction PROVIDED further
*

that the Trustees may not declare that this Trust and the rights
of all parties and the construction and effect of the provisions
I

hereof shall be subject to the jurisdiction of and construed


according to the laws of a jurisdiction which would cause a
material change in the rights of any member of the Appointed
Class hereunder or which would not recognise the validity of
this Trust if such non-recognition would result in the
revocation or termination of the Trust.
IN WITNESS where of the said JOHN A.;'FUBZE has set his
hand and seal and the Common Seal of ANSBACHER LIMITED
has been hereunto affixe'd" the day and year first before
.written.

Signed and Sealed )

Sfljilll^

The .Common Seal of. )


ANSBACHER LIMITED )
»

was affixed by j:
JOHN A. COLLINS and )
m
PETER A. HART? )
in the presence of: )

Witrhess
FIRST SCHEDULE
US§]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 British
Red Cross Association upon the production to the Trustees of
a receipt for said donation, signed by the Treasurer
WPS i of said Association and in the event the said
Association ceases to maintain a branch in the Cayman Islands,
by contribution to the Bead Office of the said Association
in Geneva, Switzerland.

SIGNED SEALED AND DELIVERED ) .


by hte above-named, in.the presence of:j

THE COMMON >EAL OF ANSBACHER


/
'd hereunto affixed
presence of:

7
Witness
BE IT REMEMBERED that on the 27th day of November 1989
before me a Notary Public in and for the Cayman Islands personal 1;
came and appeared MflRIBELLE:BROWN Who on oath swears that
she was present and did see JOHN A. FURZE duly sign and seal and
as and for his act and deed execute acknowledge and deliver
the within Deed for the purposes therein mentioned.

SWORN AND SUBSCRIBED TO before me at George Town, Grand Cayman


this 27th day Of November 19 89

PROBATE
•s

BE IT REMEMBERED that on the 27th day Of November 19 89


before me a Notary Public in and for the Cayman Islands personal Ly'
came and appeared m a r i b e l l e bromn who on oath swears that
she was present and did see JOHN A. COLLINS and
PETER A. HARTY for and on behalf of ANSBACHER LIMITED
duly sign and seal and as and for its act and
deed execute acknowledge and deliver -the within Deed for the
purposes therein mentioned.

SWOBN AND. SUBSCRIBED TO befcre me at George Town, Grand Cayman


this 27th day Of November 1989

Witness -Notary Public


Cayman Islands .
• !

Omaha Trust

Trust Accounts
Balance Sheet

September 30 2000 1999


(Expressed in Pounds Sterling)

ASSETS
Cash 5,006 1,356
Fixed deposit 858,602 827,046
Accrued income 1,859 1,796
864,967 830,198

LIABILITIES
Accounts payable and accrued expenses (288) M
NET ASSETS £864,679 £830,031

REPRESENTED BY:

Capital Account 741,880 741,763

£864,679 £830,031

For and an behalf of


144.
Ansbacher (Cayman) limited
Trustee

Financial statements received and approved


Omaha Trust UNAUDITED
Income Account

September 30 2000 1999


(Expressed in Pounds Sterling)

INCOME
Bank Interest 38,918 42,793

EXPENSES
Trustee fees 4,148 3,935
Accounting 289 170
4,887 4,105

NET INCOME 84,531 38,688

BALANCE AT END OF Y&AR £122,799 £88,268


Capital Account

September 30 2000 1999


(Expressed in Pounds Sterling)

BALANCE AT BEGINNING OF TEAK 741,763 741,723

Foreign exchange gain 117 40


r
BALANCE AT END OF YEAR £741,880 £741,763
Notes to the Trust Accounts
(Expressed in Pounds Sterling)
September 30,2000

0 BACKCKOL'Ni) IM-'OKMAHON
The trust 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 Standards
and the significant accounting policies are as follows:

Cash Flow Statement


A cpyhflow statement has sot been prepared as the users of the financial statements are fully
informed of all transactions involving cash or cash equivalents, and no additional information would
be provided by preparing a cashflow statement.
Foreign Currency Translation
Monetary assets and liabilities denominated inforeign currencies have been translated into Pounds
Sterling 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.
Trust Accounts

September 30,1999
UNAUDITED
wmmmmmm
Balance Sheet

September 30 1999 1998


(Expressed in Pounds Sterling) (Notes)

ASSETS
Cash 1,356 3,379
Fixed deposit 827,046 787,772
Accrued income 1,796 301
880,198 791,452

LIABILITIES
Accounts payable and accrued expenses Ji§ZL

NET ASSETS <830,081 £791,303

REPRESENTED BT:
Income Account 88,268 49,680
Capital Account

£880,031 £791,303

t—7

For and on behalf of


Uijl
Ansbacher (Cayman) limited
Trustee

Financial statements received and approved


r
OMAHA TRUST UNAUDITED

Income Account

September 30 1999 1998


(Expressed in Pounds Sterling) (Notes)

INCOME
Bank Interest 42,793 53,591

EXPENSES
^ . Annual trustee fees 8,935 3,862
Accounting fees 170 149
4,105

NET INCOME S 8,688 49,580

BALANCE AT END OF YEAR £88,268 £49.580


r ..
OMAHA TRUST UNAUDITED

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


UNAUDITED
mmmmmmm
Notes to the Trust Accounts
(Expressed in Pounds Sterling}
September 30,1999

15A< K<;U(H NI) 1N I••<>K \1 ATI< >N


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

ACCOUNTING POLICIES

These trust accounts have been prepared in accordance with International Accounting Standards
and the significant accounting policies are as follows:
Cash Flow Statement
A cash flow statement has not been prepared as the users of the financial statements are fully
informed of all transactions involving cash or cash equivalents, and no additional information would
be provided by preparing a cashflow statement.
Foreign Currency Translation
Monetary assets and liabilities denominated inforeign currencies have been translated into Pounds
^Sterling
betaken tbtheCapitalAccount
H -i-

pMAHA TRUST UNAUDITED

Trust Accounts

• »

•'•:'* t
. i

OMAHA TRUST UNAUDITED

Balance Sheet

September 30 1998 1997


(Expressed in Pounds Sterling) (Notes)

ASSETS
Cash 8,379 3,706
Fixed deposit 787,772 739,157
Accrued income 301 138
Current Assets 791,452 743,001

T ABILITIES
Accounts payable and accrued expenses (149) (1,116)

NET ASSETS £791,303 741,885

REPRESENTED BY:
Income Account 49,580
Capital. Account 741,723 741.885
iv.

A.
lJ t gL-tjL-f
For and on behalf of
Ansbacher (Cayman) Limited
Trustee

Financial statements received and approved


rOMAHA TRUST UNAUDITED

Income Account

September 30 1998 1997


(Expressed in Pounds Sterling) (Notes)

INCOME
Bank Interest 53.591 42,754
£53,591 £42,754

EXPENSES i
Annual trustee fees 3,862 3,944
Trustee time spent charges 7
Accounting fees 149 511
4,011 4,462

BALANCE AT BEGINNING OF YEAR

BALANCE AT END QF YEAR £49,580 £0


ODMAHA t r u s t UNAUDITED
Capital Account

September 30 X998 1997


(Expressed in Pounds Sterling) (Notes)

BALANCE AT BEGINNING OF YEAR £741,885 £703,652

Transferred from Income Account 38,292

Gain/(loss) on foreign exchange (162) (59)

BALANCE AT END OF YEAR £741,723 £741,885

I
Notes to the Trust Accounts
(Expressed in Pounds Sterling)
September 30,1998

L- 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.

2. .\ron\n.\'. POLICHS
These trust accoixnts have been prepared in accordance with International Accounting Standards
and the significant accounting policies are as follows:
Fonign Currency Translation
Assets, other than quoted investments, and liabilities denominated inforeign currencies have been
translated into United States dollars at the rates of exchange prevailing at the balance sheet date.
Quoted investments, income and expenditures denominated in foreign currencies have been
translated using the rates applicable at the date of the transaction. Resultant exchange gains or
losses have been taken to the income statement.
bW?

OMAHA. TRUST
I I

rv . Will KB •

UNAUDITED

O M A H A TRUST
BALANCE SHEET AS AT 30 SEPTEMBER 1997
(expressed In Pounds Sterling)

im
ASSETS
Cash at Bank
3,706
Current accounts
739,157
Fixed deposit

Accounts receivable

Accounts payable and accrued expenses

REPRESENTED BY:

Capital account
Income account

/
r s

mt\
UNAUDITED
CAPITAL ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 1997
(expressed in Founds Sterling)

notes 1226
BALANCE BROUGHT FORWARD 703,652
Transferred from Income Account 38,233
BALANCE CARRIED FORWARD £ 741,885 £
\ $

" Uiuiij

UNAUDITED

OMAHA TRUST
INCOME ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 1997
(expressed In Pounds SterHng)

notes 1996
INCOME
Bank deposit interest 42,754
Gain on foreign exchange m
42,695

4
Accountancy fees 5 511
Bank charges and interest^
General administrative expenses 7
4?462

NIT INCOME FOR THE PERIOD 38,233.


Transferred to CagMAccoaat <?8j233)
BALANCE CARRIED FORWARD
* •

r^ •

OMAHA TRUST
NOTES TO THE FINANCIAL. STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 1997
(expressed in Pounds Sterling)

1. BACKGROUND
The trust was established by Indenture of Settlement dated 27 November 1989.
2. ACCOUNTING POLICIES
Thesefinancial statements have been prepared in acconjance with g e ^
nrraimting principle and the principal accounting poKcy jg Shown bdOW.
FOREIGN EXCHANGE TRANSLATION
Assets and liabilities denominated in foreign currencies have been translated into Pounds
; at the rates of exchange prevailing at the balance sheet date. Income and

been taken to the profit and Io& account.


3. CAPITALISATION OF INCOME
Under the exercise of the Trustee's discretion, any balance on Income Account at year
end is capitalised by transfer to the Capital Account.
4. MANAGEMENT FEES
im
For quarter ended: 31DecenSberl996
31 March 1997
30 June 1997
30 September 1997
f
£ 3,944
5. ACCOUNTING FEES

For the year ended 30 September 1996 387


For the year ended 30 September 1997 124
TlT
• «

OMAHA TRUST

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 1996

I
OMAHA TRUST
BALANCE SHEET AS AT 30 SEPTEMBER 1996
(expressed in Pounds Sterling)

1995
ASSETS
Cash at Bank
Current accounts
Fixed deposit

f.fATtfr.TfTiiy

Accounts payable and accrued-expenses

Represented by

CAPIIALACCQUNT
•r .

INCOME ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 1996
(expressed In Pounds Sterling)

notes 1225
r*- INCOME
Bank deposit interest 40,005
Gain on foreign exchange (59
39,950
EXPENSES

PPSffP;
interest
Miscellaneous expenses
4,170

NET INCOME FOR THE PERIOD 35,780


Transferred to Capital Account (35,780)

CAPITAL ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 1996
(expressed In Pounds Sterling)

notes 1995
BALANCE BROUGHT FORWARD 667,872
Transferred from Income Account 35,780 39,825
BALANCE CARRIED FORWARD £ 703,652 £ .667£872
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 1996
(expressed la Pounds Stertfng)

1. BACKGROUND
The trust was established by Indenture of Settlement dated 27 November 1989.
^ 2. ACCOUNTING POLICIES
Thesefinancial statements have been prepared in accordance with generally accepted
accounting principles and the principal accounting policy is shown below.
FOREIGN EXCHANGE TRANSLATION
Assets and liabilities denominated inforeign currencies have been translated into Pounds

3. CAPITALISATION OF INCOME
Under the exercise of the Trustee's discretion, any balance on Income Account at year
end is capitalised by transfer to the Capital Account
4. MANAGEMENT FEES

For quarter ended; . 30-September 1994


31 December 1994
31 March 1995
30 June 1995
30 September 1995
31 December 1995 1,044
31 March 1996 . 1,046
30 June 1996 1,037
30 September 1996 1,026
£ 4,153 £ ; 5,000
» »
%
r*-'

OMAHA TRUST

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 1995

i M M M M
r

OMAHA TRUST
BALANCE SHEET AS AT 30 SEPTEMBER 1995
(expressed in Pounds Sterling)

i
t "

1
' r-

OMAHA TRUST
INCOME ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 1995
(expressed in Pounds Sterling)

Two years
ended
30-Sqp-94
INCOME
r*
Bank deposit interest 45,476

Accountancy foes
Management fees

NET INCOME FOR THE PERIOD


Transferred to Capital Account
BALANCE CARRIED FORWARD

CAPITALACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 1995
(expressed in Pounds Sterling)

Two years
ended
notes 30-Sep-M
BALANCE BROUGHT FORWARD 628,047
Additions during year
Transferred from Income Account 39,825
Distributions
BALANCE CARRIED FORWARD £ 667,872 £
r

NOTES TO THE FINANCIAL STATEMENTS


FOR THE YEAR ENDED 30 SEPTEMBER 1995
(expressed in Prands Starting)

L BACKGROUND
The trust was established by Indenture of Settlement dated 27 November 1989.
2. ACCOUNTING POLICIES
There fmapHil statrmrrtft W«i prepared in accordance with generally accepted
accounting principles and die principal accounting policy is shown below. In the
previous accounting period, the statements were prepared on die cash basis.
No restatement of the previous years'figures, due to the change in accounting basis,
has been made, since the adjustments would have been immaterial.
FOREIGN EXCHANGE TRANSLATION

prevailing at the dales-of those transactions. Resultant exchange gains ortosseshave


been taken to die profit and loss account
3. CAPITALISATION OF INCOME
Under the exercise of die Trustee's discretion, any balance on Income Account at year
end is i
4f
ffjrt
MdflCSBVfli
BSESBM
Fa: quarter ended: 30 Jane 1993
30 September 1993
31 December 1993
31 March 1994
30 June 1994 .
30 September 1994 1,000
31 December 1994 1,000
31 March 1995 1,000
30 June 1995 1,000
30 September 1995 1,000
Withdrawal fees

£ 5,000 £
OMAHA TRUST

FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED 30 SEPTEMBER 1994

M||

/
« •

r*

BALANCE SHEET AS AT 30 SEPTEMBER 1994


(expressed in Pounds Sterling)

1992
ASSETS
Cash at Bank
Current accounts (3,874)
Fixed deposit 631,921

Represented by

CAPITAL ACCOUNT
• '

INCOME ACCOUNT
FOR THE TWO YEARS ENDED 30 SEPTEMBER 1994
(expressed in Pounds Sterling)

27-Nav-89
to

CAPITAL ACCOUNT
FOR THE TWO YEARS ENDED 30 SEPTEMBER 1994
(expressed la Pounds Sterling)

notes 1993
BALANCE BROUGHT FORWARD 758,297

Funds settled
Additions during year 3,342
Transferred from Income Account 76,408
Distributions (210,000)
BALANCE CARRIED FORWARD £ 628,047
OMAHA TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED 30 SEPTEMBER 1994
(expressed la Pounds Sterling)

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

2. ACCOUNTING POLICIES
These financial statements have been prepared in accordance with generally accepted
accounting principles and on the cash basis. The principal accounting polkyis as Mows:

FOREIGN

Income and expense


items denominated in fi^gneurrY»cieshavebeKi txansfitt^attberatdi prevailingat the
dates of those transacticins. Resultant exchange gains or losses havebeen taken to the,
profit and loss account

3. CAPITALISATION OF INCOME
Under the exerc^oftbeTnistefi's discretwn,any balance on Income Accourt year end
is capitalised by tranifiy to the Capital Account

W
*

r".'

nmiAlTA T R U S T

P.O. Boot 887,


B.WX

iMP
_]J8BBKI
1
ASjtt
iftrrn anniM *™ iso2

Accounts agreed and accepted:

Date: ^
MmgB-Sllfflfl A* ^ 30rtiflj'^tlrjiirlwM1W2
(Allfigures expressed in Pounds Starting)

LIABHiTIES;
rapltal 758,296.84
Accounts Payable 2JgQ.OO

Rcjreaented by *

Staling Fixed Deposit 761382.49


Sterling Current Account
. /

Interest Received 61,382.49

LessEsEBcaadbos:

/
Funds Injected
700,000.00
Surplus Income
SR.2Qfi.84
Appendix XV (34) (1) (b)
A Mimtor tf lit Mmy Ambottmr 8oUU*> fLC Mmhmt Jbnfcnt Group

•/ * Please reply to: MX h i K7. Oiud Cwmn. Brivfc W« Win


42 FlttwQliun Square, PtKMK (ten MM6S3/4
Trine Cf 00}
Dublin 1 ftuc ( M l ) N M N 6
Tel: 7&5144/763065 (M*)MM2Sr
Rue 612035

30th April, 1991,


Garrett Logan, Ssq.,
Irish Intercontinental Bank United,
91 Marrion Square,
PPM-IW 2.

Daar Garrett,
Could you pleat* arrange to l«t ma hava for collection a Starling
Draft for £2,976.00 rirrahlTfrffHfft f.A. ftltrnffl*..A^i.k^

^ V05
DPC/AJW

m
Appendix XV (34) (l)(c)
r
Mtmkr tf thr Umy Ambtthm HeUmgt PLC Mtrdmu
Mtnkittg Group
»•. t• i «fV» Pleasereplyto: P.O. Box M7. Cand Ctymtn. Briti* W«« Mfe
Pfcoac (109) Ifl UJJ i
• -.
*-V-.V' ^ • .• <2 FtawflHam Square, Trine: CP 4305
Dublin 1 Fax: (109) M9-7946
( • W ) 949-S247
Tel: 763144/763065
Fax: 612035

15th August, 1991.


Garratt Logan, Esq.,
Irish Intercontinental Bank Linitad,
91 Merrion Square,
DUBLIN 2.

Dear Garrett,
Could you pleasa

Yours sincerely.

Uocu- l^UUU >cu<


yC/^
For ANSBACHER
ANi LIMITED
r*.
^fe^al Jj^r^jjiufeSft^L-. .
T
t
f'
C
vi
k ^
j
i^
i
T nr •'•'»yr. '
i
r

DPC/AJW
Appendix XV (34) (1) (d)
Please reply to:
42 Fitzwflliim Square. Facsimile (109) 949-7946
Dublin 2.
Tel: 765144/763065
(FtancrfyAufaacber Limited)
Fax: 612035

5th April, 1993.

Ronan Redmond, Esq.,


Corporate Services,
Irish intercontinental Bank Limited,
91 Merrion Square,
DUBLIN 2.

Dear Ronan,

yours

Jar CAYMAN INTERNATIONAL BANK AND TRUST CO. LTD.

a / ^ r .a/

DPC/AJW
S1

Guernsey - Monaco - Zurich • Nassau - Cayraan - BV1


Appendix XV (34) (1) (e)
< t 9

Bank ancPWuat
International Company Limited
Trust Group P.O. Box 887
Grand Caymw
Brtfrt Wast Mas
T*phom 809 949 8655
Tata CP 4305
FacaMa 809 949 5287

Telefax
From: Furae, Eaq. Refno.

To: Irleh latercontinental Bank, Dublin Ireland


Attention: ROHAN HHMND, XSQ.
Fax No: 011-3531-6783-034.
Date: 13-03-94

Ud4s™

F YOU HAVE NOT RECEIVED THE TOTAL NUMBER OF PAGES OR 9 YOU HEED ASSISTANCE PLEASE CALL OOI) M H O S
OCNTOWTlAUn NOTICE
IIS iBM nOTHQv 111B/m IN QGGMNRB 1 PI ^PlllVyPI UIHNXBi win BHUp WK WBBNV WMH
ifptaMlM llwMdvliMlMMH|MNO|lfflv Imnpbjn w iQirt iwporaMalor rtttatlnQlbina WwW ndplN^ wj
wautwtMd uml «Mbut. scpytflfl. Mtuden or *wn*iefieflto*Mty ffoNbted. It you haw rawlwd hwtrti (or m/ aofr
wrof, pfeJM mvmM+t rWMy * by W«phor» OP (tot) M-tMi and rUvrn t* hciM* md my cd0m b ui K aoon u p
ycu

Guamaay. Monaco, eMtzariand, l*ia of Man. Bahamaa, Cayman Wanda, BrMah Virgh Wanda
Appendix XV (34) (1) (f)
.. \ *

r*

Ansbachar (Cayman) Limited


P&.BatKJ
2S28EfK
iMmMH
ipinin
WomW
-JuMflOflMasss

Telefax
Attn* 009 9418287

From: Join A. Jtanw Rafna

To: Irish Intercontinental Bank - Dublin, Ireland


AamOon: MS. OURS NOLRN-CAMCnW
Fax No: 0U-353-1-678-M34
15 Novmbmc, 1394

We ibouldbe gneftil if yoo wocld dehh ocr acxoniir nnmhw 02^1W7/81 into «um of
Stg. £20,000jdoBid bane a draftfarihat amount In fkvonr of A. EASTWOOD.
Draft will he collected oabdaJf of Mi. Joan WilHtms.

/
V
W YOU HAVE HOT NBCNtO THE TOTAL MABU 0.r PASES OR f YOU NBB ASSISTANCE RIME CALL (KM MM6U
CONflDBfRUJTYNOTICS ^
"gyj* lht IMT >• prwitu w* conlWnM m inmpi taw Mnw wtm
•PRtaMMN. KlhtmMiinatlMMi^ntlptniorlunt^atitiiiit^isrM
•"MwrtMd«««,dunn,centof,4hMMMW(INMIIISMl«tfndypoMM. lyHlmmMMtlk^{«i»vo*rtki
JOU.
Qu«m»«y, Monaco, SwfcmUnd. ok M«n. SUhwflM, 0»yrr»n Mm*. BrfSih Wski l«Und*
Appendix XV (35) Mr Stephen Enoch
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
Stephen 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 Mount


Corporation.

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 Mount


Corporation.

g) Letter of 13 June 1990 - Guinness and Mahon to Mr Stephen Enoch.

h) Guinness and Mahon credit committee memo of 6 June 1990.

i) Undated promissory note in favour of Guinness and Mahon.

j) Letter of authorisation of 14 June 1990 - Ansbacher Limited to Guinness


and Mahon.

k) Guinness and Mahon loan review form of 21 July 1993.

1) Letter of 14 June 1990 - Guinness and Mahon to JD Traynor.

m) Letter of 13 June 1990 - Guinness and Mahon to Mr Stephen Enoch.

n) Letter of 23 November 1990 - Mr Stephen Enoch to Guinness and Mahon.

o) 3 cheques in favour of Manufacturers Hanover Trust dated 21 November


1990 and 23 November 1990.

p) Ansbacher Limited sub-participation a/c as at 1 July 1991.

q) Letter of 16 June 1992 - Guinness and Mahon to Mr Stephen Enoch.


Internal Guinness and Mahon memo of 30 July 1991 re Mr Stephen
Enoch.

Letter of 30 June 1993 - Guinness and Mahon to Mr Stephen Enoch.

Letter of 9 June 1982 - Guinness and Mahon to Girard Investments.

Letter of 24 June 1982 - GMCT to Guinness and Mahon.


Appendix XV (35) (1) (a)
PRIVATE EXAMINATION OF MR. STEPHEN ENOCH

UNDER OATH

ON WEDNESDAY, 17TH JANUARY 2001

I hereby certify the

following to be a true and

accurate transcript of my

shorthand notes in the

above named interview.

Stenographer
PRESENT

The Inspectors: JUDGE 0'LEARY

MS. MACKEY BL

Solicitor to the Inspectors MS. M. CUMMINS

Interviewee: MR. STEPHEN ENOCH

Instructed by: L.K. SHIELDS & CO.


1 THE INTERVIEW WITH MR. STEPHEN ENOCH COMMENCED AS

2 FOLLOWS ON 17TH JANUARY 2 001:

4 JUDGE 0'LEARY: Good morning.

5 As you know this is an

6 interview pursuant to the powers conferred on the

7 Inspectors to enquire into the company. That is

8 what we are doing, enquiring into the company. We

9 are not enquiring into any individual, we are

10 enquiring into the company. Ms. Mackey and myself

11 are two of the four Inspectors. We are the people

12 who will be dealing with any matter arising in

13 respect of this interview. Others will be dealing

14 with other aspects of it. I am pleased to note that

15 you have legal representatives. They are very very

16 welcome. There is no difficulty with regard to that

17 at all.

18

19 It is an interview. But at anytime during the

20 interview, if you feel that you need legal advice,

21 stop us. We will withdraw and you can take legal

22 advice from your legal adviser. If on the other

23 hand your legal advisers feel that at anytime during

24 it we are saying or doing anything which they

25 consider inappropriate, the best thing for them is

26 to ask us to adjourn and we will adjourn and then

27 you can discuss the matter with them and we can

28 resume accordingly. It is not a trial, it is purely

29 an interview. If at anytime we are going to draw

3
1 inferences which are adverse to anybody including

2 yourself, that person will have an opportunity of

3 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

7 the oath.

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

4
1 MR. STEPHEN ENOCH, HAVING BEEN SWORN, WAS EXAMINED

2 AS FOLLOWS BY JUDGE 0'LEARY:

4 2 Q. MR. SHIELDS: Mr. Enoch would like to

5 make a few opening

6 comments if he could?

7 JUDGE 0'LEARY: I have no difficulty with

8 that. If he wants to make

9 an opening speech, I have no difficulty with that at

10 all.

11 MR. ENOCH: "I, Stephen Enoch, refer

12 to your letter of

13 17th May 2000 and to your subsequent correspondence

14 with my Spanish attorney, Signor Ripll and

15 Messrs. LK Shields Solicitors. As you are aware, I

16 have been advised that the High Court order of

17 22nd September 1999 does not apply to me and that

18 you as Inspectors have no jurisdiction over me.

19 I am accordingly attending this meeting without

20 prejudice to that position and primarily in order to

21 clarify certain matters out of courtesy to you and

22 to clear my good name in the light of Press comments

23 but particularly in light of the Sunday Times

24 article of 26th September 1999 about which I feel

25 very aggrieved.

26

27 I left Ireland on 1st April 1979 and became a

28 non-resident on that date and have not been resident

29 in Ireland since that date. I believe it is

5
1 appropriate to refer to a letter from the

2 Central Bank of Ireland dated 31st May 1979 which

3 was issued shortly after I became a non-resident.

5 In your letter of 27th July 2000 you refer to loans

6 amounting to £1,300,000 from Guinness & Mahon

7 Ireland Ltd received by me. I cannot locate any

8 documentation in relation to these loans. I would

9 like to clarify certain issues in relation to these

10 loans for the avoidance of doubt. At the time that

11 the loans were granted to me I was not a resident

12 for tax purposes in the US. My recollection is that

13 these loans were required to be secured by property

14 and deposits. I understand from your letter of

15 27th July 2000 that it was arranged that letters of

16 hypothecation would be signed by Mr. Desmond Traynor

17 and that the facility letter given by Guinness &

18 Mahon Ireland Ltd would not mention the

19 hypothecation of the deposit. I never met

20 Mr. Desmond Traynor and I fail to understand why

21 such matters were referred to as a suitably secured

22 loan transaction. Such matters were certainly not

23 referred to at my request. I can only assume that

24 this may have been included as a result of being a

25 standard operating practice of the bank.

26

27 It would appear that it has been implied that the

28 loans obtained by me were set up in such a manner so

29 that the deposits held by me in Ansbacher Cayman Ltd

6
1 would not come to the attention of United States

2 Internal Revenue Service. This may have been

3 intended to defraud the United States Internal

4 Revenue Service. I regard this to be a very

5 serious, false and misleading insinuation. As I was

6 not resident in either the United States or Ireland

7 for the duration of this loan, such loans and

8 deposits were regular and legal. I am at a loss to

9 understand why any party should suggest otherwise

10 and am I annoyed that my reputation has been

11 tarnished. These loans were ultimately repaid in

12 1994 .

13

14 You have referred in your letter of 27th July 2000

15 to trusts managed by Ansbacher Cayman Ltd. I wish

16 to state for the record that if any trusts were

17 established, that any such trusts were established

18 after I ceased to be resident in Ireland."

19 3 Q. JUDGE 0'LEARY: Thank you.

20 Mr. Enoch, as I understand

21 it your family had business interests in Ireland in

22 the past, is that correct?

23 A. Yes .

24 4 Q. Were they in the television rental area?

25 A. Yes .

26 5 Q. They were sold at one stage, were they?

27 A. Yes .

28 6 Q. Whose business was it, if you don't mind me asking

29 precisely?
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.

8 10 Q. Do you remember in respect of yourself what your

9 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 a

13 third.

14 12 Q. I am really interested in your brother's affairs as

15 such. What is your brother's name?

16 A. Michael.

17 13 Q. He is still resident?

18 A. Yes, he is.

19 14 Q. Unfortunately your father is dead, is that correct?

20 A. No.

21 15 Q. Or sick?

22 A. He is sick, yes.

23 16 Q. He is an elderly man at this stage?

24 A. He is indeed.

25 17 Q. Where is he living?

26 A. Spain.

27 18 Q. The same as yourself?

28 A. Yes.

29 19 Q. When was that business sold approximately?

8
1 A. 1978.

2 20 Q. From a tax point of view, you believe that you left

3 Ireland sometime shortly after that, is that

4 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.

8 22 Q. Was a trust established before or after the sale of

9 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 been

13 done after I left.

14 24 Q. Was such a trust formed?

15 A. Probably, yes, I think so at some stage after I

16 left.

17 25 Q. In the Cayman Islands?

18 A. Yes.

19 26 Q. Typically these trusts in the Cayman Islands

20 operated through limited liability companies.

21 Are you aware of that. Trusts were established and

22 they operated through limited liability companies?

23 A. Yes, I am vaguely aware of this. It is very

24 complicated and I never really understand most of

25 these things.

26 27 Q. Do you know who the beneficiaries of the trust were?

27 A. What trust?

28 28 Q. The trust that you said was founded in the

29 Cayman Islands?

9
1 A. No, I don't know. I cannot recall.

2 29 Q. Do you know the name of the operating companies

3 which were using the trust money?

4 A. No.

5 MR. SHIELDS: Could we clarify what

6 trust we are talking about

7 so that we are a little bit clearer?

8 JUDGE 0'LEARY: Any trust he wants to tell

9 me about. I asked him,

10 did you establish a trust.

11 MR. SHIELDS: It was only after he

12 left Ireland.

13 30 Q. JUDGE 0'LEARY: I understand that, it is

14 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 a

17 trust; anybody can have a trust.

18 A. When you talk about trusts and all these things,

19 they are all a bit complicated and I never really

20 understand all these things.

21 32 Q. What I am interested in with regard to any trust

22 that you have is -- to be honest with you I am not

23 that terribly concerned whether it was one or two --

24 I would like to know the name of the operating

25 companies who utilised the funds of that trust.

26 That is what I would like to know. Remember this is

27 a company investigation. I am honing in for the

28 moment on companies?

29 A. Most of my business with Ansbacher was done as an

10
1 individual, not through companies at all.

2 33 Q. Was there any money transferred by you while you

3 were still a tax resident in Ireland to the

4 Cayman Islands?

5 A. No. At that time there was exchange control for

6 four years and assets were being frozen.

7 34 Q. Are you familiar with an operating entity called

8 Martina Investments?

9 A. Personally, no, I have no involvement with it.

10 I have obviously heard the name. But I have no

11 connection whatsoever with it.

12 35 Q. Who are the beneficial owners of that company, do

13 you know?

14 A. No.

15 36 Q. The directors of the company are John Collins,

16 John Furze and M. Winter. Mr. Furze is

17 unfortunately deceased. Mr. Collins is a former

18 director of Ansbacher Bank and Mr. Winter, we don't

19 know who he is. He is in a similar position in

20 Jersey I am told. Obviously they are acting on

21 behalf of somebody. Would it be possible that they

22 were acting on behalf of you?

23 A. No, definitely not. I have no connection whatsoever

24 to Martina Investments. John Furze I have never

25 met. John Collins I have met. The other chap I

26 have never heard of.

27 37 Q. Do you know that Martina Investments owns or did own

28 property in Ireland. Did you know that?

29 A. Yes.

11
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 Investments

4 Ltd is a company controlled by Cayman International

5 Bank & Trust Company Ltd for the ultimate benefit of

6 the members of your family?

7 A. That is incorrect because I have absolutely no

8 connection whatsoever nor have I ever had any

9 connection whatsoever with Martina Investments.

10 MR. SHIELDS: Have you a document or

11 something or information

12 to that effect?

13 40 Q. JUDGE 0'LEARY: That is a matter for

14 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 a

18 power of attorney for that company?

19 A. No.

20 42 Q. I thought you said that there was no connection that

21 you knew between...(INTERJECTION)?

22 A. I have no connection whatsoever; you are asking me

23 about me.

24 43 Q. I am asking you about information. I understood you

25 to say that this company was not to your knowledge a

26 company controlled for the ultimate benefit of the

27 Enoch family?

28 A. Correct.

29 44 Q. Do you know whose ultimate benefit it is for?

12
1 A. No, I don't know but certainly not for me.

2 45 Q. Do you know who the beneficial owners of the company

3 are?

4 A. No.

5 46 Q. Mr. Enoch, you considered yourself from

6 1st April 1979 no longer to be resident in Ireland?

7 A. Correct.

8 47 Q. You are familiar with the difference between being

9 resident and being tax resident. They are not

10 necessarily deemed to be the same thing. Are you

11 referring to being resident or to being tax

12 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

19 to Spain?

20 A. Yes.

21 51 Q. What was the date of that operation do you think, of

22 that transfer?

23 A. It was in early June 1990.

24 52 Q. Are you familiar with a structure named the

25 Tabmount Corporation?

26 A. I have heard the name but I am not familiar with its

27 operation, no.

28 53 Q. Are you one of the beneficial owners of that?

29 A. No. As I mentioned before, almost everything I own

13
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 the

5 Tabmount Corporation?

6 A. Some of them, yes.

7 56 Q. But you have no beneficial investment?

8 A. No. To the best of my knowledge none of these

9 properties are located in Ireland.

10 57 Q. Are you familiar with an investment vehicle called

11 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 was

16 established in the Cayman Islands after you left

17 Ireland, the Anne Enoch Trust?

18 A. No, I am not aware of that trust.

19 60 Q. You don't know anything about it?

20 A. No.

21 61 Q. Could you explain, Mr. Enoch, why an entity known as

22 the Anne Enoch Trust was listed on 15th April 1988

23 as having assets which could be used as security for

24 the loan of £1,250,000 which you had negotiated from

25 Guinnness Mahon Cayman Trust Ltd. Can you explain

26 that?

27 A. Could you repeat that question?

28 62 Q. Could you explain if you know nothing about the

29 Anne Enoch Trust, as you said, how it is listed in a

14
1 letter dated 15th April 1988 from Guinness Mahon

2 Cayman Trust to its Dublin office indicating that

3 its assets are security for a loan of £1,250,000

4 which you were negotiating on behalf of

5 Girard Investments if you know nothing about it?

6 A. Because Girard Investments borrowed £1,250,000 from

7 Ansbacher.

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 about

13 the loan.

14 64 Q. But did you know that Anne Enoch Trust was being

15 used as security for this?

16 A. No, my understanding is that the property was being

17 used for security. The Girard Investments loan was

18 for a property located in the United States, not in

19 Ireland.

20 65 Q. I understand that precisely. Mr. Enoch, how did you

21 make contact originally with Ansbacher?

22 A. Through Don Reid of Stokes Kennedy Crowley.

23 66 Q. When was that?

24 A. It would have been in the early 1980's.

25 I don't know exactly when.

26 67 Q. Do you accept that you negotiated the

27 Girard Investments loan of $1,250,000?

28 A. I was involved with it, yes.

29 68 Q. Do you accept that part of the security for that


1 loan were the assets of the Anne Enoch Trust?

2 MR. SHIELDS: You are reading from a

3 piece of paper and we

4 don't have it?

5 JUDGE 0'LEARY: Yes, that is true.

6 You are not getting it

7 either until I want to give it to you.

8 MR. SHIELDS: It is a bit unfair on the

9 interviewee with respect.

10 JUDGE 0'LEARY: This is an interview, this

11 is not a court of law.

12 MR. ENOCH: Can you repeat that

13 question please ?

14 69 Q. JUDGE 0'LEARY: I said you negotiated on

15 behalf of Girard

16 Investments a loan of $1 ,250,000. Obviously the

17 person who negotiated the loan is the person who

18 puts the security in place?

19 A. I was involved with the negotiation I think as far

20 as I can recall Whether I actually negotiated the

21 loan or not, I couldn't tell you today. I am

22 certainly aware of the loan.

23 70 Q. Are you aware that Anne Enoch Trust was being used

24 as security for that loan?

25 A. No.

26 71 Q. You are not?

27 A. No. I was involved more with the security that was

28 being given by the property because at the time I

29 was in the United States


1 72 Q. Did anybody else negotiate the loan with you or do

2 you remember who negotiated the loan?

3 A. Yes, the other partners involved in

4 Girard Investments.

5 73 Q. Who were they?

6 A. It wasn't me, therefore I am not at liberty to say

7 who they were.

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 in

14 the...(INTERJECTION).

15 77 Q. If you refuse to answer the question, I understand

16 that I will take a note of that. I don't agree with

17 it -- I will make it quite clear -- because you have

18 a duty to answer questions.

19 MR. SHIELDS: I don't think he is

20 refusing.

21 JUDGE O'LEARY: I am not receiving any

22 representations at this

23 stage, I am asking the witness a question. If he

24 wants to consult his solicitor, he is well entitled.

25 I will withdraw and he can consult his solicitor.

26 I have no problem with that but I am not getting

27 into a discussion with a solicitor on it?

28 A. I don't have permission to give that information

29 out. I cannot give it out.


1 78 Q. You are refusing, that is the bottom line?

2 A. That is your interpretation on it. I am not saying

3 that. I am saying that until such time ...You are

4 posing the question to me now. If you had given me

5 that question in advance I might have been able to

6 find out if it was possible.

7 79 Q. Do you think you might be able to convey the

8 information to us later?

9 A. Yes.

10 80 Q. That is quite satisfactory. Would you agree that

11 you were involved in three different loans from

12 Ansbacher. Girard Investments $1,250,000, yourself

13 personally £400,000 and yourself and somebody who

14 may be your wife -- I don't know -- L. Enoch for

15 £900,000?

16 A. Yes.

17 81 Q. Could you explain to me how that worked. I know it

18 was property in the United States. I am not really

19 concerned about the property, but I have to give you

20 the opportunity of telling me about it if you want

21 to. How did the system work?

22 A. Basically Ansbacher Cayman arranged all these loans.

23 On the two that I have in my own name they wanted

24 security of the buildings and also security of the

25 of deposits.

26 82 Q. Were those deposits in your own name?

27 A. Yes. But I have mentioned time and time again in my

28 correspondence, this is perfectly legal and there is

29 nothing wrong with it.

18
1 83 Q. Did you pay them the gross amount of interest or the

2 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 understand

5 what I mean?

6 A. No, I don't understand what you mean.

7 85 Q. You had money on deposit with them?

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 them

12 the full interest on the money you borrowed by

13 giving them a cheque to that effect and they in turn

14 credit your deposit account with the appropriate

15 interest or they can just charge you with a net

16 amount?

17 A. No, I always paid the actual amount of interest on

18 the loan and then the deposit would receive its own

19 interest.

20 88 Q. During the time when you had this money in the

21 Cayman Islands you were tax resident in the

22 United States?

23 A. No.

24 89 Q. I thought that you left Ireland in 1979?

25 A. Correct. For the Girard Investments loan I was tax

26 resident in the United States. That is the first

27 one. You are talking about three loans. On that

28 one I was resident in the United States because that

29 was taken out in the early 1980's. For the other


1 two I had left the United States before they came

2 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 will

6 tell you what we don't yet have. We don't have any

7 record of Ansbacher ever giving you certificates of

8 the kind that can be produced to the tax authorities

9 either in the United States or in Spain relative to

10 the interest which you earned. Did you get such

11 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 a

16 complicated tax individual if you understand what I

17 am saying. Somebody is advising you?

18 A. Yes, but you are talking about things that happened

19 a long time ago.

20 94 Q. No, I am talking about things that were still

21 happening in 1993?

22 A. That is a long time ago.

23 95 Q. When did you repay the loans?

24 A. 1994 .

25 96 Q. Are you saying that you don't have copies of your

26 tax affairs for 1993?

27 A. No.

28 97 Q. Have you the capacity to get them?

29 A. I don't think so.


1 98 Q. Did you make returns of the interest which was on

2 the deposit?

3 A. No because there was no liability to tax anyway on

4 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?

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 time

11 and then tax resident in Spain for the rest of the

12 time, there was no liability?

13 A. No, when I was tax resident in the United States I

14 didn't have any deposits with Ansbacher.

15 102 Q. When did you put your deposits in your own name in

16 Ansbacher?

17 A. In 1990.

18 103 Q. From 1990 onwards you had deposits in Cayman in your

19 own name?

20 A. Yes.

21 104 Q. Forget the question of trust. And you were tax

22 resident in Spain at that stage?

23 A. I was resident in Spain when I left the

24 United States.

25 105 Q. Are you saying that you reverted to being tax

26 resident in Ireland, which of course would be your

27 option?

28 A. No.

29 106 Q. You have to be tax resident somewhere?

21
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 you

5 left the United States?

6 A. I am not sure I was tax resident anywhere. I lived

7 in Spain because Spain is the only place I have a

8 home.

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

10 were tax resident nowhere, you had nowhere to return

11 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 the

16 certificates in question?

17 A. Correct. I don't know what you mean by

18 certificates?

19 112 Q. You know when you want to prove that you have money

20 on deposit you get a certificate from the bank

21 saying that you earned so much interest. Do you

22 understand that?

23 A. Yes.

24 113 Q. But you didn't get those certificates?

25 A. Obviously I got deposit receipts.

26 114 Q. But did you get certificates for tax purposes?

27 A. No because there was no tax.

28 115 Q. It is not a question of the tax records not being

29 available, it is really a question you didn't think

22
1 you were liable to any particular tax authority

2 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.

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 time

12 ago.

13 120 Q. You don't know who the beneficiary of Anne Enoch's

14 Trust is?

15 A. No.

16 121 Q. Have you received any money from any

17 Anne Enoch Trust?

18 A. No.

19 122 Q. The Tabmount Corporation you say was owned by?

20 A. I don't know.

21 123 Q. Not by you anyway?

22 A. No.

23 124 Q. You had no interest in it?

24 A. No interest in it at all.

25 125 Q. Did you know anything about their property?

26 A. No. I am aware of property that they owned all

27 right.

28 126 Q. You know about their property but you don't know who

29 owns them?

23
1 A. No, I don't know who the owner is.

2 127 Q. We know that Girard Investments are owned partially

3 by you?

4 A. Were, yes.

5 128 Q. And that it has no connection with the

6 Anne Enoch Trust?

7 A. Not to my knowledge, no.

8 129 Q. I thought it was no rather than not to your

9 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 am

12 concerned.

13 130 Q. Would it surprise you to know, Mr. Enoch, that in

14 the records of Guinness & Mahon there is a letter

15 attaching a schedule which appears to be a schedule

16 of items owned or controlled by the Anne Enoch Trust

17 which includes Tabmount Corporation and

18 Girard Investments Ltd. Would you like to look at

19 Exhibit 1?

20 A. Yes.

21 131 Q. That is 314 to 316. 317 is only a repetition of

22 316.

23 A. Could we have a break so I can consult?

24 Wouldn't it be as well to put one more thing to you

25 before the break so that you can also consult on

26 that.

27 MR. SHIELDS: There was a letter

28 referred to of

29 5th April 1988 from Guinness & Mahon.

24
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 facility

7 of $70,000 by Guinness & Mahon in October 1988 to

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 in

13 Florida?

14 A. No.

15 136 Q. Were you involved in any way in a housing

16 development in Florida?

17 A. No.

18 137 Q. Or any members of your family that you are aware of?

19 A. Not that I am aware of.

20 138 Q. Are you familiar with the name M-A-N-I-H-A-N-I?

21 A. No, I never heard of it.

22 139 Q. MS. MACKEY: The judge is asking, do

23 you know anything about

24 Manufacturers Hanover Bank?

25 A. Yes. I believe that is where Girard Investments

26 paid its interest payments. Those banks change

27 names quite often.

28 140 Q. JUDGE 0'LEARY: In view of the fact that

29 you know nothing about

25
1 Fountain Developments you might also like to look at

2 two further documents which I will give you -- 370

3 to 389. We will break for coffee and when I come

4 back I will ask you about those, particularly 389.

6 SHORT ADJOURNMENT

9 141 Q. JUDGE O'LEARY: Can we turn to the

10 Tabmount Corporation.

11 Do you know anything about that?

12 MR. ENOCH: There is something I would

13 like to say before we go

14 on. It might appear that I have been vague in

15 relation to Martina Investments Ltd, Tabmount

16 Corporation and the Anne Enoch trust. I wish to

17 make it clear that I am aware of these entities as I

18 have said but I do not have any ownership interest

19 in them and therefore I am not in a position to

20 answer questions in relation to them. The reality

21 is that questions in relation to these entities

22 could perhaps be addressed to my father who is

23 unfortunately old and not in good health.

24 142 Q. You will have noticed that when you told us about

25 Martina Investments, I dropped that. I have no

26 other questions to ask you about that. But I do

27 have questions to ask you about the

28 Tabmount Corporation. Did you see that letter where

29 your name came in notwithstanding the fact that you

26
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 to

5 me. I am aware of our family interests and this

6 Fountain Developments is something that I have never

7 heard of.

8 144 Q. You think your name was used in error there?

9 A. Absolutely. I never heard of it. I don't know

10 anything about it at all.

11 145 Q. I am going to give you another document at

12 Exhibit 3. This document you don't have. It is a

13 document which we got from Guinness & Mahon and is a

14 Guinness & Mahon internal document, so you know the

15 source of it. If you leave that to one side for a

16 second.

17 I am sorry for going backwards and forwards. If you

18 look at Exhibit 2 again, the one you think you know

19 little or nothing about?

20 A. Yes .

21 146 Q. You see there was a letter referred to in that of

22 24th January 1991?

23 A. Yes .

24 147 Q. I wonder would you give the witness Exhibit 4

25 (same handed). Do you remember getting that letter?

26 A. No, not specifically.

27 148 Q. Is it possible that you got the letter, Exhibit 4?

28 A. Yes .

29 149 Q. I thought you knew nothing about Fountain


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 of

6 22nd November 1991 you see that it refers therein to

7 a letter from Chris White's letter of

8 24th January 1991?

9 152 Q. It refers here "conforming with guidelines given to

10 Stephen Enoch." Maybe this is how you actually pay

11 interest. I know that I used to pay the interest

12 with Girard Investments and they weren't very

13 efficient with the amount we had to pay and where we

14 had to pay it. I used to have to telephone people

15 in Guinness & Mahon to find out what was going on

16 and how it was paid and where it was paid. But

17 there still is no relationship between the two

18 things?

19 153 Q. You think there is no relationship between the two

20 things?

21 A. I know there isn't; I have never heard of

22 Fountain Developments and as far as I know none of

23 our family members have had ever had any involvement

24 with Fountain Developments or Florida or anything in

25 Florida.

26 154 Q. Would you turn now to the Tabmount Corporation at

27 Exhibit 3 which you already have. Remind me again

28 about the Tabmount Corporation. Are you involved in

29 that?

28
1 A. No, this is actually incorrect. The first statement

2 on the top of that which says "the beneficial owners

3 are Victor Enoch, his son Stephen Enoch and other

4 family members." I am not a beneficial owner so far

5 as I know. They seem to lump a lot of things

6 together in their correspondence for their own

7 purposes.

8 155 Q. You don't know anything about Tabmount Corporation?

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 transcript

15 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?

19 A. Yes, the first statement so far as I am aware is

20 incorrect, that the beneficial owners are Victor and

21 Stephen Enoch and family members, the same as it

22 said before.

23 160 Q. So far as you are concerned you are not a beneficial

24 owner in Tabmount?

25 A. No.

26 161 Q. Or any of its offshoots?

27 A. No.

28 162 Q. Obviously this might be one company owned by another

29 company. The ultimate beneficiaries don't include

29
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 questions

5 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

9 beneficiary or no, you wouldn't be quite sure

10 because you could have been made a beneficiary

11 without your knowledge?

12 A. It is possible I was made a beneficiary without my

13 knowledge. I have no knowledge whether I am or I

14 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 more

17 responsibility from your father?

18 A. One would like to think that, yes. But if you knew

19 my father as I know my father you wouldn't

20 necessarily say that. It is quite possible that my

21 father could put me as a beneficiary and the next

22 day put the cats and dogs home as the beneficiary if

23 he felt so inclined.

24 166 Q. It is possible you are a beneficiary?

25 A. Certainly it is possible, yes. I would go further

26 to say I hope I might be. But I really have no

27 idea.

28 167 Q. I don't believe in hiding things from people.

29 It is as well that I say this to you.

30
1 What interests me with regard to these various loans

2 is the fact that they appear to have been taken out

3 in Dublin, in Guinness & Mahon in Dublin, and that

4 they appear to have been backed by Ansbacher

5 deposits?

6 A. Right.

7 168 Q. Who was your contact for arranging those loans in

8 Dublin over the years?

9 A. John Collins in Ansbacher Cayman. I never had any

10 dealings whatsoever in Dublin other than on payment

11 of interest and invoices and things. Everything was

12 done through John Collins. It appeared to me that

13 it was all the one company. I don't know whether

14 the Cayman one owned the Dublin one. It was

15 Guinness & Mahon in those days. Or whether Guinness

16 & Mahon owned the Cayman one or why they did it that

17 way. I have no idea.

18 169 Q. But you do understand that because the loans were

19 taken out in Ireland and backed by Ansbacher

20 deposits, that they are relevant to the Ansbacher

21 enquiry. Do you understand that?

22 A. Yes.

23 170 Q. I wouldn't like you to think that we are prying into

24 your affairs just for the sake of prying into your

25 affairs. There is a reason for it. You are

26 entitled to be told that. I think Ms. Mackey has a

27 number of questions along that line that she wants

28 to ask you.

29 171 Q. MS. MACKEY: Mr. Enoch, there were some

31
1 matters that were raised

2 earlier in this interview that I would like to tease

3 out a little bit more and clarify. As a

4 preliminary can I ask you, have you and your father

5 been in partnership in business in the United States

6 since you moved from Ireland?

7 A. No.

8 172 Q. You didn't work together with your father in any

9 connection?

10 A. No.

11 173 Q. Insofar as documents such as the ones we have just

12 shown you now indicate that you and your father

13 together took out loans from Guinness & Mahon in any

14 capacity, do you say that is incorrect?

15 A. Yes because it is my belief that my father has never

16 done anything in his own name.

17 174 Q. So that when again Guinness & Mahon documents speak

18 of the Enochs or Victor and Stephen Enoch, do you

19 say that is just your father alone in reality?

20 A. You would have to be more specific.

21 175 Q. For example, the two documents that you looked at a

22 few moments ago -- Exhibit 3 and Exhibit 5 -- in

23 relation to Tabmount Corporation?

24 A. I have had no involvement with Tabmount Corporation

25 at all.

26 176 Q. There is a statement in both of those that

27 Tablemount NV -- which is the parent company of

28 Tabmount -- is owned by a number of trusts of which

29 the beneficial owners are Victor and Stephen Enoch

32
1 and other family members. Your name is linked with

2 your father's. You say that in fact to the best of

3 your knowledge you are not a beneficial owner at all

4 of any of these trusts. Is that correct, is that

5 what you said?

6 A. That's correct, yes.

7 177 Q. Of any trust?

8 A. What do you mean any trust, any of these trusts?

9 178 Q. It says here a number of trusts?

10 A. I am not aware of whether I am. It doesn't mean to

11 say that I am not.

12 179 Q. You are not aware of being a beneficiary of any

13 trust?

14 A. Certainly not these ones.

15 180 Q. What are these ones?

16 A. You are talking about Tabmount or Tablemount?

17 They are not really trusts I don't think.

18 181 Q. No, they don't appear to be trusts.

19 The statement here says that Tabmount Corporation is

20 owned by Tablemount NV. We have this parent

21 company, Tablemount owning Tabmount. Tablemount NV

22 is in turn owned by a number of trusts of which

23 Victor and Stephen Enoch are the beneficiaries?

24 A. I am not aware of those trusts at all. What they

25 are, who they are or who owns them.

26 182 Q. That leads me onto the main question I wanted to ask

27 you. At the beginning of this interview

28 Judge O'Leary asked you about a trust, whether a

29 trust had been formed after you left Ireland?


1 A. Yes .

2 183 Q. You said yes, a Cayman trust was formed by you as I

3 understand it when you were in the States, is that

4 correct?

5 A. I formed a trust, I am not sure when I formed a

6 trust.

7 184 Q. You are not sure when, I thought it was after you

8 went to the States?

9 A. Certainly it was after I left Ireland. That I am

10 certain because I never had any dealings whatsoever

11 with Ansbacher.

12 185 Q. What was that trust?

13 A. It would have been a general trust for whatever I

14 needed it for at the time or in the future.

15 186 Q. Did it have a name?

16 A. Certainly it had a name.

17 187 Q. Can you tell me what the name was?

18 A. No, because I actually cannot remember what it was

19 called.

20 188 Q. Can you tell me how it came about that the trust was

21 formed. Take it step by step: Who advised you to

22 set up a trust in Cayman?

23 A. Either Don Reid or John Collins.

24 189 Q. You are not sure which?

25 A. No.

26 190 Q. Did you go to one or other of them and ask advice or

27 did they approach you and suggest the setting up of

28 this trust?

29 A. It is a long time ago so I don't recall.

34
1 191 Q. When was it exactly do you think?

2 A. I don't know.

3 192 Q. Roughly?

4 A. Sometime in the 1980's or 1990's, I really don't

5 know.

6 193 Q. It was likely to be between 1980 and 1990 for

7 example. Was it long after you went to the States.

8 Perhaps you can remember it that way. You went in

9 1979?

10 A. I have a feeling it is more recent than that but I

11 cannot really remember because it is not something

12 particularly significant.

13 194 Q. Did you only ever create one trust yourself?

14 A. Yes .

15 195 Q. Then it would be relatively vivid in your mind I

16 would imagine. It is not a thing one does everyday

17 and if you have only created one you would have some

18 memory of it. Did you feel a need to set up a

19 trust?

20 A. I must have been advised that it was a good idea to

21 do it. But quite honestly I don't really understand

22 these trusts and what they do and how they operate.

23 196 Q. You were advised either by Don Reid or by

24 John Collins that it would be a good idea to do

25 this. What did they tell you about it or how did

26 they explain it to you?

27 A. After I left this country the idea was that one

28 would have a trust that one could put assets in that

29 one would leave to ones children or something which

35
1 you could pass on. Things like that.

2 197 Q. Did they suggest to you at that stage that the trust

3 be in the Cayman Islands?

4 A. Yes.

5 198 Q. Was there any reason given for that specifically?

6 A. No.

7 199 Q. Did you sign a trust deed?

8 A. I really don't have much recollection of the trust.

9 I am not certain if I received anything or did

10 anything.

11 200 Q. Did you recollect signing a trust deed?

12 A. No, I don't recollect signing. I don't know what a

13 trust deed is. I would have to see one.

14 201 Q. A document. Obviously it is some kind of legal

15 document?

16

17

18

19

20

21

22

23

24

25

26

27

28

29

36
1 A. I presume there must have been something or other

2 when you set it up but whether the person setting it

3 up signs these things or not, I don't know.

4 202 Q. It was not yourself who set it up, was it not?

5 A. Yes, but I don't know whether the person setting it

6 up signs anything or doesn't sign anything.

7 203 Q. I see, you don't know whether the

8 person....(INTERJECTION).

9 A. I don't know the mechanics of the whole thing.

10 204 Q. Do you remember writing a Letter of Wishes

11 indicating what would happen to the evidence in the

12 Trust?

13 A. Yes.

14 205 Q. You do.

15 A. Yes.

16 206 Q. Do you have a copy of that?

17 A. No.

18 207 Q. What happened to it?

19 A. It would be with Ansbacher.

20 208 Q. And do you not have a copy yourself?

21 A. No, because I know what it contains.

22 209 Q. Perhaps you wouldn't mind telling me what it

23 contained?

24 A. Basically it would contain if I died and whatever

25 assets were in Trust would go to my wife and when

26 my wife dies to my children. A bit like a Will

27 really.

28 210 Q. Like a Will, yes, so this was this was your Letter

29 of Wishes. Did you at the time that this Trust was

37
1 set up, whether you signed something other than the

2 Letter of Wishes or not, did you then transfer funds

3 to the Trust?

4 A. Possibly over a period of time, yes.

5 211 Q. And how was that done?

6 MR. SHIELDS: Could I have a minute,

7 please, with my client?

8 JUDGE 0'LEARY: Certainly.

10 A SHORT ADJOURNMENT

11

12 THE INTERVIEW COMMENCED, AFTER THE SHORT

13 ADJOURNMENT, AS FOLLOWS:

14

15 A. It seems to me that you are delving into my personal

16 affairs after I left this country.

17 212 Q. MS. MACKEY: No, Mr. Enoch, I am

18 delving into your personal

19 affairs, indeed that's correct, but only insofar as

20 it relates to the company that we are investigating

21 which is Ansbacher.

22

23 Now, in fact perhaps I should have asked you at the

24 very beginning, I took it for granted that because

25 this is a Cayman Trust, it is an Ansbacher Trust,

26 but if it is not an Ansbacher Trust, tell me that

27 now and I won't ask you any more questions about it.

28 Is it not an Ansbacher Trust?

29 A. It was set up by Ansbacher, yes.

38
1 213 Q. It was set up. Well in that case it concerns me

2 and I must ask you about it. Did the Trust or the

3 assets in this Trust, were they used at any stage to

4 guarantee or to back a loan taken out by you here in

5 Ireland?

6 A. No.

7 214 Q. Not at all?

8 A. Not at all.

9 215 Q. When you were advised about the setting up of this

10 Trust, were you advised that you could, during your

11 lifetime, use the funds that were in this Trust by

12 any means whatsoever?

13 A. No, not that I am aware of, no.

14 216 Q. So the funds were put into the Trust and there they

15 stay to this day, is that the way it was?

16 A. I think so, yes.

17 217 Q. No distributions whatsoever have been made?

18 A. I don't know, it is not something I pay particularly

19 much attention to or is a very significant amount.

20 218 Q. You don't know anything about it. Does Ansbacher

21 send you statements about it from time to time?

22 A. Not really, no.

23 219 Q. So how would you find out what state things were in?

24 A. I don't believe this Trust did anything of much

25 significance so I don't think I had any reason to.

26 220 Q. When you say "it didn't have much significance",

27 what do you mean by that?

28 A. I am not sure it did anything much of anything.

29 221 Q. But it holds assets presumably?

39
1 A. It would certainly have held assets, yes.

2 222 Q. It would have held assets. Does that mean it no

3 longer does?

4 A. No, it probably still holds assets.

5 223 Q. You told us that when you first made contact with

6 Ansbacher it was done really to introduce you to

7 Ansbacher, to the Bank itself?

8 A. Yes.

9 224 Q. How did that arise? You were at this stage in the

10 States; is that correct?

11 A. Yes.

12 225 Q. And did you know Mr. Reid before you went to the

13 States?

14 A. Yes.

15 226 Q. I see. Was he your tax adviser here in Ireland?

16 A. Yes he was.

17 227 Q. Did he continue to be your tax adviser when you went

18 to the States?

19 A. Not as much but, certainly yes he did, I suppose, to

20 a certain extent.

21 228 Q. He advised you in relation to United States Revenue

22 law, did he?

23 A. No.

24 229 Q. So, what, to Irish Revenue law?

25 A. He didn't really have much to do with it. I think

26 when I went after the 4 years, when I wanted to make

27 investments, I went to Don Reid.

28 230 Q. After what 4 years?

29 A. Well my investments were blocked, my assets were

40
1 blocked for 4 years.

2 231 Q. In Ireland?

3 A. Yes after I left.

4 232 Q. Yes, so your assets were here. Your assets here in

5 Ireland were blocked; is that it?

6 A. Assets in Ireland were blocked, yes.

7 233 Q. For 4 years?

8 A. Yes.

9 234 Q. JUDGE 0'LEARY: This was for Exchange

10 Control purposes?

11 A. Yes.

12 235 Q. MS. MACKEY: And at the end of those 4

13 years, you asked Don Reid

14 for advice?

15 A. I am not sure when I actually went and asked him for

16 advice. I don't have a timescale of it all.

17 236 Q. And what did he advise you?

18 A. He recommended that I talk to John Collins in

19 Guinness & Mahon.

20 237 Q. In Ansbacher Cayman?

21 A. I think it was all Guinness & Mahon in those days.

22 238 Q. It was called Guinness Mahon Cayman Trust, that is

23 correct, but it was the Cayman Bank we are talking

24 about?

25 A. Yes, it was the Cayman Bank. I never had any

26 dealings whatsoever with the Irish Bank.

27 239 Q. So he put you in touch with Guinness Mahon Cayman

28 Trust the Bank in Cayman with John Collins there?

29 A. Yes.

41
1 240 Q. And as a result of that contact, what did you do?

2 I mean, you told us you didn't have deposits with

3 them until 1990 but what was the nature of your

4 business with them at that stage?

5 A. It would have been for loans. I took out a loan.

6 241 Q. With Ansbacher?

7 A. With Ansbacher, yes.

8 242 Q. But was it not in connection with the transfer of

9 your assets from Ireland that you were getting in

10 touch with Ansbacher?

11 A. I don't think so, no. Almost everything I did, I

12 did in my own name. I probably formed a Trust but I

13 don't know that it was used for anything.

14 243 Q. The assets that you had in Ireland, were they

15 transferred to Ansbacher at that stage?

16 A. No.

17 244 Q. They were not?

18 A. No. I mean this Trust was formed. I don't think

19 over the years that anything ever happened to it.

20 This company became more active in the last few

21 years.

22 245 Q. I am getting confused now. Are you saying that at

23 the time of your first contact with Ansbacher, the

24 Trust was then formed?

25 A. I can't recall when the Trust was formed, I don't

26 know when it was formed.

27 246 Q. Really what I am trying to tease out here is what

28 the nature of your first contact with Ansbacher was?

29 A. It was in connection with a loan.


1 247 Q. Simply a loan?

2 A. Yes.

3 248 Q. There was no question of a deposit or a Trust at

4 that stage?

5 A. No, no, it was purely a loan for an investment I was

6 making in America or as a partnership over there.

7 249 Q. And this was as a result of Don Reid advising you to

8 do that?

9 A. Yes. Basically it was to do with rates of interest.

10 They had more competitive rates of interest than

11 were available in the United States.

12 250 Q. I see.

13 A. So that really all came about because I wanted to

14 borrow some money. I thought I would go back to

15 the old connections and see what was available and

16 it came up that he recommended John Collins and they

17 organised it.

18 251 Q. And it was through John Collins then that your

19 connection with Guinness & Mahon in Dublin came into

20 being?

21 A. Yes, everything basically came through John Collins.

22 252 Q. Can you tell me why John Collins advised you to take

23 loans out in Dublin?

24 A. No I have no idea. As far as I was concerned it was

25 all the one company and I don't know why they did it

26 in Dublin rather than somewhere else.

27 253 Q. Rather than in Ansbacher Cayman itself?

28 A. Yes.

29 254 Q. JUDGE 0'LEARY: Am I right in saying that

43
1 you gave evidence to me

2 that the money which you ultimately put in the

3 Caymans, I suppose which really I am not concerned

4 about at all, but it was there and it was in

5 Ansbacher and because it was Ansbacher, the way in

6 which Ansbacher dealt with the matter is of concern

7 to me?

8 A. Yes .

9 255 Q. That that was never used as a security against a

10 loan in Dublin; is that correct?

11 A. Yes, sorry --

12 256 Q. Is that the evidence you gave?

13 A. Say that again.

14 257 Q. That the money which you had in Ansbacher from 1990

15 on, or sometime around then, that that had not been

16 used as security for a loan in Ireland?

17 A. It was used as a security for a loan in Ireland.

18 258 Q. It was?

19 A. Yes .

20 259 Q. And was that hidden?

21 A. No. How do you mean "hidden"?

22 260 Q. For that fact to be hidden?

23 A. No, there was absolutely no reason for it to be

24 hidden at all.

25 261 Q. Well, of course --

26 A. It is perfectly open and legitimate. There was

27 absolutely no reason whatsoever to hide it away.

28 262 Q. Why then was the facility letter to you from

29 Ansbacher Cayman specifically not to include the


1 question of the deposits?

2 A. I don't know the answer to that. There is

3 absolutely no reason why they shouldn't have had it.

4 It may be something that they may have wanted to do

5 for their reasons, their practices, but it is not

6 something I requested them to do. There is

7 absolutely no reason why anybody shouldn't know I

8 had a deposit because I was a non-resident in the

9 United States and in Ireland and there is no tax

10 payable on that deposit.

11 263 Q. But when were you a non-resident in the United

12 States?

13 A. In June 1990 before those two loans were taken out.

14 264 Q. And the purpose of those loans, part of the purpose

15 of the loans was to?

16 A. Real Estate investment in the United States.

17 265 Q. In the United States and for tax purposes. There

18 is nothing wrong with that but it was to sort out

19 tax affairs as well, wasn't it?

20 A. It is all part of the overall involvement of an

21 investment.

22 266 Q. I see, and in those circumstances you are saying

23 that it wasn't at your request that the backing of

24 this loan was kept secret?

25 A. Absolutely yes, absolutely. There was absolutely no

26 reason to keep it secret.

27 267 Q. But wouldn't you have had a continuing tax liability

28 in the United States?

29 A. No. When I became resident in the United States I

45
1 had no future tax liability on any deposit interest.

2 Exactly the same as if I had money sitting in

3 Ireland in any bank or any bank anywhere in the

4 world. As a non-resident, you are not liable for

5 tax on deposits.

6 268 Q. But were you a citizen of the United States?

7 A. No.

8 269 Q. Never a citizen?

9 A. I was a citizen.

10 270 Q. When did you cease to be a citizen?

11 A. About the same time, June 1990 I gave it up.

12 271 Q. Doesn't the tax situation in the United States mean

13 that even though you yield up your citizenship, you

14 continue to have some continuing liability for some

15 time ahead?

16 A. No I believe they have changed the law and I gave up

17 my citizenship because people were giving up

18 citizenship for tax reasons. But it is my

19 understanding at the time I gave up my residency,

20 citizenship there was no tax liability in the United

21 States.

22 272 Q. And the money that was used to back those loans

23 which you took out in June 1990 was on deposit in

24 Ansbacher?

25 A. Correct.

26 273 Q. And how long had it been there?

27 A. It was put in there for the security for the loan.

28 274 Q. How long had it been there was the question?

29 A. It hadn't been there.


1 275 Q. So when was it put in there?

2 A. At the same time as the loan was, it was part of the

3 security for the loan. They required security for

4 the property and a deposit.

5 276 Q. And that was the first time you had a deposit with

6 Ansbacher; is that correct?

7 A. Yes.

8 277 Q. But had you already got a Trust in Ansbacher at that

9 stage?

10 A. I formed a Trust but I don't know when that was.

11 Whether that was before 1990 or after 1990 I just

12 can't recall. But certainly if there was a Trust,

13 it certainly wasn't active.

14 278 Q. Can you find out when you formed the Trust?

15 A. Yes I am sure I can.

16 279 Q. Can you let us know?

17 A. Yes.

18 280 Q. MS. MACKEY: Are you familiar with a

19 company called Deltona

20 Investments, Mr. Enoch?

21 A. Yes.

22 281 Q. What was Deltona Investments?

23 A. It was a partner in Girard Investments.

24 282 Q. Yes but what was it as a company?

25 A. What do you mean "what was it?"

26 283 Q. What did it do? Who were the beneficial owners of

27 the company? Who were the shareholders?

28 A. That is something I can't answer who the owners

29 were. What it did was it purchased property which I

47
1 did with it.

2 284 Q. Were you a beneficial owner of it or a shareholder?

3 A. No, not at all.

4 285 Q. JUDGE 0'LEARY: But you didn't know with

5 whom you were doing

6 business, it was just a company?

7 A. I wouldn't say that, no. I believe it is possible

8 that John Collins, it would seem to me, was the man

9 who was running it.

10 28 6 Q. MS. MACKEY: But you don't know who the

11 shareholders were?

12 A. The shareholders, no.

13 287 Q. You don't know at all? That is your evidence?

14 A. No.

15 288 Q. JUDGE 0'LEARY: The loan in June 1990, Mr.

16 Enoch, is the reality of

17 what happened on that occasion in respect of loan

18 number one, which was for $900,000, is that you

19 borrowed that in Guinness & Mahon and the same

20 $900,000 was put on deposit in Ansbacher?

21 A. Yes.

22 289 Q. Well that is what happened?

23 A. Yes.

24 290 Q. We would have saved a lot of time if you told us

25 that originally. So you borrowed the $900,000 and

26 you put it on deposit in Ansbacher?

27 A. Yes.

28 291 Q. And you borrowed $400,000 and did the same?

29 A. Correct. This is a point I have been bringing up

48
1 all along, this is perfectly legal.

2 292 Q. I am not suggesting whether it was legal or not; I

3 am merely saying that I want to know what is going

4 on. That's all and I want to go on not because I

5 want to know anything about your affairs, I just

6 want to know what the company were doing. That's

7 all. If you answered me by telling me what the

8 company were doing and volunteered that, we would be

9 out of here long ago?

10 A. I didn't know you wanted to know that.

11 293 Q. That's what I want, but I was asking you about the

12 money and you were saying "money was being put on

13 deposit" when in fact it was the same money. There

14 is nothing wrong with that. I am not criticising

15 you for that but at least I know it now?

16 A. Okay.

17 MS. MACKEY: I haven't any further

18 questions, Mr. Enoch.

19 JUDGE 0'LEARY: I think I may have one

20 more question.

21

22 Can I take it that in respect of the $900,000 which

23 was borrowed from Ansbacher or from Guinness & Mahon

24 and put on deposit in Ansbacher, that that $900,000,

25 the interest on that was a legitimate charge against

26 whatever profit that there was on the property in

27 the United States?

28 A. The loan?

29 294 Q. Yes interest on the loan, yes?

49
1 A. Yes interest on the loan, yes.

2 295 Q. Can I also take it that it was your advice at the

3 time that the interest on that loan, if you like,

4 the backing loan, was not returnable by you in the

5 United States?

6 A. Correct.

7 296 Q. And was not returnable by you anywhere?

8 A. Correct.

9 297 Q. That is actually very simple?

10 A. Very simple. It is absolutely simple and perfectly

11 legal. This is why I don't understand why you are

12 even asking me a lot of these things because, as I

13 have said in my letters all the way along through

14 that I have been corresponding with you, what I did

15 was perfectly legitimate.

16 298 Q. And for how long did you own that $900,000?

17 A. For 4 years roughly.

18 299 Q. Until 19?

19 A. 1994 .

20 300 Q. And where were you living during that period of

21 time?

22 A. My home was in Spain. When I left the United States

23 I went to live in Spain, but basically I am retired

24 and I just travel around a lot. My base, if you

25 like, of operations was in Spain. That is the only

26 place I have a home.

27 301 Q. And you have lived in Spain since?

28 A. Correct.

29 302 Q. You know nothing about the Tabmount Corporation you

50
1 said? You have no involvement?

2 A. I have no involvement, no.

3 303 Q. You were not aware that it had a cash—backed loan as

4 well?

5 A. No, I have no involvement whatsoever.

6 304 Q. You don't know where that cash backing came from?

7 A. No. I may have seen documents about it like these

8 today. I don't know whether I have ever seen other

9 ones or not.

10 305 Q. MS. MACKEY: Mr. Enoch, after you went

11 to live in the States, did

12 you continue to have income whose source arose in

13 the United States?

14 A. After I went to live there?

15 306 Q. After you went to live in Spain, after you gave up

16 your United States citizenship?

17 A. Yes.

18 307 Q. Were you required to file tax returns in the US in

19 respect of that income?

20 A. Yes.

21 308 Q. And how long did that continue for?

22 A. I am not actually sure but certainly I would have

23 filed tax returns in 1990. I don't know after

24 that.

25 309 Q. Did your income continue to arise in the United

26 States for some years? Did it arise from property

27 that you had there?

28 A. Yes. It is possible up to 1994 because in 1994 I

29 disposed of all the property there.

51
1 310 Q. You disposed of all your property by 1994?

2 A. Yes. Certainly after that date there would have been

3 no tax returns.

4 311 Q. So up to 1994 you would have had the obligation to

5 file tax returns?

6 A. Yes I think so.

7 312 Q. Thank you.

8 JUDGE 0'LEARY: Thank you very much.

9 There will be a transcript

10 of the evidence adduced and we would wish that you

11 would sign it as being correct.

12

13 THE INTERVIEW THEN TERMINATED

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

52
XMouxj GjwIWNWS^

v50VXcx.Vofv

OcVeVer ©V
MLO&/CC 6th December

Ansbacher Limited,
P.O. Box 887/
Grand Cayman/
British. West Indies.

Dear Sirs,
ANSBACHER LIMITED
ANNE ENOCH TRUST
TABMOUNT
GIRARD INVESTMENTS LIMITED
We refer to our letter of 16th November and enclose amended
schedule to include property at 7874 Girard Avenue.

Yours faithfully,
for QZfN&SS & MAHON LIMITED.

M. LANIGAN-0'KEEEFE
JOINT MANAGING DIRECTOR.

Enc.
7874 Girard Avenue
2) Agreement Between v. Knoctv,
' Stephen Enoch and- Deltona
-Securities Ltd. and {GHCT -
Ansbacher Ltd.

3] Deposit of $1,250,000 by Ansbacher


Ltd. with G.M. Dublin.
•MWnLKHOCH TBBBT

LOAN SECURITY
$1,550,000_ Oct. 12, 1989 1) Deposit by Ansbacher Ltd.
for 5 years • with G.M< Dublin (Back to Back)
for; $1,530,000.
Annual Review.
.2) Deed of Trust and Assignment of
Rents over Property at
1005 prospect Reef, La Jolla,
San Diego.
3) Promissory Note.

TftBrMQUHT-CQRP-.
$3,000,000 31/12/1986 for 1) Deposit Ansbacher with GM Dublin
S years. $2,900,000 (Back to,Back).
Annual Review. sJL.2) Guarantee $100,000 from Ansbacher
Ltd.
3) Deed of Trust and Assignment of
Rents - 95S-.Prospect, shopping Center,
La Jolla, San Diego

$1,250,000 30/6/88 1) Deed of Trust and Assignment of


to Rents over properties at Shopping
30/6/90 Center - La Jolla, San Diego:-
7868 Girard Avenue
Bvpnue
ANNE ENOCH TRUST
TAB-MOUNT CORP.
LOAN TERM BBCORITY
$1,550,000 Oct. 12, 198B 1) Deposit by Ansbacher Limited with
for s Years G.M. Dublin (Back to Back) for
01,550,000.
Annual Review. 2) Deed of Trust and Assignment of Rents
over Property at 1005 Prospect Reef, La
Jolla, San Diego.
3) ' Promissory Note.
TAB-MOUNT CORP.
$3,000,000 31.12.1986 for 1) Deposit Ansbacher with QM Dublin
for 5- Sears $2,900,000 (Back to Back).
Annual Review 2) Deed of Trust and Assignment of Rente -
955 prospect, shopping Center, La jolla,
San 'Diego.
GIRARD INVESTMENTS LTD.
$1,250,000 30/6/BB 1) Deed of Trust and Assignemtn of
to Rents Over Properties at Shopping
30/6/90 Center - La Jolla, San Diegos-
786B Girard Avenue
7870 Girard Avenue
7872 Girard Avenue
7874 Girard Avenue
2) Deposit of $1,250,000 by Ansbacher Ltd,
with G.M. Dublin.
Appendix XV (35) (l)(c)
I,
; t
i r*

22 Novnbar 1991

Kr. J.D. Traynor,


42 Fltzwilllan Square,
Dublin 2.

Dear Das,
)'
Re: ^^stoJS!£S3S!BBat&
BBEhJaSEUX

I rafar to m «ar of Sapfceabar 16th and previous correspondence.


Hani Hani hava requested that I obtain - If possible - photocopies of tha
cheques referred to 1n Joha Collins letter of July Uthr 1991 to you. These
should be available from tha Bank 1n California. They are needed by Maul Hani
forreviewto ascertain whather or not they were aade out 1n confonrtty with
the guidelines given to Stephen Enoch in Chris Malta's lerttar of 24th January
1991. I would expect that they ware but X need to be able to prove this
point.

^Kindest regards.

Yours sincerely,

M. dWM Humphries
Senior Manager, Operations
Appendix XV (35) (l)(d)
TAB MOUNT CORPORATION

Tab Mount Corporation is a US property company owned by


Tablemount NV, which is in turn owned by a number' of trusts
the beneficial owners of which are, Mr. Victor Enoch, his
son, Mr- Stephen Enoch and other family members.
Related facilities are as follows:
Mr. & Mrs. Stephen Enoch USD 900/000
Mr. Stephen Enoch USD 400,000 99% syndicated
G i r a r d Investments USD 1,250,000 •D-
Martina Investments . IRP 310,000 -100% cash
.. . secured
G&M has two facilities outstanding'to Tab Mount Corporation
which were advanced to finance the purchase of investment
property at La Jolla/ San Diego, Califomia:

Facility 1. ' USD 3,000,000 This.loan was originally


provided in 1986 for a five
year period and extended
for a further five year
period to 31/12/96 in March
1992 (see Minute Number
92/136).

Facility 2. USD 1,550,000- This facility was


originally provided in
October.1988 for a five
year term to October 1993.

The clients have requested extension of Facility 2. for a


further five year period to 31/10/98 under the same terms
and conditions as before.
Facilities are sub-participated to CIBTC Ltd to the extent
of 99% leaving a net exposure to Tab Mount of, $45,500 -
$30,000 in respect of Facility 1. and $15,500 in respect of
facility 2.

Security for the facilities consists of a fixed charge over


the otherwise unencumbered commercial property at La Jolla,
believed to be worth in the region of USD 6,000,000 together
with a guarantee from CIBTC Ltd for USD 4.5,500 i.e. our full
exposure. A funding deposit for the net exposure is held by
CIBTC.
The facilities have operated satisfactorily to date with
interest being paid bi-monthly from rental income.
The Enoch family have been clients of GSM since the early
1980's and have built a significant property portfolio in
San Diego, California since they emigrated to the US 10
years ago-

Approval of five year extension is recommended.

FC/MC
8/10/93
Appendix XV (35) (1) (e)
CAW/MHC - 24th.January, 1991.

Mr Stephen M. Enoch,
1356 Virginia Way,
La Jolla,
California 92037,
USA.

Dear Mr Enoch,
I refer to your recent correspondence and our telephone
conversation regarding the cheques you forwarded to
Manufacturers -Hanover Trust/ which were not handled in the usual
way. •
I have had the problem followed up with their Hew York office
and unfortunately they are unable to explain which department
might have returned the cheques to you. However, they have
indicated that you should send cashiers • cheques only to
Manufacturers Hanover Trust, 4 Kew York Plaza, 13th Floor, Funds
Transfer, New York, NY 10004-. They also requested that the
cheques be made payable to Manufacturers Hanover Trust -
Account, Guinness & Mahon Limited and hopefully, with future •
remittances to our account you should not have any problems.
They indicated that their preference would be" to receive funds
electronically, transferred, quoting the Funds Transfer Section,
.but they did say that the processing of cashiers' cheques does
not cause them any problem.
If you have any difficulties at- all when the next payments
occur, please do not hesitate to contact me.

Thanking you,

Yoi y.

Chris Waite,
Assistant Banking Manager
"T" <
I —

irv

TAB MOUNT CORPORATION •

Tab Mount Corporation is owned by Tabiemonnt NV. The latter !•


in turn owned by a-number of trusts of which the beneficial
owners are Victor and Stephen Enoch and other family members.
The Enochs were originally clients of Guinness Mahon Cayman
Trust, now Ansbacher Cayman. They were introduced to G&M in
the early 1980's by Don Reid, the retired Senior' Tax Partner
with KPMG Stokes Kennedy Crowley.
. 1

cV» The Enoch family were resident in Ireland where they owned
. substantial, property.and. a TV. rental business until emigrating
to the US in the early 1980's. In the interim the Enochs have
f built up a sizeable property portfolio in La Jolla, San Diego,
f
v
California. The property purchases were largely facilitated by
loan facilities provided by GSM, which are tax efficient for
the Borrowers. The facilities included loans to Mr. and Mrs.
Stephen Enoch (net exposure (US$13,000) and a related company
Girard Investments (net exposure US$12,500). In all cases the
net exposure is guaranteed by Ansbacher Ltd.

TAB MOUNT LOANS


The Tab Mount loans (net exposure US$46,000) are secured by way
of a fixed charge over fully let commercial property in La
Jolla, recently valued at.US$6m. In addition, we hold the
guarantee of Ansbacher Limited for US$46,000.
The loans were each provided in December i986 and October 1988
respectively, for a five" year term, subject to annual review.
We have now been requested to renew the first loan, subject to
the same conditions for a further period of five years
(maturity 31.12.1996). It is proposed for convenience to
tie-in the annual review dates for both loans in future at 31st
December.

PTgrnwuTfwnii^OKr

The Enochs are longstanding, satisfactory clients of Ansbacher


Cayman and G&M. Approval of the proposed five year extension
is recommended.

f CL/MEC
<5 /QO
(GvMtti^^nri

.. I.I ..ki» \ !•' »t .


: iniuM

JR/CC ' 13th June 1990.

Mr. Stephen Enoch;


1356, Virginia Way,
La Jolla,
California 92037,
U.S.A.

Dear Mr. Enoch,


We refer to recent discussions and are pleased to confirm the
basis on which we are prepared to provide a loan facility of
US$400,000.
Borrower: Mr. Stephen Enoch.
Amount: US$400,000 (Four Hundred Thousand United States
Dollars)r "
Purpose: The loan is being provided in connection with the
financing of your interest in properties owned by
Girard Investments at. La Jolla, California,
consisting of 7868-7874 Girard Avenue.
Terra: In accordance with normal banking practice, the
loan is repayable on demand but in any event no
later than 30th June 1992. In the event of your
requesting an extension of the loan at the end of
this period, we shall give due consideration to
your request at that stage.
Interest: Interest will be charged on the loan account at a
fixed rate of 12%. Interest will be debited to the
loan account on the 30th June and 31st December
annually and shall be Immediately payable.
Drawdown: The loan will be available for drawdown when all
formalities in connection therewith have been
completed. Drawdown will be by.way of loan account
in the borrowers name. The loan proceeds are to be
paid to Bank of America, La Jolla, Main Office
0170, P.O. Box 194 7, La Jolla, California ABA No.
122000661 for the account of Mr. Stephen Enoch
Account Number 01704-03040.
1 IIUHVUN ( lltKt i I. Illl I UN ii»/ • • «
111 I I llt^M^ I'MKII k» MIHIKMIM IIKUIMI
1 \ H . I M W Mkt• 11.kn UII.IIUI : f ! M . I X i i i n n i.iuikvuvm mil t \ i < • '
| . I U i ) | l l ( . a t l ' H n u . l M , Lktlttl • SI U . I M . i lll»»NMl I
Mi\ 1 \ll.l MU !<IKX I UK Ml*\\ f \ I IIHKIC.
- 2 -

Security: * As security for the ioan we shall require :-


. (i) the completion of a Deed of Trust by Girard
Investments over property at Girard Avenue,
La Jolla consisting of:-
7868 Girard Avenue
- 7870 Girard Avenue
7872 Girard Avenue
7874 Girard Avenue
owned by Girard Investments, and
(ii) a promissory note signed by the Borrower.

Insurances: It is a condition of the loan facility that the


properties which are the subject of our security
remain adequately Insured by you. The payment of
all premiums shall be your responsibility. We
shall require sight of the policies.
Other
Terms and
Conditions: It is understood that should circumstances arise
whereby interest on the loan is subj ect to United
States taxes,, withholding or otherwise, or.changes
in central Bank of Ireland requirements or
regulations affecting in any way Guinness & Mahon
Limited's profitability on this loan, then on three
months notice the borrower shall have the right to
repay the loan without penalty and all interest
outstanding, or will pay an increased rate of
interest to compensate for any such tax liabilities
or loss of profitability.

• / • • •
I t
r

-3-

We are pleased to be of assistance and enclose herewith a copy


of this facility letter which should be signed by you as
evidence of your acceptance of this facility pn the terms set
out above. We shall also require the completion of the enclosed
Bank Mandate.

Yours faithfully,
for GUINNESS & MAHON LIMITED.
•U ^ fiJt
JOHN RYALL, C.A. WAITS
MANAGER - BANKING. ASSISTANT MANAGER - BANKING.
Acceptance
The offer qf a loan facility by Guinness & Mahon Limited on the
Conditions set out above is hereby accepted.

STEPHEN ENOCH
DATE: t>./
Appendix XV (35) (l)(h)
f .t ujxjutjj. x v-wt'ifi-i. X x iaja m c f u x u i x awi

dCt: G.& M. Dublin Minute No: "aoo? Date:


, r /^tfwtrfXg/ZNCTBXZB/ggg^gTZgN/XMgNgMglfiC: Credit Class Satisfactory
BORROWER: Stephen Enoch
Amount: US$400,000
PROPOSAL & PURPOSE OP FACILITY(S) :
To enable Mr. Enoch to rearrange his tax affairs following change of
residence - Mr. Enoch intends to change his present US tax residency.
See attached note.
Source of Repayment, Repayment Programme & Final Maturity: """
Two year facility - subject to annual review - 30.6.9Bl
Bank's Income (including Return on Capital):
over rate paid on Backing deposit. No use of Capital
nirity and Security Margin: • ~~
fetter of Set Off- signed by Ansbacher Limited over Deposits totalling
L.„y400,000.
2. Charge over Mr. Enoch's 1/3 interest in Girard Investments - value of
interest is c." US$lm.
:
Other -Conditions Precedent:
Other Information:

BANK'S RISK EXPOSURE - Aggregate (inclusive of this proposal) to:


Customer Related Customer Total
Committed/Limit: US$400,000 US$7,500,000 US$7,900,000
Balance: US$5,800,000 US$5,800,000
Country Risk:
Primary Risk: Limit: Country of Primary Risk:USA
^ Commt: Secondary Risk:USA
Drawn; Domicile:USA
•or Risk:
beetor: Limit: GM Business Sector:Personal
Commt: CBofI Business Sector:10.5
Drawn: Risk Asset Weighting:No use of Capital
introduced by: J.D. Traynor Recommended by: J. Ryall
Decision:

Credit Committee Chairman


Minute No: Minute No:

Dublin Board GM&Co. Date:


/CC
Appendix XV (35) (l)(i)
n

Date:

PROMISSORY HOTS

I, Stephen Maurice Enoch, c/o P.0> Box 465, La Jolla,


California, USA, hereby promise to pay to Guinness & Mahori
Limited of 17 College Green, Dublin 2, Ireland, the sum of
FOUR HUNDRED THOUSAND United States Dollars (U.S. $400,000)
/-«• together with interest thereon at the rate of twelve per
cent (12%) per* annum, payable half-yearly with the
principal and any unpaid interest to be paid on the 30th
\,.J June, 1997.
All payment on account of principal and interest in respect
of this loan shall be effectively made to Guinness & Mahon
Limited without set-off or counterclaim, free and clear of,
and without deduction for or on account, any and all
present and future stamp taxes, levies, imposts, duties,
deductions, withholdings, reserves.or other charges or
whatsoever nature, Imposed, levied, collected, withheld or
assessed by any Government or any political subdivision or
tax« authority thereof.
This Note may be prepaid before the due date but a
prepayment fee equal to 4% of the principal amount shall be
added to such prepayment. .
This Note is not negotiable and any holder shall take this
-n Notice subject to all claims, defense, and rights of
set-off which may exist any any time;

SIGNED

SIGNED
Appendix XV (35) (1)0)
TO: GUINNESS & MAHON LIMITED
17, College Green, fif^'oL tan
Dublin 2. Date:.......Ffr.T.. .'?.?«

We hereby authorise and empower you pending payment of any


overdrafts, loans or advances in respect of which
MR. STEPHEN ENOCH
may be liable to you, either solely or jointly with others, as
principal' or surety, or in any other maimer whatsoever; and
notwithstanding that any such liability may be current, to hold
. all monies which now or hereafter may stand to our credit with
Guinness & Mahon Limited in A/c No. 17510236 together with
interest thereon as security for all such liabilities.
Furthermore, you are authorised to set-off and apply such monies
or any. part thereof from time to time in or towards satisfaction
of such liabilities entirely at your own discretion without
further notice to us. We also agree that such set-off will be a
good and valid discharge of such monies so applied without the
necessity of any further endorsement or authorisation from us
whatsoever and that without requiring any.further consent from
us you may vary, exchange, abstain from perfecting or release
. any other securities held now or to be held hereafter by you on
^ account of" the monies- held now or to be held hereafter by you on
account of the monies intended to be hereby secured.

For and on behalf of


ANSBACHER LIMITED

WITNESS:
c
'O
LOAM REVIEW FORM

NAME: Mr Stephen Enoch

u.' FACI I.JTTs US$400,000 .sub-participation by


Cayman International Bank (formerly
Ansbacher Ltd) Cgr USS396,000. Net
loan held bv G & M USS-4.000.

C. REVIEW. DATE: 30/6/94


D. SECURITY HELD: 1. Promissory note signed by the
Borrower together with a Deed of
Trust by Girard Investments over
property at. Girard Avenue, La
Jolla, consisting of:-
7868 Girard Ave.
7870 Girard Ave.
7872 Girard Ave.
. 787'4 Girard Ave.
2. Guarantee from Cayman
International Bank Cor US$4,000
(Incorporated into Trust
document).
E. SECURITY CHECKED TO
REGISTER: Yes
F. SECURITY CHECKED TO .
PACKET: Yes

G. ACTION TAKEN ON
OUTSTANDING ITEMS: N/A

I!. COMMENTARY:

The facility was originally provided in June 1990 to.


finance Mr Enoch's interest- in properties, owned by Girard
Investments at La Jolla, California. Mr. Enoch was
originally a client of Guinness Mahon Cayman Trust (now
Cayman International Bank) and was introduced to the Bank
in the early 1980's. The facility has operated
satisfactorily since inception with G & M receiving an
annual management fee of 0.5% of the facility
(US$2,000). Ultimate maturity of the facility is,
30/6/97. ^ f )
^
^ ^ ' k ^/ C - — ^ " <x,.n fo
Noted by Credit Committee : ><0 Date ' fJ

FC/MC
9/7/93
Appendix XV (35) (1)(1)
r

MLOK/MHC

14th JUae 1990

Mr J D Traynor
Ansbacher Limited
42 Fitzwilliam Square
DUBLIN 2

STEPHEN. ENOCH AND ASSOCIATED LOANS

I am enclosing for your attention: » ..


1. Copies of the Facility Letters to Stephen Enoch and to
Mr and Mrs Stephen Enoch In respect of the new advances
of $400,000 and $900,000. These have been faxed to
California as requested,, and the originals will be
. forwarded to Clonskea. . * .

2. Letters of Set-off . to be signed on behalf of Ansbacher


covering the-backing deposits. I have taken the
opportunity of enclosing these for Girard and Tabmount
- as well as for the two new loans.
3. A copy of the Letter of Extension for the loan of $1.25
million to Girard Investments.
I trust that this is all in order.
i ,
r
Kind regards.

Yours ^sincerely

Martin Lanigan-O'Keeffe

enc
Appendix XV (35) (1) (m)
It \\ j\T R -
•« III I H.t I.KI I N *l I S -
:i 11 mi>i\> «:•»«*»»

JH/CC - . 13th June 1990

Mr. Stephen Enoch,


1356, Virginia Way,
La Jolla,
California 97037,
U.S.A.

Dear Mr. Enoch,


We are faxing with this letter copies of' facility letters as
foliows:-
(a) Girard investments - Extension of existing loan of
US$1,250,000.
(b) Stephen Enoch - US$400,000. New Loan facility.
(c) Mr. & Mrs. Stephen Enoch - US$900,000. New Loan
facility.
The originals together with Bank Mandates are being sent to c/o
Mrs. Enoch, Yale 2, Ardilea, RoebucK Road, Dublin 14.
I understand that you will be In Dublin on 17th June. We would
be happy to meet you on. 18th June if you are still in Dublin.
Otherwise, I would be grateful if you could send, by post, the
completed documents to the undersigned.
Many thanks.

Yours sincerely,
for GUINNESS & MAHON LIMITED.

MANAGER - BANKING.

I II M U M I II VKI I » ! !• till »
MDIIIUHVlO rtlHIUII MIWIKMIM KHitlMI
V m i l l IIm. Mif 11 w 1 ; <•> M" » •'< Hi" M c ilvmutN > ( nil» > \M.r n* i
"""IVNVINK.^ U U H H VM.KIWJ II imsM Ul.
\li\ ivill :iu lllKII c»* Ml*<vr v tunxit. i>
imini M.t.utin
Appendix XV (35) (1) (n)
r*
STEPHEN M. ENOCH
X39A V I R G I N I A WAV
LA JOLLA. C A L I F O R N I A (W037

Ml 0< 430-3774

ctif^t ^ fiiux JS^C^J cljLs /t &


i

/fcto-sT. ~ . 23976-
\

. LfCt^'ct

2) . JTZrP/^V. M- • Fo*- 4 60-OZO ~


it 7
l) STtVW- /==**.. J T-laLkl

V'

.SW**1
H a t a x - '

T ^ c u v K . v(ou.
/
Appendix XV (35) (1) (o)
^ 0013326029
U Bank of America CASHIER '$ C
n-as/i
VOID AFTER SIX
HANOVgB TBHST COMPANY" f ,

>.oam>»i$t *_26 . 6 6 6 .6 7 •

STEPHEN £MOCK '". ///'vx' ys,, -L -tjxj^y


<WiwMimt
-ft'T TO fi/t V -f w<y">TLP"U . AanorBtaSjgnuun / v
fcc senium amumm lor amouna o**r S30Q.Q00
fa MBS*. Aranx. CM**** ,
••ooiaaaBoeqn* inaiooossai: i3(i?3rfl1»o i3»'

0013325572
t > i BanV ^ VnieriSi-- CASHIER'S CHE
ivasm
VOID AFTER SIX MO
.**##»»»»MANUFACTUBES HANOVER TRUST
Pay Tb Ttr* <

Stephen Enoch
*»ctm*N*r* Q-tfl*9r*P Z'rsuf-fTi***?! tonomd
•X=i>-i\tt To *k. it SUW 7ZJ71& JtosgrmtumtMquKm/bramountsOtersaoaooo
b B*n*olAntra HT&SA SmfarKMca. Ct*mt
»»00 13 3 255? 2»' »:i H 10003 SflU' 1337 3-Bi.O 1 3«*

0013326028
m Bank of America CASHIER'S CHEC
two
VOID AFTER SIX MON
^^^^'•"MANUFACTURES HANOVER TRUST COMPANY* ««»•**«** n.u. 11/23/90 (170
iS/: n U Ulrnema 6 0 , 0 0 0 d o t e 0 0 C IS
' \3oa»«l$» •60.0C0.0C****
• &MT in c/JWmyi^USy *—\
STEPHEN FVOCH C ''< C f' *
«Wuae<pa<n* Ajmortwa Sonfufr / 1/
Deyo'T T* V ho *gmturet ttovea *v amcvna o»et SSOQOOO
i e^Awa VJX5A S*n/ra*a$ec. CaMvna
n*00 13 3 2&0 2S"* i: 1 2 10003 SSi: i3S73-fl».0 1 3«*
ANSBACHER LIMITED
SUBPARTICIPATIOH ACCOUNTS - US DOLLARS AT AT 1ST JULY 1991

rincipal Loan Account Balance USS Rate SubpartIclpat Ion Account Balance Rate

lirard Investments Ltd 1,250,000.00 10.625 Girard Investment 1,237,500.00 10.625


>3152001 Syndication Participation
Account 17510001
X V
/

Tab Mount Corp Ho. 1 3,000,000.00 10.000 Tab Mount No.l 2,970,000.00 10.000
Account 10690018 Syndication Participation
Account 17510003

Tab Mount Corp No. 2 1,550,000.00 10.000 Tab Mount Corp No. 2 1,534,500.00 10.000
Account 10690019- Syndication Participation
Account 17510004

X X
X X ><

Hr. Stephen Enoch 400,000.00 12.000 Stephen Enoch - 396,000.00 12.000


12670001 Syndication Participation
Account 17510006
Hr-fcSteplien Enoch 900,000.00 12.000 . Stephen Enoch _ 891,000.00 12.000
1^901 Syndication Participation
Account 17510007
8,480j640.00 8,395,833.60
Funding Deposit Account
Ansbacher 84,806.40 10.572
Call Deposit Account
17510008
Appendix XV (35) (1) (q)
KLOK/CL 16th June 1992.

Mr. Stephen Enoch,


P.O. Box 465,
La Jolla,
California 92038,
USA.

Dear Mr. Enoch,


We refer to our letter of 13th June 1990 and confirm that we
are prepared to extend your loan facilities of US$400,000 for a
further period of five years, subject..to annual review. The
new maturity date is 30th June 1997.
We enclose herewith a new Promissory Note incorporating the new
payment date, which should be signed by you, the signature duly
notarised and returned to us in replacement of all previous
Promissory Notes issued by you in our favour. We confirm that
on receipt thereof you will be released from your obligations
under all previous Notes.
All other terms and conditions as set out in our letter of 13th
JLme. 1990 will continue to apply.
We enclose a copy of this letter for your signature and return,
thereby confirming acceptance of the facilities on the terms
and conditions set out.

Yours faithfully.

M. Lanigan-O'Keeffe,
Managing Director.

Enc.

Acceptance

The offer of a loan facility by Guinness & Mahon Limited on the


terms and conditions set out is hereby accepted above.

Signature: Date:
Appendix XV (35) (1) (r)
MR STEPHEN ENOCH TERM SHEET

Borrowers Mr Stephen Enoch.

Facility i US$400,000
US$395,000 Sub-participated to Ansbacher Limited.

US$4,000 Net: Exposure

Purposes Loan originally advanced to part finance Mr


Enoch's interest, in properties owned by Girard
Investments at La Jolla, California consisting of
7868-7874 Girard Avenue.

Pee: .25% management fee received in full.

Term: Loan originally granted for a two year yoe*.oo in


June 1990.
Loan expires 30/6/92.

Security: Promissory note signed by Borrower together


with a Deed of Trust by Girard Investments
over numbers 7868, 7870, 7872 and 7874 Girard
Avenue.
It is a condition of the facility that these
properties be adequately insured.
Guarantee from Ansbacher for $4,000.

FC/mhc
30.7.91

T
FC/MC 30th June 1993.

Mr. Stephen Enoch,


P.O. Box 465,
La Jolla>
California 92038,
USA.

Dear Mr. Enoch";


/•V,
Girard investments - Loan Number 03152001
S. Enoch - Loan Number 12670001
S. & L. Enoch - Loan yirmKc-r- 1.2669001

I wish to acknowledge receipt of your payment of


US$117,712.84 in settlement of interest for the six month
period to 30th June 1993, in respect of the above loan
facilities.
Interest for the six months to 31st December 1993, will
amount to US$118,066.06 which is calculated as follows:

Girard Investments
$1,250,000 for 184 days at 6% $38,333.33

S. Enoch
$400,000 for 184 days at 12% $24,533.33

S. & L. Enoch
$900,000 for 184 days at 12% $55,200.00

$118,066.66

Yours sincerely

Frances Collins,
Banking Department.
Appendix XV (35) (l)(t)
K I .
r•>

G+M GUINNESS+MAHON LTD


BANKERS 17 College Green Dublin 2 P.O. Box 55A Tel: 716944 (17 Lines)

9th June, 1982.


Girard Investments,
6732 Dwane Ave.,
San Diego,
California, '
U. S. A.

Dear Sirs,
We refer to your application for a loan which we have
considered and are prepared to offer on the following basis:
1. Amount: U.S.$1,250,000.00.
2. Term: 2 years from date of drawdown.
3. Interest Rate: 2$% over Libor 6 month rate on date of
drawdown and thereafter at 2$% over
6 month Libor for each succeeding
6 months. •/
4. Drawdown: Total amount in one amount by 31sl

5.
v t
Interest
Payment:
t Jirly, 1982.
6. Repayment of • 2Interest to bedate
paidof
every 6 months.
years after drawdown.
Principal:
7. Purpose: To repay Bank of America a similar amount
at present available on a short term
facility.7fc.SC> I^fcy L_pi ' ^ o u ^ c o u K ^ r t
HO. onoi-c?(»£U£3: 07.
8. Disbursement To Girard Investments Account with Bank of
of Loan: America, La Jolla (full details to be
supplied).
9. Security: First Legal Mortgage Charge over the
Partnership's Shopping Centre property in
La Jolla, California, comprising;-
7868 Girard Avenue
7870 Girard Avenue
7872 Girard Avenue
7874 Girard Avenue

Tmvmic M*ii. Dublin. T«l«: 21205. No»Ex«u«M 0M»mK) JTpOutAiwu IChrtiMA), kfA. OuIamu. J^A.R. duin«Mi. OA Hill l&illi*M.
• • - — — ~ ...... i n i n n .... ia.:*.VM
t<
n

Girard Investments. 9th June, 1982,

10. Documentation: a) Legal Charge as above,


v/
b) Legal opinion that such Charge
represents a valid First Charge on the
properties in question, that there are
no other encumbrances on the properties
and that in the event of default we as
foreign lenders in the United States
and the State of California will have
no difficulty in foreclosing on the
properties and realising our security
without necessarily the agreement of
Girard Investments and its partners.
s/'
c) Valuation of properties by independent
qualified Appraiser giving a total value
of at least U.S. $3 million.
d) Copies of Leases of properties showing
annual rents of at least U.S.$200,000.
We understand these are largely subject
to annual review with increases on
Cost of Living rises or 10% whichever
is greater.

11. Other terms and It is understood that should circumstances


conditions: arise whereby interest on the loan is
subject to United States taxes, withholding
or otherwise, or changes in Central Bank of
Ireland requirements or regulations
affecting in any way Guinness + Mahon
Limited's profitability on this loan, then
on three months' notice the borrower shall
have the right to repay the loan without
penalty and all interest outstanding, or
will pay an increased rate of interest to
compensate for any such tax liabilities or
loss of profitability.
Please signify your acceptance of this loan and all terms
and conditions by signing and returning the enclosed copy of this
letter where indicated.
Yours faithfully, . .
GUINNESS + MAHON LIMITED.

Pcr&tyU..
P.O'Dwyer,
Banking Manager.

Date
ss r^
Appendix XV (35) (1) (u)
*r < '
c r , .

GUINNESS MA HON CAYMAN TRUST LIMITED


A M w m * z> T« junn«3S Mi/ion WwcAarl Banking Grouo
TaHonana No 3-tiiiJ 4
° O Sox 36'"
Ta4ax CP 4JC5
Stard Cayman
Cam* Morasa Gumnaas
&insn Wast reias
24ch J u n e , 1982
»
you/ ft '
our mi JAC:ee

. Mr. P . O'Dwyer
G u i n n e s s & Mahon L e d .
17 C o l l e g e Green
f0^ Dublin 2
IRELAND

D e a r PaC,

We c o n f i r m o u r t e l e x o f 2&ch J u n e , which r e a d s a s follows:

"REFERENCE THE LOAN FACILITY ARRANGED FOR GIRARD INVESTMENTS OF


CALIFORNIA AS SET OUT IN LETTER DATED 9TH JUNE WHICH YOU SIGNED
WHEN I WAS IN DUBLIN. ACCEPTANCE AND DOCUMENTATION NOW RECEIVED
BY ME HERE ON YOUR BEHALF AND J. WILL FORWARD.

WE ARE CREDITING TO YOUR. ACCOUNT WITH MANUFACTURERS HANOVER ON


FRIDAY, 25TH JUNE THE BACKING DEPOSIT OF U . S . DLRS. 1 , 2 5 0 , 0 0 0 . 0 0
.WHICH WILL BE A DEPOSIT IN OUR NAME AT TWO PERCENT OVER SIX MONTH
LIBOR VALUE FRIDAY, 25TH JUNE.

PLEASE GIVE INSTRUCTIONS TO TRANSFER THE LOAN PROCEEDS OF DLRS


1 , 2 5 0 , 0 0 0 ON 25TH JUNE TO: .
BANK OF AMERICA
• 7680 GIRARD AVENUE •
LA JOLLA, CALIFORNIA 9 2 3 0 7

FOR
* ACCOUNT GIRARD INVESTMENTS A/C NO. 0 L 7 0 1 - 0 6 2 4 3 .

• LOAN AT TWO AND ONE-HALF PERCENT OVER SIX MONTH LIBOR.

LETTER FOLLOWS."

As p r o m i s e d - I enclose:

1. * Copy of y o u r O f f e r of F i n a n c e d a c e d 9ch J u n e 1982, d u l y accepced.

2. A p p r a i s a l of p r o p e r t y by Crubb & E l l i s .

3. L e g a l o p i n i o n ^ ' r e l a c i n * : o Deed of Trusc.

/conc1d

o o <~i

T
i1 w
* * • .
n
Continuation Pay* .No I

Mr. P. O'Dwyer 24ch June, 1982

The copies jof leases'have been forwarded co us and we are holding these buc
will pass them on co you ac any cime you so requesc.

Instead of a Mortgage it has been agreed co cake a charge by way of Deed


of Trust. A copy of this will be forwarded co you in due course, the Original
is held by Che Tide Company. ,

Our deposit with you will be at 2% over 6 monch LIBOR wich interest payable
6 monthly on receipt by you of Che interest on the loan to Girard Investments.
Kindly note Co send an interest demand ouc Co Girard Invescments ac che
appropriate cime. Their new address is:
. . 7851 Reville Drive
La Jolla
California 92037
> U. S. A-
Telephone No.: (714) 450-0851

This is the address an4 telephone number of Stephen" Enocfi'," the Managing Fartne-
of Girard Investments.* — —
v..
I would appreciate it if yqu could write to him now confirming disbursement:
of the loan and advising the "rate of interest and the amount that will be
due. I suggest we make Che first six month period run from 25th June to
31st December with an appropriate increase in che % yearly" amount co allow
for che extra days, and thereafter on 30th June and 31st December. You might
also ask them to wire interest payments direct Co your account in New York
to arrive there by the due-dates.

Kind regards,
sincerely,

HN A. COLLINS
encls
Appendix XV (36) Mr Victor Enoch
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
Victor Enoch

a) Letter of 12 December 1996 - Ansbacher Cayman Limited to IIB.

b) Facsimile of 19 December 1996 - IIB to Mr Mark Richford.

c) Guinness and Mahon credit committee application of 15 October 1993.

d) Letter of 11 July 1991 - Ansbacher Limited to JD Traynor.

e) Letter of 16 June 1983 - GMCT to bank of Ireland.

f) Transcript of evidence of Mr Stephen Enoch to the Inspectors on 17


January 2001 and documents produced at that examination:
Letter of 6 December 1989 and schedule - Guinness and Mahon to
Ansbacher Limited.
Letter of 22 November 1991 - IIB to JD Traynor.
Guinness and Mahon internal memo of 8 October 1993.
Letter of 24 January 1991 - Mr Chris Waite to Mr Stephen Enoch.
Guinness and Mahon internal memo of 9 March 1992.

g) Transcript of evidence of Mr Michael Enoch to the Inspectors on 5 April


2001 and documents produced at that examination:
Letter of 27 January 1997 - Martina Investments Limited to Irish
Intercontinental Bank Limited.
Credit application to IIB of 2 August 1994 re Martina Investments.
Letter of 26 May 1993 Guinness and Mahon to Martina
Investments.
Letter of 31 May 1993 - Cayman International Bank and Trust
Company Limited to Guinness and Mahon.
IIB credit application of 26 August 1996 re Martina Investments.
IIB credit application of 2 August 1994 re Martina Investments.
Letter of 6 March 1995 - Guinness and Mahon to IIB.
Letter of guarantee of 24 October 1994.
Extract from financial accounts of Martina Investments Limited of
5 April 1993.
Telefax of 27 May 1994 - Cayman International Bank and Trust
Company Limited to Guinness and Mahon.
Letter of 27 January 1997 - Martina Investments to IIB.
Letter of 20 May 1993 - JA Collins to JD Traynor.
Appendix XV (36) (1) (a)
Assnnro u*.
HENRY ANSBACHER vu »ox »\r
tfrw
3L
U'lU.SI) c a y m a s
C'AVMAN I.UAMV5
HKIT1-II wjjT tsiiiys
Ti'lrpKuiir + • io* »•:»
Ktt-simiir -t 409 9*1
FACSIMILE ii x C'f <10? AN\'BAC i*

TO Gervaise McAteer
Irish Intercontinental Bank
Fax 011-353-678-5034

FROM J.Max ine Eversos


Fax 1345 949 7946
Tel 1345949 8655

DATE 12 December, 1996

PAGES 2
(tnd this page)

If pages art nut rtceivcd, please ea/l 343 949 8653. This/ax U confidential ami may also be privileged. I/you or
not the Intended recipient, please notify us Immediately; you should Rot copy It or uxe it Jot any purpose, nor
disclose Its contents to any other person.

RoC «\dienUM«JtaunJtSa

Re.* Martina Investments Limited •

2 refer to our telephone conversation of today.


The notice for the loan interest should be sent to die following:-. Martina Investments Limited,
Arden House, 26 Woodside Drive, Castlepart, Dublin 14, Ireland.
The deposit could be rolled to mature on January 13,1997 after which it could be combined
with the other deposits 1EP310,000 and IEP645.000 and placed for one year. However
although the three loans should mature on the same date, please do no{ combine them..

The interest for the deposit of 1EP333,050.00 could be credited to the following account

NAME: Allied Irish Bank Ltd. - Dublin


ACCOUNT NO: 0804- '9056
N/O Henry Ansbacher & Co. Ltd.
For further credit to Account No: 190017-216
N/O Ansbacher (Cayman) Limited
REF: 6465

k el tk« NQ*tgrei tank S'toi+t


of Jov^en A*n?3 5>cvp
Kindly advise Aldan Storey of the terms of the toan.

In future, please note any further correspondence be directed to Marie Richford.

Yoyw-sincercly,

J.^Maxine
Assistant Manager Corporate

/cam
Appendix XV (36) (1) (b)
FACSIMILE MESSAGE

To: Mr Mark Richford


Fax No: 01 809 949 7946

From: Gervaise Mc Ateer


Fax No 6785034
Date: 19 December, 1996

Subject

"Dear Mark

As rcquested'the following is confirmation of details on Martina Investments Ltd.

Loans;

Name Period Principal Interest Rate

Martina Investments Ltd 12/07/96 -13/01/97 EEP645,550 6.75%


Martina Investments Ltd 12/07/96 -13/01/97 IEP310,000 6.75% /.
Martina Investments Ltd 13/12/96-13/01/97 JEP332,500 6.875% *

Deposits

Name Period Principal Interest Rate

Ansbacher (Cayman) Ltd 12/07/96 13/01/97 IEP645.550 '5.5625% f


Ansbacher (Cayman) Ltd 12/07/96 13/01/97 IEP310,500 5.5625%-
Ansbacher (Cayman ) Ltd 13/12/96 13/01/97 EEP332,500 5.75% ^

Kind Regards

£•ervaise Mc Ateer
Ger
^OSo

2o a
Appendix XV (36) (1) (c)
CSEDtT COMMITTEE APPLICATION
Unit: G.& ML Dublin • Minute No: Date: ^ ' 1 0
Credit Class: Satisfactory
Next Review Date: 31/10/1994
BORROWER/OBLIGOR: TAB MOUNT CORPORATION
AMOUNT: USD 1,550/000
(USD 1,534,500 SUB-PARTICIPATED TO CAIMAN INTERNATIONAL BANK M
TRUST COMPANY LIMITED [CIBTC LTD])
USD 15,500 NET EXPOSURE
PROPOSAL & PURPOSE OF FACILITT(S):
Facility was originally provided to. assist in the purchase of a propert
at La Jolla, San Diego, California. The loan was granted in October 19
for a period of 5 years to 11th October 1993- We also have an addition,
facility of USD 3,000,000 outstanding
to the same client for this purpo:
which is also sub-participated to the extent of 99% leaving a net expos;
of USD 30.000. ; ! .
Source of Repayment, Repayment Programme s Final Maturity:
Sale of property/ Borrowers' resources. Demand facility subject to.
annual review. qit*™»,*'«» maturity 31/10/98
Bank's Income (including Return on Capital):
Management Fee 0.5% p.a. on USD 1,550,000 ROC <£00% ;
Security and Security Margin:
Net exposure on both facilities of $45,500 is secured as follows:
(i) First Charge over property in La Jolla, California, valued at.
USD 6,000,000.
(ii) Guarantee of CIBTC Ltd for USD 45,000 (net exposure
on Facility 1. USD 30,000 and Facility 2 USD 15,500)
BANK'S RISK EXPOSURE - Aggregate (inclusive of this proposal) to:
• Customer Related Customer Total
Committed/Limit: USD 45,500 * USD 12,500 Girard IRP358,3'
* USD 9,000 S S L Enoch
* USD 4,000 S Enoch
USD 25,500
. IRP 310,000 Martina Investments
Balance: USD 45,500 * USD 12,500 Girard IRP 358,34
* USD 9,000 S S L Enoch
* USD 4,000 S Enoch
USD 25,500
IRP 310,000 Martina. Investments
* Exposures represent 1% of overall loan balance, which is 99% syndicated
to CIBTC Ltd.
/...
Page 2.

BORROWER/OBLIGOR: TAB MOUNT CORPORATION .../Contd

CITHER CREDIT BALANCES. IHVT?gT»reWT' PORTFOLIOS ETC:

Coantry Risk;
Primary Risks Limit:: Country of Primary Risk: US
Exposure: Secondary Risks Cayman Island
Drawn: ' Domicile: PS
I Country/Business Sector Exp:
Sector Risks
Sector: Limit s GM Business Sector: 710
Exposure: CBofI Business Sector: 9.2
Drawn: Risk Asset Weighting: 1.0
Introduced bys Existing Client Recommended i Dublin.Credit
Committee
Decision:

Authorised Under Credit Dept. Discretion Credit Committee


or

GM&Co. Dates

IEP/USD Exchange Rate 1.4686


Appendix XV (36) (1) (d)
OOjL
833 949 79-4G
15:01 $309,049 ANSBACHER CAYMAN " ' J D TRAYSQR

! .
Anfftacher l i m t U d .
P.O. Box 837, Grand Cayman, Cayatt Ialanjta, Britiifc India*
Talapiona: ($09) 949j$633 T«l«u C*4503
Facdmila («Q9) 94M94* (««) WWltfT
{
i

Uth July, im

Mr.- J. D. Traynor
19 Lower Pembroke Street:
, Dublin' 2
IRELAND

Dear Dea, •ft |


L
Spoke with Victor Enoch yesterday after we had told him to T:
chaee up payments. '
He has ascertained that both cheques ware git-ting with
Manufacturers Hanover in New York, one had been! there two 1..
monthsr They were cashier cheques from the California Bank
made out to Guinnese ft Mahon with their account; number at
Manufacturers. They should now have b«en credited.
The character dealing with it at Manufacturers ;ia a Greg
Favick (Tel. # 212-270-8149)) whose excuse.£or not crediting- •-'HI
them was decidedly lame* Mr. Enoch 'would like: G ft M to
complain..

incerely,

A* COLLINS
JACtee

a ictxaaa 0/ tux ansbackm iNfHUMTionAi. mistpa > com2>ams« wr»« esvtcaa


AUO LOO.VT5 W -CHS BAJCAiUiJ. SSWaX/ tBXJi<W, I r
Appendix XV (36) (1) (e)
GUINNESS MAHON CAYMAN TRUST L1MTTED
r *
AJI«mhtreftlM Outnna** Mahon MarcHam Banking Gmup
Talaphl j No (849-94) 9-4653/4 PO Box >87
'Tslu (0293) CP4305 Grand Cayman
Cabl4 Addnma Sttliuwa* June 16, 1983 British WwtJiwil««

jrour raf
our ni
JKE:cm

Ms. Mairead 0'Haunlon


Bank of Ireland
Securities Department
V 2 College Green
Dublin
IRELAND

Dear Madam,
He; 1,000 shares Alliance E Dublin Consumers Gas. Co*

Kindly advise whether you still hold the above shares in safe
keeping for - the account of Mr. Victor Enoch as early last yea2-t
Mr. Enoch was to have given you instructions to deliver these shares to
our Dublin Office.
He would appreciate an early reply as to the whereabouts of these
shares.
Yours ^faithfully,

J. M. EVEBS0N (MRS.)
c.c. Securities Department
Guinness Mahon, Dublin
Appendix XV (36) (1) (f)
PRIVATE EXAMINATION OF MR. STEPHEN ENOCH

UNDER OATH

ON WEDNESDAY, 17TH JANUARY 2001

I hereby certify the

following to be a true and

accurate transcript of my

shorthand notes in the

above named interview.

Stenographer
PRESENT

The Inspectors: JUDGE 0'LEARY

MS. MACKEY BL

Solicitor to the Inspectors MS. M. CUMMINS

Interviewee: MR. STEPHEN ENOCH


Instructed by: L.K. SHIELDS & CO.
1 THE INTERVIEW WITH MR. STEPHEN ENOCH COMMENCED AS

2 FOLLOWS ON 17TH JANUARY 2001:

4 JUDGE 0'LEARY: Good morning.

5 As you know this is an

6 interview pursuant to the powers conferred on the

7 Inspectors to enquire into the company. That is

8 what we are doing, enquiring into the company. We

9 are not enquiring into any individual, we are

10 enquiring into the company. Ms. Mackey and myself

11 are two of the four Inspectors. We are the people

12 who will be dealing with any matter arising in

13 respect of this interview. Others will be dealing

14 with other aspects of it. I am pleased to note that

15 you have legal representatives. They are very very

16 welcome. There is no difficulty with regard to that

17 at all.

18

19 It is an interview. But at anytime during the

20 interview, if you feel that you need legal advice,

21 stop us. We will withdraw and you can take legal

22 advice from your legal adviser. If on the other

23 hand your legal advisers feel that at anytime during

24 it we are saying or doing anything which they

25 consider inappropriate, the best thing for them is

26 to ask us to adjourn and we will adjourn and then

27 you can discuss the matter with them and we can

28 resume accordingly. It is not a trial, it is purely

29 an interview. If at anytime we are going to draw


1 inferences which are adverse to anybody including

2 yourself, that person will have an opportunity of

3 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

7 the oath.

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29
1 MR. STEPHEN ENOCH, HAVING BEEN SWORN, WAS EXAMINED

2 AS FOLLOWS BY JUDGE 0'LEARY:

4 2 Q. MR. SHIELDS: Mr. Enoch would like to

5 make a few opening

6 comments if he could?

7 JUDGE 0'LEARY: I have no difficulty with

8 that. If he wants to make

9 an opening speech, I have no difficulty with that at

10 all.

11 MR. ENOCH: "I, Stephen Enoch, refer

12 to your letter of

13 17th May 2000 and to your subsequent correspondence

14 with my Spanish attorney, Signor Ripll and

15 Messrs. LK Shields Solicitors. As you are aware, I

16 have been advised that the High Court order of

17 22nd September 1999 does not apply to me and that

18 you as Inspectors have no jurisdiction over me.

19 I am accordingly attending this meeting without

20 prejudice to that position and primarily in order to

21 clarify certain matters out of courtesy to you and

22 to clear my good name in the light of Press comments

23 but particularly in light of the Sunday Times

24 article of 26th September 1999 about which I feel

25 very aggrieved.

26

27 I left Ireland on 1st April 197 9 and became a

28 non-resident on that date and have not been resident

29 in Ireland since that date. I believe it is


1 appropriate to refer to a letter from the

2 Central Bank of Ireland dated 31st May 1979 which

3 was issued shortly after I became a non-resident.

5 In your letter of 27th July 2000 you refer to loans

6 amounting to £1,300,000 from Guinness & Mahon

7 Ireland Ltd received by me. I cannot locate any

8 documentation in relation to these loans. I would

9 like to clarify certain issues in relation to these

10 loans for the avoidance of doubt. At the time that

11 the loans were granted to me I was not a resident

12 for tax purposes in the US. My recollection is that

13 these loans were required to be secured by property

14 and deposits. I understand from your letter of

15 27th July 2000 that it was arranged that letters of

16 hypothecation would be signed by Mr. Desmond Traynor

17 and that the facility letter given by Guinness &

18 Mahon Ireland Ltd would not mention the

19 hypothecation of the deposit. I never met

20 Mr. Desmond Traynor and I fail to understand why

21 such matters were referred to as a suitably secured

22 loan transaction. Such matters were certainly not

23 referred to at my request. I can only assume that

24 this may have been included as a result of being a

25 standard operating practice of the bank.

26

27 It would appear that it has been implied that the

28 loans obtained by me were set up in such a manner so

29 that the deposits held by me in Ansbacher Cayman Ltd


1 would not come to the attention of United States

2 Internal Revenue Service. This may have been

3 intended to defraud the United States Internal

4 Revenue Service. I regard this to be a very

5 serious, false and misleading insinuation. As I was

6 not resident in either the United States or Ireland

7 for the duration of this loan, such loans and

8 deposits were regular and legal. I am at a loss to

9 understand why any party should suggest otherwise

10 and am I annoyed that my reputation has been

11 tarnished. These loans were ultimately repaid in

12 1994.

13

14 You have referred in your letter of 27th July 2000

15 to trusts managed by Ansbacher Cayman Ltd. I wish

16 to state for the record that if any trusts were

17 established, that any such trusts were established

18 after I ceased to be resident in Ireland."

19 3 Q. JUDGE 0'LEARY: Thank you.

20 Mr. Enoch, as I understand

21 it your family had business interests in Ireland in

22 the past, is that correct?

23 A. Yes.

24 4 Q. Were they in the television rental area?

25 A. Yes.

26 5 Q. They were sold at one stage, were they?

27 A. Yes.

28 6 Q. Whose business was it, if you don't mind me asking

29 precisely?
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.

8 10 Q. Do you remember in respect of yourself what your

9 shareholding was. Was it a particular percentage?

10 A. Not exactly a percentage, no.

11 HQ. Was it in the order of a third?

12 A. It would have been probably between a quarter and a

13 third.

14 12 Q. I am really interested in your brother's affairs as

15 such. What is your brother's name?

16 A. Michael.

17 13 Q. He is still resident?

18 A. Yes, he is.

19 14 Q. Unfortunately your father is dead, is that correct?

20 A. No.

21 15 Q. Or sick?

22 A. He is sick, yes.

23 16 Q. He is an elderly man at this stage?

24 A. He is indeed.

25 17 Q. Where is he living?

26 A. Spain.

27 18 Q. The same as yourself?

28 A. Yes.

29 19 Q. When was that business sold approximately?


1 A. 1978.

2 20 Q. From a tax point of view, you believe that you left

3 Ireland sometime shortly after that, is that

4 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.

8 22 Q. Was a trust established before or after the sale of

9 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 been

13 done after I left.

14 ' 24 Q. Was such a trust formed?

15 A, Probably, yes, I think so at some stage after I

16 left.

17 25 Q. In the Cayman Islands?

18 A. Yes.

19 26 Q. Typically these trusts in the Cayman Islands

20 operated through limited liability companies.

21 Are you aware of that. Trusts were established and

22 they operated through limited liability companies?

23 A. Yes, I am vaguely aware of this. It is very

24 complicated and I never really understand most of

25 these things.

26 27 Q. Do you know who the beneficiaries of the trust were?

27 A. What trust?

28 28 Q. The trust that you said was founded in the

29 Cayman Islands?
1 A. No, I don't know. I cannot recall.

2 29 Q. Do you know the name of the operating companies

3 which were using the trust money?

4 A. No.

5 MR. SHIELDS: Could we clarify what

6 trust we are talking about

7 so that we are a little bit clearer?

8 JUDGE 0'LEARY: Any trust he wants to tell

9 me about. I asked him,

10 did you establish a trust.

11 MR. SHIELDS: It was only after he

12 left Ireland.

13 30 Q. JUDGE 0'LEARY: I understand that, it is

14 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 a

17 trust; anybody can have a trust.

18 A. When you talk about trusts and all these things,

19 they are all a bit complicated and I never really

20 understand all these things.

21 32 Q. What I am interested in with regard to any trust

22 that you have is — to be honest with you I am not

23 that terribly concerned whether it was one or two —

24 I would like to know the name of the operating

25 companies who utilised the funds of that trust.

26 That is what I would like to know. Remember this is

27 a company investigation. I am honing in for the

28 moment on companies?

29 A. Most of my business with Ansbacher was done as an


1 individual, not through companies at all.

2 33 Q. Was there any money transferred by you while you

3 were still a tax resident in Ireland to the

4 Cayman Islands?

5 A. No. At that time there was exchange control for

6 four years and assets were being frozen.

7 34 Q. Are you familiar with an operating entity called

8 Martina Investments?

9 A. Personally, no, I have no involvement with it.

10 I have obviously heard the name. But I have no

11 connection whatsoever with it.

12 35 Q. Who are the beneficial owners of that company, do

13 you know?

14 A. No.

15 36 Q. The directors of the company are John Collins,

16 John Furze and M. Winter. Mr. Furze is

17 unfortunately deceased. Mr. Collins is a former

18 director of Ansbacher Bank and Mr. Winter, we don't

19 know who he is. He is in a similar position in

20 Jersey I am told. Obviously they are acting on

21 behalf of somebody. Would it be possible that they

22 were acting on.behalf of you?

23 A. No, definitely not. I have no connection whatsoever

24 to Martina Investments. John Furze I have never

25 met. John Collins I have met. The other chap I

26 have never heard of.

27 37 Q. Do you know that Martina Investments owns or did own

28 property in Ireland. Did you know that?

29 A. Yes.
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 Investments

4 Ltd is a company controlled by Cayman International

5 Bank & Trust Company Ltd for the ultimate benefit of

6 the members of your family?

7 A. That is incorrect because I have absolutely no

8 connection whatsoever nor have I ever had any

9 connection whatsoever with Martina Investments.

10 MR. SHIELDS: Have you a document or

11 something or information

12 to that effect?

13 40 Q. JUDGE 0'LEARY: That is a matter for

14 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 a

18 power of attorney for that company?

19 A. No.

20 42 Q- I thought you said that there was no connection that

21 you knew between...(INTERJECTION)?

22 A. I have no connection whatsoever; you are asking me

23 about me.

24 43 Q. I am asking you about information. I understood you

25 to say that this company was not to your knowledge a

26 company controlled for the ultimate benefit of the

27 Enoch family?

28 A. Correct.

29 44 Q. Do you know whose ultimate benefit it is for?


1 A. No, 1 don't know but certainly not for me.

2 45 Q. Do you know who the beneficial owners of the company

3 are?

4 A. No.

5 46 Q. Mr. Enoch, you considered yourself from

6 1st April 1979 no longer to be resident in Ireland?

7 A. Correct.

8 47 Q. You are familiar with the difference between being

9 resident and being tax resident. They are not

10 necessarily deemed to be the same thing. Are you

11 referring to being resident or to being tax

12 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 197 9?

17 A. Correct.

18 50 Q. You left the United States sometime later and went

19 to Spain?

20 A. Yes.

21 51 Q. What was the date of that operation do you think, of

22 that transfer?

23 A. It was in early June 1990.

24 52 Q. Are you familiar with a structure named the

25 Tabmount Corporation?

26 A. I have heard the name but I am not familiar with its

27 operation, no.

28 53 Q. Are you one of the beneficial owners of that?

29 A. No. As I mentioned before, almost everything I own


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 the

5 Tabmount Corporation?

6 A. Some of them, yes.

7 56 Q. But you have no beneficial investment?

8 A. No. To the best of my knowledge none of these

9 properties are located in Ireland.

10 57 Q. Are you familiar with an investment vehicle called

11 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 was

16 established in the Cayman Islands after you left

17 Ireland, the Anne Enoch Trust?

18 A. No, I am not aware of that trust.

19 60 Q. You don't know anything about it?

20 A. No.

21 61 Q. Could you explain, Mr. Enoch, why an entity known as

22 the Anne Enoch Trust was listed on 15th April 1988

23 as having assets which could be used as security for

24 the loan of £1,250,000 which you had negotiated from

25 Guinnness Mahon Cayman Trust Ltd. Can you explain

26 that?

27 A. Could you repeat that question?

28 62 Q. Could you explain if you know nothing about the

29 Anne Enoch Trust, as you said, how it is listed in a


1 letter dated 15th April 1988 from Guinness Mahon

2 Cayman Trust to its Dublin office indicating that

3 its assets are security for a loan of £1,250,000

4 which you were negotiating on behalf of

5 Girard Investments if you know nothing about it?

6 A. Because Girard Investments borrowed £1,250,000 from

7 Ansbacher.

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 about

13 the loan.

14 64 Q. But did you know that Anne Enoch Trust was being

15 used as security for this?

16 A. No, my understanding is that the property was being

17 used for security. The Girard Investments loan was

18 for a property located in the United States, not in

19 Ireland.

20 65 Q. I understand that precisely. Mr. Enoch, how did you

21 make contact originally with Ansbacher?

22 A. Through Don Reid of Stokes Kennedy Crowley.

23 66 Q. When was that?

24 A. It would have been in the early 1980's.

25 I don't know exactly when.

26 67 Q. Do you accept that you negotiated the

27 Girard Investments loan of $1,250,000?

28 A. I was involved with it, yes.

29 68 Q. Do you accept that part of the security for that


1 loan were the assets of the Anne Enoch Trust?

2 MR. SHIELDS: You are reading from a

3 piece of paper and we

4 don't have it?

5 JUDGE 0*LEARY: Yes, that is true.

6 You are not getting it

7 either until I want to give it to you.

8 MR. SHIELDS: It is a bit unfair on the

9 interviewee with respect.

10 JUDGE 0'LEARY: This is an interview, this

11 is not a court of law.

12 MR. ENOCH: Can you repeat that

13 question please ?

14 69 Q. JUDGE 0'LEARY: I said you negotiated on

15 behalf of Girard

16 Investments a loan of $1,250,000. Obviously the

17 person who negotiated the loan is the person who

18 puts the security in place?

19 A. I was involved with the negotiation I think as far

20 as I can recall. Whether I actually negotiated the

21 loan or not, I couldn't tell you today. I am

22 certainly aware of the loan.

23 70 Q. Are you aware that Anne Enoch Trust was being used

24 as security for that loan?

25 A. No.

26 71 Q. You are not?

27 A. No. I was involved more with the security that was

28 being given by the property because at the time I

29 was in the United States.


1 72 Q. Did anybody else negotiate the loan with you or do

2 you remember who negotiated the loan?

3 A. Yes, the other partners involved in

4 Girard Investments.

5 73 Q. Who were they?

6 A. It wasn't me, therefore I am not at liberty to say

7 who they were.

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 in

14 the...(INTERJECTION).

15 77 Q. If you refuse to answer the question, I understand

16 that I will take a note of that. I don't agree with

17 it — I will make it quite clear — because you have

18 a duty to answer questions.

19 MR. SHIELDS: I don't think he is

20 refusing.

21 JUDGE 0'LEARY: I am not receiving any

22 representations at this

23 stage, I am asking the witness a question. If he

24 wants to consult his solicitor, he is well entitled.

25 I will withdraw and he can consult his solicitor.

26 I have no problem with that but I am not getting

27 into a discussion with a solicitor on it?

28 A. I don't have permission to give that information

29 out. I cannot give it out.


1 78 Q. You are refusing, that is the bottom line?

2 A. That is your interpretation on it. I am not saying

3 that. I am saying that until such time ...You are

4 posing the question to me now. If you had given me

5 that question in advance I might have been able to

6 find out if it was possible.

7 79 Q. Do you think you might be able to convey the

8 information to us later?

9 A. Yes.

10 80 Q. That is quite satisfactory. Would you agree that

11 you were involved in three different loans from

12 Ansbacher. Girard Investments $1,250,000, yourself

13 personally £400,000 and yourself and somebody who

14 may be your wife — I don't know — L. Enoch for

15 £900,000?

16 A. Yes.

17 81 Q. Could you explain to me how that worked. I know it

18 was property in the United States. I am not really

19 concerned about the property, but I have to give you

20 the opportunity of telling me about it if you want

21 to. How did the system work?

22 A. Basically Ansbacher Cayman arranged all these loans.

23 On the two that I have in my own name they wanted

24 security of the buildings and also security of the

25 of deposits.

26 82 Q. Were those deposits in your own name?

27 A. Yes. But I have mentioned time and time again in my

28 correspondence, this is perfectly legal and there is

29 nothing wrong with it.


1 83 Q. Did you pay them the gross amount of interest or the

2 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 understand

5 what I mean?

6 A. No, I don't understand what you mean.

1 85 Q. You had money on deposit with them?

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 them

12 the full interest on the money you borrowed by

13 giving them a cheque to that effect and they in turn

14 credit your deposit account with the appropriate

15 interest or they can just charge you with a net

16 amount?

17 A. No, I always paid the actual amount of interest on

18 the loan and then the deposit would receive its own

19 interest.

20 88 Q. During the time when you had this money in the

21 Cayman Islands you were tax resident in the

22 United States?

23 A. No.

24 89 Q. I thought that you left Ireland in 197 9?

25 A. Correct. For the Girard Investments loan I was tax

26 resident in the United States. That is the first

27 one. You are talking about three loans. On that

28 one I was resident in the United States because that

29 was taken out in the early 1980's. For the other


1 two I had left the United States before they came

2 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 will

6 tell you what we don't yet have. We don't have any

7 record of Ansbacher ever giving you certificates of

8 the kind that can be produced to the tax authorities

9 either in the United States or in Spain relative to

10 the interest which you earned. Did you get such

11 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 a

16 complicated tax individual if you understand what I

17 am saying. Somebody is advising you?

18 A. Yes, but you are talking about things that happened

19 a long time ago.

20 94 Q. No, I am talking about things that were still

21 happening in 1993?

22 A. That is a long time ago.

23 95 Q. When did you repay the loans?

24 A. 1994.

25 96 Q. Are you saying that you don't have copies of your

26 tax affairs for 1993?

27 A. No.

28 97 Q. Have you the capacity to get them?

29 A. I don't think so.


1 98 Q. Did you make returns of the interest which was on

2 the deposit?

3 A. No because there was no liability to tax anyway on

4 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?

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 time

11 and then tax resident in Spain for the rest of the

12 time, there was no liability?

13 A. No, when I was tax resident in the United States I

14 didn't have any deposits with Ansbacher.

15 102 Q. When did you put your deposits in your own name in

16 Ansbacher?

17 A. In 1990.

18 103 Q. From 1990 onwards you had deposits in Cayman in your

19 own name?

20 A. Yes.

21 104 Q. Forget the question of trust. And you were tax

22 resident in Spain at that stage?

23 A. I was resident in Spain when I left the

24 United States.

25 105 Q. Are you saying that you reverted to being tax

26 resident in Ireland, which of course would be your

27 option?

28 A. No.

29 106 Q. You have to be tax resident somewhere?


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 you

5 left the United States?

6 A. I am not sure I was tax resident anywhere. I lived

7 in Spain because Spain is the only place I have a

8 home.

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

10 were tax resident nowhere, you had nowhere to return

11 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 the

16 certificates in question?

17 A. Correct. I don't know what you mean by

18 certificates?

19 112 Q. You know when you want to prove that you have money

20 on deposit you get a certificate from the bank

21 saying that you earned so much interest. Do you

22 understand that?

23 A. Yes.

24 113 Q. But you didn't get those certificates?

25 A. Obviously I got deposit receipts.

26 114 Q. But did you get certificates for tax purposes?

27 A. No because there was no tax.

28 115 Q. It is not a question of the tax records not being

29 available, it is really a question you didn't think


1 you were liable to any particular tax authority

2 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.

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 time

12 ago.

13 120 Q. You don't know who the beneficiary of Anne Enoch's

14 Trust is?

15 A. No.

16 121 Q. Have you received any money from any

17 Anne Enoch Trust?

18 A. No.

19 122 Q. The Tabmount Corporation you say was owned by?

20 A. I don't know.

21 123 Q. Not by you anyway?

22 A. No.

23 124 Q- You had no interest in it?

24 A. No interest in it at all.

25 125 Q. Did you know anything about their property?

26 A. No. I am aware of property that they owned all

27 right.

28 126 Q. You know about their property but you don't know who

29 owns them?
1 A. No, I don't know who the owner is.

2 127 Q. We know that Girard Investments are owned partially

3 by you?

4 A. Were, yes.

5 128 Q. And that it has no connection with the

6 Anne Enoch Trust?

7 A. Not to my knowledge, no.

8 129 Q. I thought it was no rather than not to your

9 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 am

12 concerned.

13 130 Q. Would it surprise you to know, Mr. Enoch, that in

14 the records of Guinness & Mahon there is a letter

15 attaching a schedule which appears to be a schedule

16 of items owned or controlled by the Anne Enoch Trust

17 which includes Tabmount Corporation and

18 Girard Investments Ltd. Would you like to look at

19 Exhibit 1?

20 A. Yes.

21 131 Q. That is 314 to 316. 317 is only a repetition of

22 316.

23 A. Could we have a break so I can consult?

24 Wouldn't it be as well to put one more thing to you

25 before the break so that you can also consult on

26 that.

27 MR. SHIELDS: There was a letter

28 referred to of

29 5th April 1988 from Guinness & Mahon.


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 facility

7 of $70,000 by Guinness & Mahon in October 1988 to

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 in

13 Florida?

14 A. No.

15 136 Q. Were you involved in any way in a housing

16 development in Florida?

17 A. No.

18 137 Q. Or any members of your family that you are aware of?

19 A. Not that I am aware of.

20 138 Q. Are you familiar with the name M-A-N-I-H-A-N-I?

21 A. No, I never heard of it.

22 139 Q. MS. MACKEY: The judge is asking, do

23 you know anything about

24 Manufacturers Hanover Bank?

25 A. Yes. I believe that is where Girard Investments

26 paid its interest payments. Those banks change

27 names quite often.

28 140 Q. JUDGE 0'LEARY: In view of the fact that

29 you know nothing about


1 Fountain Developments you might also like to look at

2 two further documents which I will give you — 370

3 to 389. We will break for coffee and when I come

4 back I will ask you about those, particularly 389.

6 SHORT ADJOURNMENT

9 141 Q. JUDGE 0'LEARY: Can we turn to the

10 Tabmount Corporation.

11 Do you know anything about that?

12 MR. ENOCH: There is something I would

13 like to say before we go

14 on. It might appear that I have been vague in

15 relation to Martina Investments Ltd, Tabmount

16 Corporation and the Anne Enoch trust. I wish to

17 make it clear that I am aware of these entities as I

18 have said but I do not have any ownership interest

19 in them and therefore I am not in a position to

20 answer questions in relation to them. The reality

21 is that questions in relation to these entities

22 could perhaps be addressed to my father who is

23 unfortunately old and not in good health.

24 142 Q. You will have noticed that when you told us about

25 Martina Investments, I dropped that. I have no

26 other questions to ask you about that. But I do

27 have questions to ask you about the

28 Tabmount Corporation. Did you see that letter where

29 your name came in notwithstanding the fact that you


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 to

5 me. I am aware of our family interests and this

6 Fountain Developments is something that I have never

7 heard of.

8 144 Q. You think your name was used in error there?

9 A. Absolutely. I never heard of it. I don't know

10 anything about it at all.

11 145 Q. I am going to give you another document at

12 Exhibit 3. This document you don't have. It is a

13 document which we got from Guinness & Mahon and is a

14 Guinness & Mahon internal document, so you know the

15 source of it. If you leave that to one side for a

16 second.

17 I am sorry for going backwards and forwards. If you

18 look at Exhibit 2 again, the one you think you know

19 little or nothing about?

20 A. Yes.

21 146 Q. You see there was a letter referred to in that of

22 24th January 1991?

23 A. Yes.

24 147 Q. I wonder would you give the witness Exhibit 4

25 (same .handed). Do you remember getting that letter?

26 A. No, not specifically.

27 148 Q. Is it possible that you got the letter, Exhibit 4?

28 A. Yes.

29 149 Q. I thought you knew nothing about Fountain


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 of

6 22nd November 1991 you see that it refers therein to

7 a letter from Chris White's letter of

8 24th January 1991?

9 152 Q. It refers here "conforming with guidelines given to

10 Stephen Enoch." Maybe this is how you actually pay

11 interest. I know that I used to pay the interest

12 with Girard Investments and they weren't very

13 efficient with the amount we had to pay and where we

14 had to pay it. I used to have to telephone people

15 in Guinness & Mahon to find out what was going on

16 and how it was paid and where it was paid. But

17 there still is no relationship between the two

18 things?

19 153 Q. You think there is no relationship between the two

20 things?

21 A. I know there isn't; I have never heard of

22 Fountain Developments and as far as I know none of

23 our family members have had ever had any involvement

24 with Fountain Developments or Florida or anything in

25 Florida.

26 154 Q. Would you turn now to the Tabmount Corporation at

27 Exhibit 3 which you already have. Remind me again

28 about the Tabmount Corporation. Are you involved in

29 that?
1 A. No, this is actually incorrect. The first statement

2 on the top of that which says "the beneficial owners

3 are Victor Enoch, his son Stephen Enoch and other

4 family members." I am not a beneficial owner so far

5 as I know. They seem to lump a lot of things

6 together in their correspondence for their own

7 purposes.

8 155 Q. You don't know anything about Tabmount Corporation?

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 transcript

15 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?

19 A. Yes, the first statement so far as I am aware is

20 incorrect, that the beneficial owners are Victor and

21 Stephen Enoch and family members, the same as it

22 said before.

23 160 Q. So far as you are concerned you are not a beneficial

24 owner in Tabmount?

25 A. No.

26 161 Q. Or any of its offshoots?

27 A. No.

28 162 Q. Obviously this might be one company owned by another

29 company. The ultimate beneficiaries don't include


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 questions

5 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

9 beneficiary or no, you wouldn't be quite sure

10 because you could have been made a beneficiary

11 without your knowledge?

12 A. It is possible I was made a beneficiary without my

13 knowledge. I have no knowledge whether I am or I

14 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 more

17 responsibility from your father?

18 A. One would like to think that, yes. But if you knew

19 my father as I know my father you wouldn't

20 necessarily say that. It is quite possible that my

21 father could put me as a beneficiary and the next

22 day put the cats and dogs home as the beneficiary if

23 he felt so inclined.

24 166 Q. It is possible you are a beneficiary?

25 A. Certainly it is possible, yes. I would go further

26 to say I hope I might be. But I really have no •

27 idea.

28 167 Q. I don't believe in hiding things from people.

29 It is as well that I say this to you.


1 What interests me with regard to these various loans

v 2 is the fact that they appear to have been taken out

3 in Dublin, in Guinness & Mahon in Dublin, and that

4 they appear to have been backed by Ansbacher

5 deposits?

6 A. Right.

7 168 Q. Who was your contact for arranging those loans in

8 Dublin over the years?

9 A. John Collins in Ansbacher Cayman. I never had any

10 dealings whatsoever in Dublin other than on payment

11 of interest and invoices and things. Everything was

12 done through John Collins. It appeared to me that

13 it was all the one company. I don't know whether

14 the Cayman one owned the Dublin one. It was

15 Guinness & Mahon in those days. Or whether Guinness

16 & Mahon owned the Cayman one or why they did it that

17 way. I have no idea.

18 169 Q. But you do understand that because the loans were

19 taken out in Ireland and backed by Ansbacher

20 deposits, that they are relevant to the Ansbacher

21 enquiry. Do you understand that?

22 A. Yes.

23 170 Q. I wouldn't like you to think that we are prying into

24 your affairs just for the sake of prying into your

25 affairs. There is a reason for it. You are

26 entitled to be told that. I think Ms. Mackey has a

27 number of questions along that line that she wants

28 to ask you.

29 171 Q. MS. MACKEY: Mr. Enoch, there were some


-—». 1 matters that were raised
• ^

'vfV1 2
earlier in this interview that I would like to tease

3 out a little bit more and clarify. As a

4 preliminary can I ask you, have you and your father

5 been in partnership in business in the United States

6 since you moved from Ireland?

7 A. No.

8 172 Q. You didn't work together with your father in any

9 connection?

10 A. No.

11 173 Q. Insofar as documents such as the ones we have just

12 shown you now indicate that you and your father

13 together took out loans from Guinness & Mahon in any

14 capacity, do you say that is incorrect?

15 A. Yes because it is my belief that my father has never

16 done anything in his own name.

17 174 Q. So that when again Guinness & Mahon documents speak

18 of the Enochs or Victor and Stephen Enoch, do you

19 say that is just your father alone in reality?

20 A. You would have to be more specific.

21 175 Q. For example, the two documents that you looked at a

22 few moments ago — Exhibit 3 and Exhibit 5 — in

23 relation to Tabmount Corporation?

24 A. I have had no involvement with Tabmount Corporation

25 at all.

26 176 Q. There is a statement in both of those that

27 Tablemount NV — which is the parent company of

28 Tabmount — is owned by a number of trusts of which

29 the beneficial owners are Victor and Stephen Enoch


1 and other family members. Your name is linked with

2 your father's. You say that in fact to the best of

3 your knowledge you are not a beneficial owner at all

4 of any of these trusts. Is that correct, is that

5 what you said?

6 A. That's correct, yes.

7 177 Q. Of any trust?

8 A. What do you mean any trust, any of these trusts?

9 178 Q. It says here a number of trusts?

10 A. I am not aware of whether I am. It doesn't mean to

11 say that I am not.

12 179 Q. You are not aware of being a beneficiary of any

13 trust?

14 A. Certainly not these ones.

15 180 Q- What are these ones?

16 A. You are talking about Tabmount or Tablemount?

17 They are not really trusts I don't think.

18 181 Q. No, they don't appear to be trusts.

19 The statement here says that Tabmount Corporation is

20 owned by Tablemount NV. We have this parent

21 company, Tablemount owning Tabmount. Tablemount NV

22 is in turn owned by a number of trusts of which

23 Victor and Stephen Enoch are the beneficiaries?

24 A. I am not aware of those trusts at all. What they

25 are, who they are or who owns them.

26 182 Q. That leads me onto the main question I wanted to ask

27 you. At the beginning of this interview

28 Judge O'Leary asked you about a trust, whether a

29 trust had been formed after you left Ireland?


1 A. Yes.

2 183 Q. You said yes, a Cayman trust was formed by you as I

3 understand it when you were in the States, is that

4 correct?

5 A. I formed a trust, I am not sure when I formed a

6 trust.

7 184 Q. You are not sure when, I thought it was after you

8 went to the States?

9 A. Certainly it was after I left Ireland. That I am

10 certain because I never had any dealings whatsoever

11 with Ansbacher.

12 185 Q- What was that trust?

13 A. It would have been a general trust for whatever I

14 needed it for at the time or in the future.

15 186 Q. Did it have a name?

16 A. Certainly it had a name.

17 187 Q. Can you tell me what the name was?

18 A. No, because I actually cannot remember what it was

19 called.

20 188 Q. Can you tell me how it came about that the trust was

21 formed. Take it step by step: Who advised you to

22 set up a trust in Cayman?

23 A. Either Don Reid or John Collins.

24 189 Q. You are not sure which?

25 A. No.

26 190 Q. Did you go to one or other of them and ask advice or

27 did they approach you and suggest the setting up of

28 this trust?

29 A. It is a long time ago so I don't recall.


1 191 Q. When was it exactly do you think?

2 A. I don't know.

3 192 Q. Roughly?

4 A. Sometime in the 1980's or 1990's, I really don't

5 know.

6 193 Q. It was likely to be between 1980 and 1990 for

7 example. Was it long after you went to the States.

8 Perhaps you can remember it that way. You went in

9 1979?

10 A. I have a feeling it is more recent than that but I

11 cannot really remember because it is not something

12 particularly significant.

13 194 Q. Did you only ever create one trust yourself?

14 A. Yes.

15 195 Q. Then it would be relatively vivid in your mind I

16 would imagine. It is not a thing one does everyday

17 and if you have only created one you would have some

18 memory of it. Did you feel a need to set up a

19 trust?

20 A. I must have been advised that it was a good idea to

21 do it. But quite honestly I don't really understand

22 these trusts and what they do and how they operate.

23 196 Q. You were advised either by Don Reid or by

24 John Collins that it would be a good idea to do

25 this. What did they tell you about it or how did

26 they explain it to you?

27 A. After I left this country the idea was that one

28 would have a trust that one could put assets in that

29 one would leave to ones children or something which


1 you could pass on. Things like that.

2 197 Q. Did they suggest to you at that stage that the trust

3 be in the Cayman Islands?

4 A. Yes.

5 198 Q. Was there any reason given for that specifically?

6 A. No.

7 199 Q. Did you sign a trust deed?

8 A. I really don't have much recollection of the trust.

9 I am not certain if I received anything or did

10 anything.

11 200 Q. Did you recollect signing a trust deed?

12 A. No, I .don't recollect signing. I don't know what a

13 trust deed is. I would have to see one.

14 201 Q. A document. Obviously it is some kind of legal

15 document?

16

17

18

19

20

21

22

23

24

25

26

27

28

29
1 A. I presume there must have been something or other

2 when you set it up but whether the person setting it

3 up signs these things or not, I don't know.

4 202 Q. It was not yourself who set it up, was it not?

5 A. Yes, but I don't know whether the person setting it

6 up signs anything or doesn't sign anything.

7 203 Q. I see, you don't know whether the

8 person....(INTERJECTION).

9 A. I don't know the mechanics of the whole thing.

10 204 Q. Do you remember writing a Letter of Wishes

11 indicating what would happen to the evidence in the

12 Trust?

13 A. Yes.

14 205 Q. You do.

15 A. Yes.

16 206 Q. Do you have a copy of that?

17 A. No.

18 207 Q. What happened to it?

19 A. It would be with Ansbacher.

20 208 Q. And do you not have a copy yourself?

21 A. No, because I know what it contains.

22 209 Q. Perhaps you wouldn't mind telling me what it

23 contained?

24 A. Basically it would contain if I died and whatever

25 assets were in Trust would go to my wife and when

26 my wife dies to my children. A bit like a Will

27 really.

28 210 Q. Like a Will, yes, so this was this was your Letter

29 of Wishes. Did you at the time that this Trust was


1 set up, whether you signed something other than the

2 Letter of Wishes or not, did you then transfer funds

3 to the Trust?

4 A. Possibly over a period of time, yes.

5 211 Q. And how was that done?

6 MR. SHIELDS: Could I have a minute,

7 please, with my client?

8 JUDGE 0'LEARY: Certainly.

10 A SHORT ADJOURNMENT

11

12 THE INTERVIEW COMMENCED, AFTER THE SHORT

13 ADJOURNMENT, AS FOLLOWS:

14

15 A. It seems to me that you are delving into my personal

16 affairs after I left this country.

17 212 Q. MS. MACKEY: No, Mr. Enoch, I am

18 delving into your personal

19 affairs, indeed that's correct, but only insofar as

20 it relates to the company that we are investigating

21 which is Ansbacher.

22

23 Now, in fact perhaps I should have asked you at the

24 very beginning, I took it for granted that because

25 this is a Cayman Trust, it is an Ansbacher Trust,

26 but if it is not an Ansbacher Trust, tell me that

27 now and I won't ask you any more questions about it.

28 Is it not an Ansbacher Trust?

29 A. It was set up by Ansbacher, yes.


1 213 Q. It was set up. Well in that case it concerns me

2 and I must ask you about it. Did the Trust or the

3 assets in this Trust, were they used at any stage to

4 guarantee or to back a loan taken out by you here in

5 Ireland?

6 A. No.

7 214 Q. Not at all?

8 A. Not at all.

9 215 Q. When you were advised about the setting up of this

10 Trust, were you advised that you could, during your

11 lifetime, use the funds that were in this Trust by

12 any means whatsoever?

13 A. No, not that I am aware of, no.

14 ' 216 Q. So the funds were put into the Trust and there they

15 stay to this day, is that the way it was?

16 A. I think so, yes.

17 217 Q. No distributions whatsoever have been made?

18 A. I don't know, it is not something I pay particularly

19 much attention to or is a very significant amount.

20 218 Q. You don't know anything about it. Does Ansbacher

21 send you statements about it from time to time?

22 A. Not really, no.

23 219 Q. So how would you find out what state things were in?

24 A. I don't believe this Trust did anything of much

25 significance so I don't think I had any reason to.

26 220 Q. When you say "it didn't have much significance",

27 what do you mean by that?

28 A. I am not sure it did anything much of anything.

29 221 Q. But it holds assets presumably?


1 A. It would certainly have held assets, yes.

2 222 Q. It would have held assets. Does that mean it no

3 longer does?

4 A. No, it probably still holds assets.

5 223 Q. You told us that when you first made contact with

6 Ansbacher it was done really to introduce you to

7 Ansbacher, to the Bank itself?

8 A. Yes.

9 224 Q. How did that arise? You were at this stage in the

10 States; is that correct?

11 A. Yes.

12 225 Q. And did you know Mr. Reid before you went to the

13 States?

14 A. Yes.

15 226 Q. I see. Was he your tax adviser here in Ireland?

16 A. Yes he was.

17 227 Q. Did he continue to be your tax adviser when you went

18 to the States?

19 A. Not as much but, certainly yes he did, I suppose, to

20 a certain extent.

21 228 Q. He advised you in relation to United States Revenue

22 law, did he?

23 A. No.

24 229 Q. So, what, to Irish Revenue law?

25 A. He didn't really have much to do with it. I think

26 when I went after the 4 years, when I wanted to make

27 investments, I went to Don Reid.

28 230 Q. After what 4 years?

29 A. Well my investments were blocked, my assets were


1 blocked for 4 years.

2 231 Q. In Ireland?

3 A. Yes after I left.

4 232 Q. Yes, so your assets were here. Your assets here in

5 Ireland were blocked; is that it?

6 A. Assets in Ireland were blocked, yes.

7 233 Q. For 4 years?

8 A. Yes.

9 234 Q. JUDGE 0'LEARY: This was for Exchange

10 Control purposes?

11 A. Yes.

12 235 Q. MS. MACKEY: And at the end of those 4

13 years, you asked Don Reid

14 for advice?

15 A. I am not sure when I actually went and asked him for

16 advice. I don't have a timescale of it all.

17 236 Q. And what did he advise you?

18 A. He recommended that I talk to John Collins in

19 Guinness & Mahon.

20 237 Q. In Ansbacher Cayman?

21 A. I think it was all Guinness & Mahon in those days.

22 238 Q. It was called Guinness Mahon Cayman Trust, that is

23 correct, but it was the Cayman Bank we are talking

24 about?

25 A. Yes, it was the Cayman Bank. I never had any

26 dealings whatsoever with the Irish Bank.

27 239 Q. So he put you in touch with Guinness Mahon Cayman

28 Trust the Bank in Cayman with John Collins there?

29 A. Yes.
1 240 Q. And as a result of that contact, what did you do?

2 I mean, you told us you didn't have deposits with

3 them until 1990 but what was the nature of your

4 business with them at that stage?

5 A. It would have been for loans. I took out a loan.

6 241 Q. With Ansbacher?

7 A. With Ansbacher, yes.

8 242 Q. But was it not in connection with the transfer of

9 your assets from Ireland that you were getting in

10 touch with Ansbacher?

11 A. I don't think so, no. Almost everything I did, I

12 did in my own name. I probably formed a Trust but I

13 don't know that it was used for anything.

14 243 Q. The assets that you had in Ireland, were they

15 transferred to Ansbacher at that stage?

16 A. No.

17 244 Q. They were not?

18 A. No. I mean this Trust was formed. I don't think

19 over the years that anything ever happened to it.

20 This company became more active in the last few

21 years.

22 245 Q. I am getting confused now. Are you saying that at

23 the time of your first contact with Ansbacher, the

24 Trust was then formed?

25 A. I can't recall when the Trust was formed, I don't

26 know when it was formed.

27 246 Q. Really what I am trying to tease out here is what

28 the nature of your first contact with Ansbacher was?

29 A. It was in connection with a loan.


1 247 Q. Simply a loan?

2 A. Yes.

3 248 Q. There was no question of a deposit or a Trust at

4 that stage?

5 A. No, no, it was purely a loan for an investment I was

6 making in America or as a partnership over there.

7 249 Q. And this was as a result of Don Reid advising you to

8 do that?

9 A. Yes. Basically it was to do with rates of interest.

10 They had more competitive rates of interest than

11 were available in the United States.

12 250 Q. I see.

13 A. So that really all came about because I wanted to

14 borrow some money. I thought I would go back to

15 the old connections and see what was available and

16 it came up that he recommended John Collins and they

17 organised it.

18 251 Q. And it was through John Collins then that your

19 connection with Guinness & Mahon in Dublin came into

20 being?

21 A. Yes, everything basically came through John Collins.

22 252 Q. Can you tell me why John Collins advised you to take

23 loans out in Dublin?

24 A. No I have no idea. As far as I was concerned it was

25 all the one company and I don't know why they did it

26 in Dublin rather than somewhere else.

27 253 Q. Rather than in Ansbacher Cayman itself?

28 A. Yes.

29 254 Q. JUDGE 0'LEARY: Am I right in saying that


1 you gave evidence to me

2 that the money which you ultimately put in the

3 Caymans, I suppose which really I am not concerned

4 about at all, but it was there and it was in

5 Ansbacher and because it was Ansbacher, the way in

6 which Ansbacher dealt with the matter is of concern

7 to me?

8 A. Yes.

9 255 Q. That that was never used as a security against a

10 loan in Dublin; is that correct?

11 A. Yes, sorry —

12 256 Q. Is that the evidence you gave?

13 A. Say that again.

14 257 Q. That the money which you had in Ansbacher from 1990

15 on, or sometime around then, that that had not been

16 used as security for a loan in Ireland?

17 A. It was used as a security for a loan in Ireland.

18 258 Q. It was?

19 A. Yes.

20 259 Q. And was that hidden?

21 A. No. How do you mean "hidden"?

22 2 60 Q. For that fact to be hidden?

23 A. No, there was absolutely no reason for it to be

24 hidden at all.

25 261 Q. Well, of course —

26 A. It is perfectly open and legitimate. There was

27 absolutely no reason whatsoever to hide it away.

28 262 Q. Why then was the facility letter to you from

29 Ansbacher Cayman specifically not to include the


1 question of the deposits?

2 A. I don't know the answer to that. There is

3 absolutely no reason why they shouldn't have had it.

4 It may be something that they may have wanted to do

5 for their reasons, their practices, but it is not

6 something I requested them to do. There is

7 absolutely no reason why anybody shouldn't know I

8 had a deposit because I was a non-resident in the

9 United States and in Ireland and there is no tax

10 payable on that deposit.

11 263 Q. But when were you a non-resident in the United

12 States?

13 A. In June 1990 before those two loans were taken out.

14 264 Q. And the purpose of those loans, part of the purpose

15 of the loans was to?

16 A. Real Estate investment in the United States.

17 265 Q. In the United States and for tax purposes. There

18 is nothing wrong with that but it was to sort out

19 tax affairs as well, wasn't it?

20 A. It is all part of the overall involvement of an

21 investment.

22 2 66 Q. I see, and in those circumstances you are saying

23 that it wasn't at your request that the backing of

24 this loan was kept secret?

25 A. Absolutely yes, absolutely. There was absolutely no

26 reason to keep it secret.

27 267 Q. But wouldn't you have had a continuing tax liability

28 in the United States?

29 A. No. When I became resident in the United States I


1 had no future tax liability on any deposit interest.

2 Exactly the same as if I had money sitting in

3 Ireland in any bank or any bank anywhere in the

4 world. As a non-resident, you are not liable for

5 tax on deposits.

6 268 Q. But were you a citizen of the United States?

7 A. No.

8 269 Q. Never a citizen?

9 A. I was a citizen.

10 270 Q. When did you cease to be a citizen?

11 A. About the same time, June 1990 I gave it up.

12 271 Q. Doesn't the tax situation in the United States mean

13 that even though you yield up your citizenship, you

14 continue to have some continuing liability for some

15 time ahead?

16 A. No I believe they have changed the law and I gave up

17 my citizenship because people were giving up

18 citizenship for tax reasons. But it is my

19 understanding at the time I gave up my residency,

20 citizenship there was no tax liability in the United

21 States.

22 272 Q. And the money that was used to back those loans

23 which you took out in June 1990 was on deposit in

24 Ansbacher?

25 A. Correct.

26 273 Q. And how long had it been there?

27 A. It was put in there for the security for the loan.

28 274 Q. How long had it been there was the question?

29 A. It hadn't been there.


1 275 Q. So when was it put in there?

2 A. At the same time as the loan was, it was part of the

3 security for the loan. They required security for

4 the property and a deposit.

5 276 Q- And that was the first time you had a deposit with

6 Ansbacher; is that correct?

7 A. Yes.

8 277 Q. But had you already got a Trust in Ansbacher at that

9 stage?

10 A. I formed a Trust but I don't know when that was.

11 Whether that was before 1990 or after 1990 I just

12 can't recall. But certainly if there was a Trust,

13 it certainly wasn't active.

14 278 Q. Can you find out when you formed the Trust?

15 A. Yes I am sure I can.

16 279 Q. Can you let us know?

17 A. Yes.

18 280 Q. MS. MACKEY: Are you familiar with a

19 company called Deltona

20 Investments, Mr. Enoch?

21 A. Yes.

22 281 Q. What was Deltona Investments?

23 A. It was a partner in Girard Investments.

24 282 Q. Yes but what was it as a company?

25 A. What do you mean "what was it?"

26 283 Q. What did it do? Who were the beneficial owners of

27 the company? Who were the shareholders?

28 A. That is something I can't answer who the owners

29 were. What it did was it purchased property which I


1 did with it.

2 284 Q. Were you a beneficial owner of it or a shareholder?

3 A. No, not at all.

4 285 Q. JUDGE 0'LEARY: But you didn't know with

5 whom you were doing

6 business, it was just a company?

A. I wouldn't say that, no. I believe it is possible

that John Collins, it would seem to me, was the man


CO

9 who was running it.

10 286 Q. MS. MACKEY: But you don't know who the

11 shareholders were?

12 A. The shareholders, no.

13 287 Q. You don't know at all? That is your evidence?

14 A. No.

15 288 Q. JUDGE 0'LEARY: The loan in June 1990, Mr.

16 Enoch, is the reality of

17 what happened on that occasion in respect of loan

18 number one, which was for $900,000, is that you

19 borrowed that in Guinness & Mahon and the same

20 $900,000 was put on deposit in Ansbacher?

21 A. Yes.

22 289 Q. Well that is what happened?

23 A. Yes.

24 290 Q. We would have saved a lot of time if you told us

25 that originally. So you borrowed the $900,000 and

26 you put it on deposit in Ansbacher?

27 A. Yes.

28 291 Q. And you borrowed $400,000 and did the same?

29 A. Correct. This is a point I have been bringing up


1 all along, this is perfectly legal.

2 292 Q. I am not suggesting whether it was legal or not; I

3 am merely saying that I want to know what is going

4 on. That's all and I want to go on not because I

5 want to know anything about your affairs, I just

6 want to know what the company were doing. That's

7 all. If you answered me by telling me what the

8 company were doing and volunteered that, we would be

9 out of here long ago?

10 A. I didn't know you wanted to know that.

11 293 Q. That's what I want, but I was asking you about the

12 money and you were saying "money was being put on

13 deposit" when in fact it was the same money. There

14 is nothing wrong with that. I am not criticising

15 you for that but at least I know it now?

16 A. Okay.

17 MS. MACKEY: I haven't any further

18 questions, Mr. Enoch.

19 JUDGE 0'LEARY: I think I may have one

20 more question.

21

22 Can I take it that in respect of the $900,000 which

23 was borrowed from Ansbacher or from Guinness & Mahon

24 and put on deposit in Ansbacher, that that $900,000,

25 the interest on that was a legitimate charge against

26 whatever profit that there was on the property in

27 the United States?

28 A. The loan?

29 294 Q. Yes interest on the loan, yes?


1 A. Yes interest on the loan, yes.

2 295 Q. Can I also take it that it was your advice at the

3 time that the interest on that loan, if you like,

4 the backing loan, was not returnable by you in the

5 United States?

6 A. Correct.

7 296 Q. And was not returnable by you anywhere?

8 A. Correct.

9 297 Q. That is actually very simple?

10 A. Very simple. It is absolutely simple and perfectly

11 legal. This is why I don't understand why you are

12 even asking me a lot of these things because, as I

13 have said in my letters all the way along through

14 that I have been corresponding with you, what I did

15 was perfectly legitimate.

16 298 Q. And for how long did you own that $900,000?

17 A. For 4 years roughly.

18 299 Q. Until 19?

19 A. 1994.

20 300 Q. And where were you living during that period of

21 time?

22 A. My home was in Spain. When I left the United States

23 I went to live in Spain, but basically I am retired

24 and I just travel around a lot. My base, if you

25 like, of operations was in Spain. That is the only

26 place I have a home.

27 301 Q. And you have lived in Spain since?

28 A. Correct.

29 302 Q. You know nothing about the Tabmount Corporation you


1 said? You have no involvement?

2 A. I have no involvement, no.

3 303 Q. You were not aware that it had a cash-backed loan as

4 well?

5 A. No, I have no involvement whatsoever.

6 304 Q. You don't know where that cash backing came from?

7 A. No. I may have seen documents about it like these

8 today. I don't know whether I have ever seen other

9 ones or not.

10 305 Q. MS. MACKEY: Mr. Enoch, after you went

11 to live in the States, did

12 you continue to have income whose source arose in

13 the United States?

14 A. After I went to live there?

15 306 Q. After you went to live in Spain, after you gave up

16 your United States citizenship?

17 A. Yes.

18 307 Q. Were you required to file tax returns in the US in

19 respect of that income?

20 A. Yes.

21 308 Q. And how long did that continue for?

22 A. I am not actually sure but certainly I would have

23 filed tax returns in 1990. I don't know after

24 that.

25 309 Q. Did your income continue to arise in the United

26 States for some years? Did it arise from property

27 that you had there?

28 A. Yes. It is possible up to 1994 because in 1994 I

29 disposed of all the property there.


1 310 Q. You disposed of all your property by 1994?

2 A. Yes. Certainly after that date there would have been

3 no tax returns.

4 311 Q. So up to 1994 you would have had the obligation to

5 file tax returns?

6 A. Yes I think so.

7 312 Q. Thank you.

8 JUDGE 0'LEARY: Thank you very much.

9 There will be a transcript

10 of the evidence adduced and we would wish that you

11 would sign it as being correct.

12

13 THE INTERVIEW THEN TERMINATED

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29
XMouXj GxlWNwvi
vSoU.cx.Vorv

o c J ^ W o\
MLOK/CC 6th December 1989

Ansbacher Limited,
P.O. Box 887,
Grand Cayman,
British West Indies.

Dear Sirs,
ANSBACHER LIMITED
. „ ANNE ENOCH TROST _____
TABMOUNT CGKP
GIRARD INVESTMENTS LIMITED
'We refer to our letter of 16th November and enclose amended
schedule to include property at 7874'Girard Avenue.

Yours thfully,
for ' S & MAHON LIMITED.

M. -O'KEEFFE
.GING DIRECTOR.
JOINT

Enc.
7074 Girard Avenue
2) Agreement Between V. Enoch,
- Stephen Enoch and- Deltona
Securities Ltd. and {GMCT -
Ansbacher Ltd.

3) Deposit of $1,250,000 by Ansbacher


Ltd. with G.M. Dublin.
RNNB.KNOCK TRP8T

TAB-MOONT CORP.
WM SECURITY
$1,550,000_ Oct. 12, 1989 1) Deposit by Ansbacher Ltd.
for 5 years • with G.M; Dublin (Back to Back)
- for. $1,550,000.
Annual Review.
.2) Deed of Trust and Assignment of
Rents over Property at
1005 prospect Reef, La Jolla,
San Diego.
3) Promissory Note,

TABrMOHUXjCQSP-.
31/12/1986 for 1) Deposit Ansbacher with GM Dublin
$3,000,000 5 years. $2,900,000 (Back to,Back).
Annual Review. <dL2) Guarantee $100,000 from Ansbacher
Ltd.
3) Deed of Trust and Assignment of
Rents - 955-.Prospect, Shopping Center,
La Jolla, San Diego

siRwuuiHyEsamiffS-ifflk
30/6/88 1) Deed of Trust and Assignment of
$1,250,000 to Rents over Properties at Shopping
30/6/90 Center - La Jolla, San Diego
7868 Girard Avenue
7870 Girard Avenue
ANNE ENOCH TRUST
TAB-MOUNT CORP.
LOAN TERM SECURITY
$1,550,000 Oct. 12, 1368 1) Deposit by Ansbacher Limited with
for 5 Years G.M. Dublin (Bade to Back) for
$1,550,000.
Annual Review. 2) Deed of Trust and Assignment of Rents
over Property at 1005 Prospect Reef, La
Jolla, San Diego.
3) ~ Promissory Note.
TAB-MOUNT CORP.
$3,000,000 31.12.1986 for 1) Deposit Ansbacher with GM Dublin
for 5- Years $2,900,000 (Back to Back).
Annual Review 2) Deed of Trust and Assignment of Rents -
955 Prospect, Shopping Center, La Jolla,
san Diego.
GIRARD INVESTMENTS LTD.
$1,250,000 30/6/88 1) Deed of Trust and Asslgnemtn of
to Rents over Properties at Shopping
30/6/90 Center - La Jolla, San Diego
7868 Girard Avenue
7870 Girard Avenue
7872 Girard Avenue
7874 Girard Avenue
2) Deposit of $1,250,000 by Ansbacher Ltd.
with G.M. Dublin.
t

22 Movofar 1991

Hr. J.D. Traynor,


42 Fltzrilllam Square,
^ Dublin 2.

l
Dear Das,
)'
Rat Fountain Pavalooaants
giicctf Fawjly

I rerfar to latter of Septwiber 16th and previous correspondence.


Hani Hani have requested that 1 obtain - if possible - photocopies of tha
'' - " Thasa
Hani
._. _ with
tha guidelines divan to Stephen Enoch In Chris Malta's latter of 24th January
1991. I would expect that they were hut I need to be able to prove this
point.

^Kindest regards.

Yours sincerely,

H. DipM Humphries
Senior Manager, Operations
TAB MOUNT CORPORATION

Tab Mount Corporation is a US property company owned by


Tablemount NV, which is in turn owned by a number' of trusts
the•beneficial owners of which are, Mr. Victor Enoch, his
son, Mr. Stephen Enoch and other family members.
Related facilities are as follows:
Mr. & Mrs. Stephen Enoch USD 900,000
Mr. Stephen Enoch USD 400,000 99% syndicated
Girard Investments USD 1,250,000
Martina Investments IRP 310,000 -100% cash
,. . secured
GSM has two facilities outstanding'to Tab Mount Corporation
which were advanced to finance the purchase of investment
property at La Jolla, San Diego, California:

Facility 1. ' USD 3,000,000 This loan was originally


provided in 1986 for a five
year period and extended
for a further five year
period to 31/12/96 in March
1992 (see Minute Number
92/135).

Facility 2. USD 1,550,000- This facility was


originally provided in
October.1988 for a five
year term to October "1993.

The clients have requested extension of Facility 2. for a


further five year peiiod to 31/10/98 under the same terms
and' conditions as before.
Facilities are sub-participated to CIBTC Ltd to the extent
of 99% leaving a net exposure to Tab Mount of $45,500 -
$30,000 in respect of Facility 1. and $15,500 in respect of
facility 2.

Security for the facilities consists of a fixed charge over


the otherwise unencumbered commercial property at La Jolla,
believed to be worth in the region of USD 6,000,000 together
with a guarantee from CIBTC Ltd for USD 45,500 "i.e. our full
exposure. A funding deposit for the net exposure is held by
CIBTC.
The facilities have operated satisfactorily to date with
interest being paid bi-monthly from rental income.
£
O

The Enoch family have been clients of GfiJ£ since the early
1980's and have built a significant property portfolio in
San Diego, California since they emigrated to the US 10
years ago.

Approval of five year extension is recommended.


t
•*s
« i

CAW/MHC - 24th.January, 1991.

Mr Stephen M. Enoch /

1356 Virginia Way,


La Jolla,
California 92037,
USA.

Sear Mr Enoch,
I refer to your recent correspondence and our telephone
conversation regarding the cheques you forwarded to
Manufacturers .'Hanover Trust/ which were not handled in the usual
way. .
I have had the problem followed up with their New York office
and unfortunately they are unable to explain which department
might have returned the cheques to you. However; they have
indicated that you should send cashiers' cheques only to
Manufacturers Hanover Trust, 4 New York Plaza, 13th Floor, Funds
Transfer, New York, NY 10004-. They also requested that the
cheques be made payable to Manufacturers Hanover Trust -
Account, Guinness & Mahon Limited and hopefully with future
remittances to our account you should not have any problems.
They indicated that their preference would be'to receive funds
electronically transferred, quoting the Funds Transfer Section,
.but they did say that the processing of cashiers' cheques does
not cause them any problem.
If you have any difficulties at- all when the next payments
occur, please do not hesitate to contact me.

Thanking you,

Chris Waite,
Assistant Banking Manager.
TAB MOUNT CORPORATION

Tab Mount Corporation is owned by Tablemount NV. The latter is


in turn owned by a-number of trusts of which the beneficial
owners are Victor and Stephen Enoch and other family members.
The Enochs were originally clients of Guinness Mahon Cayman
Trust, now Ansbacher Cayman. They were introduced to G&H i n
the early 1980's by Don Reid, the retired Senior-Tax Partner
with KPMG Stokes Kennedy Crowley.
The Enoch family were resident in Ireland where they owned
substantial, property. and a TV. rental business until emigrating
to the US in the early 1980's. In the interim the Enochs have
built up a sizeable property portfolio in La Jolla, San Diego,
California. The property purchases were largely facilitated by
loan facilities provided by G&M, which are tax efficient for
the Borrowers. The facilities included loans to Mr. and Mrs.
Stephen Enoch (net exposure (US$13,000 J and a related company
Girard Investments (net exposure US$12,500). In all cases the
net exposure is guaranteed by Ansbacher Ltd.

TAB M0PBT LOANS


The Tab Mount loans (net exposure US$45,000J are secured by way
of a fixed charge over fully let commercial property in La
Jolla, recently valued.at VS$6m. In addition, we hold the
guarantee of Ansbacher Limited for US$46,000.
The loans were each provided in December 1985 and October 1988
respectively, for "a five" year term, subject to annual review.
We have now been requested to renew the first loan, subject to
the same conditions for a further period of five years
(maturity 31.12.1996). It is proposed for convenience to
tie-in the annual review dates for both loans in future at 31st
December.

pRrgMMTranftTIOS
The Enochs are longstanding, satisfactory clients of Ansbacher
Cayman and GSM. Approval of the proposed five year extension
is recommended.

CL/JCHC
9/3/92
Appendix XV (36) (1) (g)
PRIVATE EXAMINATION OF MR. MICHAEL ENOCH

UNDER OATH

ON THURSDAY, 5TH APRIL 2001

I hereby certify the

following to be a true and

accurate transcript of my

shorthand notes in the

above named interview.

Stenographer
PRESENT

The Inspectors: JUDGE 0 1 LEARY

MS. MACKEY BL

MR. T. SLEVIN

Interviewee: MR. M. ENOCH

Represented by: MR. L. SHIELDS

Instructed by: LK SHIELDS SOLRS.


1 THE INTERVIEW WITH MR. MICHAEL ENOCH COMMENCED AS

2 FOLLOWS ON THURSDAY, 5TH APRIL 2001:

*J>

4 JUDGE 0'LEARY: Mr. Enoch, the only formal

5 part of the procedure is

6 the question of the taking of the oath. We would

7 like you to take the oath.


O
0
MR. MICHAEL ENOCH, HAVING BEEN SWORN, WAS EXAMINED
9
10 AS FOLLOWS BY JUDGE 0'LEARY:

11

12 1 Q. JUDGE O'LEARY: Mr. Enoch, first of all

13 could I just ask you about

14 where you fit into the Enoch family because there

15 are names of Enochs that I have heard about, and I

16 just want to make sure that I have you in the right

17 order?

18 A. I am the resident Enoch in Ireland.

19 I live here and I work here.

20 2 Q. Is your father Victor, is that correct?

21 A. That's correct, yes.

22 3 Q. Victor is your father?

23 A. Correct.

24 4 Q. You have a brother as well who is abroad?

25 A. That's right, Stephen.

26 5 Q. And there is yourself, Michael?

27 A. Yes.

28 6 Q. Do you have sisters?

29 A. No, my brother Stephen is the only other brother.


1 7 Q. What was your mother's name, was it Ann?

2 A. No, that was my grandmother.

3 8 Q. Your mother's name was?

4 A. Is Mabel.

5 9 Q. Mrs. Enoch still lives in Ireland?

6 A. My mother?

7 10 Q. Yes?

8 A. That is correct.

9 11 Q. And your brother lives abroad?

10 A. Yes, he has for many years.

11 12 Q. In Spain or some place like that?

12 A. Yes.

13 13 Q. There is only one thing we want to talk to you

14 about. This is a company by the name of

15 Martina Investments. Other than a few peripheral

16 matters, that is really all we want to talk to you

17 about?

18 A. Fine.

19 14 Q. I suppose if we begin at the beginning:

20 Who owns the company?

21 A. That is a difficult one.

22 15 Q. That is why I ask you because I realise it might be

23 a difficult one?

24 A. It is a company that was set up many years ago to

25 look after various interests some of which are in

26 Ireland. My function in relation to it which

27 perhaps is maybe what I could best answer is, being

28 the person on the ground as it were here, I have had

29 a power of attorney...(INTERJECTION).
1 16 Q. I have seen that in various documents.

2 A. To sign documents.

3 17 Q. But who do you think owns it?

4 A. Would it be easier if I told you who I think doesn't

5 own it?

6 18 Q. Whatever you like?

7 A. Personally I would have no interest in it; I would

8 like to make that very clear. I think it probably

9 has a lot of people who have interests in it or who

10 would be beneficiaries of it, if that is the way to

11 describe it.

12 19 Q. I suppose we could define it between two different

13 things first of all: If you tell me who the legal

14 owner of it is, forget the beneficial owner for the

15 moment. Who owns it. Somebody must own it?

16 A. Definitely but I never set it up

17 so...(INTERJECTION).

18 20 Q. I know that. If you don't know who owns it, all you

19 have to say is you don't know?

20 A. I don't actually know who owns it.

21 21 Q. You don't actually know?

22 A. No.

23 22 Q. Fair enough. Do you know who the beneficial owners

24 are?

25 A. No. I would assume that there would be some family

26 interests, possibly my father would spring to mind.

27 23 Q. You think it is your father who would be the

28 principal person?

29 A. That is to the best of my knowledge.


1 24 Q. I understand that you are only going on the best of

2 your knowledge. I appreciate that. Have you any

3 beneficial interest in the company yourself?

4 A. None whatsoever. I never have. I cannot say I

5 never will because I don't know, but definitely no.

6 25 Q. Would it be a fair assumption by me to say that as

7 long as your father is alive you won't have an

8 interest in it. Is that what you are conveying to

9 me?

10 A. That is more than a fair assumption.

11 26 Q. And that in due course you may have?

12 A. That is possible, but I couldn't be sure of that.

13 27 Q. I understand that; your father can do what he likes?

14 A. And he does.

15 28 Q- That is very helpful. Before moving on from that

16 there is one document I want to show you.

17 It may assist us. It is Exhibit 1. I am giving you

18 various documents and there are two numbers on them.

19 Look at the number at the bottom right-hand side.

20 That is relevant number so far as you are concerned.

21 This is Exhibit 1 . (SAME HANDED) This is where we

22 get into the kind of trouble I mentioned earlier,

23 Mr. Enoch. When we look at one vehicle sometimes

24 other vehicles come to our attention. Leave out

25 the question of the rentals for the moment; I am not

26 concerned with that at the moment. What I am

27 concerned with is this: There are two limited

28 liability companies — either that or they belong to

29 a family by the name of "limited" which I think is


1 very unlikely — who represent themselves as

2 directors of the company. Do you know anything

3 about those companies or where they are situated?

4 A. Cromer and Cawsand?

5 29 Q. Yes, exactly?

6 A. Never heard of them in my life.

7 30 Q. Never heard of them?

8 A. Never heard of them ever. Could I just point out

9 that it is Proud Rentals not Pround. They seem to

10 have put an "n" in.

11 31 Q. I know it is Proud, I have seen it elsewhere and we

12 will come back to that later. I am not concerned

13 with that at the moment, I am really only dealing

14 with the question of ownership. You didn't know

15 that these two companies were directors of

16 Martina Investments?

17 A. I have never until this morning seen the names.

18 32 Q. Who did you understand were directors of

19 Martina Investments?

20 A. I would have presumed it would have been whoever was

21 appointed at the time by-'my father to act for the

22 company.

23 33 Q. In other words, are you conveying to me that you

24 knew it was trust situation?

25 A. Yes, I knew that it wasn't in any one individual's

26 name, any persons name. But I would not necessarily

27 have known what form of institution, if any.

28 34 Q. You held the power of attorney in respect of this

29 company?
1 A. Yes. The reason for that is, as I am based here it

2 was convenient for me to sign leases and things

3 rather than keep sending them to and fro to

4 wherever.

5 35 Q. I appreciate that and that is very practical.

6 But in order to have a power of attorney you must

7 discuss it with somebody and get it from somebody?

8 A. Yes.

9 36 Q. With whom did you discuss it?

10 A. I would have been asked by my father I am sure to

11 act and I would do his bidding.

12 37 Q. Your father, in pursuit of whatever director

13 interests he might have in the company, said to you

14 'Would you act as power of attorney as you are the

15 man in Ireland who will sign leases and various

16 other things.'

17 A. And he thought he could trust me to do so.

18 38 Q. That all seems very logical, Mr. Enoch, but

19 unfortunately things are never as simple as that.

20 Because I think you will agree that from time to

21 time Martina Investments have borrowed funds in

22 Ireland? There is nothing wrong with that.

23 A. Yes.

24 39 Q. They have borrowed funds from a number of different

25 financial institutions?

26 A. Yes.

27 40 Q. Specifically Guinness & Mahon and IIB?

28 A. Yes.

29 41 Q. One of the applications which was made to Irish


1 Intercontinental Bank — in fairness to you I have

2 to say that it is only one of a number of

3 applications and internal documents we have got from

4 Irish Intercontinental Bank. Particularly I want to

5 show Mr. Enoch Exhibit 2. (SAME HANDED) This is an

6 internal document.

7 I will read the relevant portions with you.

8 This is an IIB document asking for the approval for

9 a loan.

10 MR. SHIELDS: The copy you have might

11 not be the same case. It

12 is not quiet clear. In some respects some of it is

13 missing on the side so if you bear with us.

14 JUDGE 0'LEARY: I have the same problem

15 myself. I don't think

16 there is anything of any particular relevance.

17 This is an Irish Intercontinental Bank document.

18 You see up on top there are various references to

19 "/IIB." You can take it, Mr. Enoch, that document

20 was given to us by Irish Intercontinental Bank.

21 I am sure if you go and ask Irish Intercontinental

22 Bank for that document, they will give you the same

23 document. They provide various pieces of

24 information. For example they say: "Credit Suisse

25 Trustees (Guernsey) Ltd" are the shareholders in

26 whoever is doing the borrowing. They are a

27 Channel Island company and they own 100% of it.

28 Did you ever hear of Credit Suisse Trustees

29 ' (Guernsey) Ltd?


1 A. No. I have heard of Credit Suisse, the bank, but

2 not this particular one.

3 42 Q. Apparently they own the shares. Somebody believes

4 they own the shares. The purpose is to:

5 "Seek approval to provide new cash backed term

6 facilities to Martina Investments Ltd" and

7 unfortunately my punch has gone through the amount.

8 It is £64 6,000 or something like that. We are not a

9 bit interested in the sums of money, that is not our

10 purpose. That is the Martina Investments to which I

11 am referring all along. It says:

12 "Martina is a Guernsey registered


private limited company which owns
13 investment properties at O'Connell
Street and 38, Patrick Street, Cork."
14

15 Can I take it that is the company in respect of

16 which you own in respect of which you have the power

17 of attorney?

18 A. Martina Investments, yes.

19 43 Q. They own property at O'Connell Street and

20 Patrick Street?

21 A. Yes, I actually know of the properties. I have

22 heard of them.

23 44 Q. It continues:

24 "The O'Connell Street property consists


of a ground floor shop with first floor
25 offices let to a news agents and to
Dublin County Council . Martina owns
26 the property under a long lease and
sublets for a total rent of c.IEP32k
27 per annum. The Cork property,
previously occupied by Aer Lingus is
28 currently vacant. Martina is
beneficially owned by Michael and
29 Victor Enoch, two directors of
Travelwise, a Dublin travel agent."
1 A. Judge, can I say to you that I am not the beneficial

2 owner, never have been, am not now and as we said

3 earlier on may or may never be a party with any

4 interest in it.

5 45 Q. I understand your position.

6 A. But there is one other inaccuracy here as well.

7 Victor Enoch has absolutely nothing whatsoever to do

8 with the travel agency. That is incorrect. That is

9 factually incorrect and the records will prove that.

10 46 Q. I understand that, though he did I think canvass for

11 business for you during the course of his career?

12 A. He would always do that.

13 47 Q. I have seen letters written to people in Ireland

14 saying 'Please look after my son, Michael, who is in

15 the travel business.'

16 A. I am sure he did that.

17 48 Q. Like the good father. But the question is I am

18 faced with a difficulty: Somebody told Irish

19 Intercontinental Bank that. It may be wrong — I am

20 not saying whether it is right or wrong because

21 obviously I have no view on it — but I am just

22 gathering information?

23 A. I have a very strong view because he, my father,

24 definitely at no time has ever had any interest in

25 Travelwise, never.

26 49 Q. That is not the point I am making. The point I am

27 making is that it says that both you and your father

28 beneficially own the company.

29 A. My understanding and my knowledge and all I have


1 ever been aware of is that I have a power of

2 attorney to act on behalf of Martina Investments in

3 relation to legal documents here and so on and maybe

4 banking or whatever. As regards having any

5 beneficial ownership, it is news to me. If my

6 father did that he never told me. I personally

7 don't think he would have done it.

8 50 Q. Of course I understand all that. I have listened

9 carefully to what you said. But the problem I am

10 faced with is — I think it is fair to say that when

11 you are borrowing money from somebody you put your

12 best foot forward?

13 A. Yes.

14 51 Q. You don't tell them about your problems, you tell

15 them about your positive things?

16 A. I have always believed in being very full and frank.

17 52 Q. Whoever gave them the information, I can take it

18 whether it be accurate or inaccurate that somebody

19 gave them the information that you were one of the

20 beneficial owners of Martina Investments?

21 A. If they did, they did. But I have to repeat again,

22 it is news to me. I don't really think it is the

23 case. It is news to me and I don't believe that is

24 the case. My father would not be that sort of

25 person. It would be far more likely that I could be

26 one of 10 or 15 or 20 possible beneficiaries.

27 But I don't think I would ever be named as one.

28 I couldn't see him doing that. If he has done

29 something that I don't know anything


1 about...(INTERJECTION).

2 53 Q. How do you think they got that information.

3 Who would have negotiated this loan?

4 A. I would have thought it would have been professional

5 people who were appointed to look after it, be it

6 solicitors or whatever.

7 54 Q. Such as?

8 A. I don't know. If it was in Ireland we have one or

9 two firms of solicitors we have used. But I think

10 it is more likely that it came from outside and I

11 wouldn't know.

12 55 Q. If it was a firm of solicitors the one thing firms

13 of solicitors always do is write letters. And we

14 would have got them. We haven't got them so we can

15 take it that it is not a firm of solicitors.

16 Firms of solicitors don't do things except in an

17 official capacity. They may talk on the telephone

18 but they will also confirm it in writing. You are

19 the person with the power of attorney, I haven't the

20 power of attorney. This company has negotiated a

21 number of different loans?

22 A. The company may have but I have not.

23 56 Q. But that is not the question I am asking you.

24 The question I am asking is, who negotiated?

25 A. They would have been appointed I presume by my

26 father or interests acting on his behalf. I would

27 not be privy to that information and would not even

28 be concerned with that information because as I

29 would see it, it has nothing to do with me at all.


1 Because as I say — I have to repeat this again —

2 I am not a beneficial owner to the best of my

3 knowledge and belief. I am saying this under oath

4 and I am quite aware of that. I am pretty sure I do

5 not have one. I might have one one day. If I do

6 have I think it will be one with 15 or 20 other

7 people.

8 57 Q. Does the name that appears at the top of that mean

9 anything to you?

10 A. Which name?

11 58 Q. Padraig Collery?

12 A. Yes. I know from reading in the press that he

13 belonged to Guinness & Mahon.

14 59 Q. Did you ever meet Mr. Collery?

15 A. Never ever.

16 60 Q. Did you ever meet any of the officials in Guinness &

17 Mahon?

18 A. No because I had no occasion to. I had no reason

19 to.

20 61 Q. Did you ever meet Mr. Des Traynor?

21 A. Never knew of his existence. I know about him now,

22 again through what has come out in the public

23 domain.

24 62 Q. If you actually look on the second page of Exhibit 2

25 I might come back to it, but I don't need it at the

26 moment. I don't think there will be any great

27 dispute on that. If you look at Exhibit 3.

28 This, Mr. Enoch, is further confirmation that

29 Martina Investments is closely connected with


1 Credit Suisse Trustees (Guernsey) Ltd because you

2 can see that is where the address is?

3 MR. SHIELDS: There is nothing on this,

4 j udge.

5 63 Q. JUDGE 0'LEARY: That is the third page of

6 Exhibit 3.

7 Mr. Shields, it would be better if you left him do

8 his own investigations on the documents, but by all

9 means look at them. We can give you another copy of

10 them if you want. Do you see there, Mr. Enoch, on

11 the first page of Exhibit 3 that Martina Investments

12 Ltd does appear to have a residence at Credit Suisse

13 Trustees (Guernsey) Ltd?

14 A. So it says here.

15 64 Q. That is a letter from Guinness & Mahon and it is

16 1993 which is not such a long time ago?

17 A. No.

18 65 Q. It is borrowing £310,000. Do you remember

19 receiving that letter?

20 A. No. Why would I have received it because it wasn't

21 addressed to me?

22 66 Q. If you look at the third page of it, page 109, you

23 will see precisely why you should have received it?

24 A. Yes. This is why I signed this power of attorney?

25 67 Q. Exactly?

26 A. From what I can recall that would have been part of

27 a series of documents I might have signed at the

28 time when the sale was going through.

29 68 Q. What sale?
1 A. When the purchase was going through I should say.

2 69 Q. What purchase?

3 A. Presumably a purchase of a property at the time.

4 70 Q. What property?

5 A. It says here O'Connell Street.

6 71 Q. I appreciate that it says O'Connell Street, I was

7 hoping you might depend on your memory and tell me?

8 A. I would think that is factual, I would say that is

9 correct.

10 72 Q. But you got this document?

11 A. Yes.

12 73 Q. And you signed it?

13 A. Yes.

14 74 Q. Do you remember the circumstances in which you got

15 it. Who did you get it from?

16 A. I believe I would have gone down for the closing of

17 the sale to wherever it took place at the time and

18 this would have been one of the documents that I

19 would have been asked to sign and signed in my

20 capacity as power of attorney.

21 75 Q. Where do you think you would have done that?

22 A. It would have been either in a firm of accountants.

23 I seem to recall once hopping down in a taxi, going

24 in, signing some papers, going out and going back

25 again to my office and signing. That is probably

26 when I signed this.

27 76 Q. Do you remember which office you signed it in?

28 A. No but I remember there was one down off

29 Pearse Street somewhere. I don't even know the name


1 of the company or the address offhand.

2 77 Q. Surely if it was to do with the signing of documents

3 to do with the purchase of property, it was done in

4 some solicitor's office?

5 A. It would have been or an accountant's office.

6 It was one or the other.

7 78 Q. That is rather strange that you would close the sale

8 of a property in an accountant's office?

9 A. Or maybe the solicitors acting for the vendors at

10 the time.

11 79 Q. MS. MACKEY: Who would have asked you

12 to sign?

13 A. I think the people retained at the time were

14 McCann Fitzgeralds.

15 80 Q. JUDGE 0'LEARY: So somebody out of that

16 firm would have asked you?

17 A. Would have asked me to come down to do the necessary

18 on a particular day.

19 81 Q. Do you know whether you went to their office or

20 someone else's office?

21 A. I don't recall going to McCann Fitzgerald, I believe

22 I went to somebody else's office. That should be

23 possible to establish.

24 82 Q. Did you ever discuss the matter with Mr. Lanigan

25 O'Keeffe?

26 A. Who is Mr. Lanigan O'Keeffe?

27 83 Q- He is the man whose letter you signed?

28 A. Never met the man. The short answer is no. As I

29 say, I think this would have been a series of


1 documents.

2 84 Q. As you will appreciate it is a very serious matter

3 to have a power of attorney for any person or any

4 company?

5 A. I was really acting as my father had trusted me.

6 I had put my trust in him as it were.

7 85 Q. I think the point I am making to you is that I am

8 not saying there is anything wrong with it, there

9 isn't but before you sign documents which commit

10 Martina Investments to borrowing a substantial sum

11 of money, you would have to get clear instructions

12 from somebody?

13 A. Yes.

14 86 Q. You wouldn't get your instructions from the

15 solicitor?

16 A. No.

17 87 Q. The solicitor might say 'Come down and sign the

18 documents' which you have been instructed to sign

19 but they wouldn't tell you that you were instructed

20 to sign the documents?

21 A. That is correct.

22 88 Q. Who would have told you that?

23 A. My father would have asked me.

24 89 Q. Again it would be back to your father?

25 A. Very much so.

26 90 Q. I would like to show you a series of documents,

27 Exhibit 4. Again we get it from IIB.

28 If you look at the top you see "IIB."

29 A. Yes.
1 91 Q. That means we get the letter from IIB. That is the

2 source of our document in other words. It is a

3 letter from Cayman International Bank and Trust

4 Company Ltd. That is the company which is now

5 Ansbacher Cayman Ltd. It was formally Ansbacher Ltd

6 and it was formally Guinness Mahon Cayman Trust.

7 It is the company we are investigating. That is one

8 of the many names it had during the course of its

9 life. You can see that apparently Cayman

10 International Bank and Trust Company is issuing

11 instructions or permissions to Guinness & Mahon in

12 respect of Martina Investments. You can see that.

13 It says:

14 "We hereby authorise and empower you


pending payment of any overdrafts,
15 loans or advances in respect of which
Martina Investments Ltd may be
16 liable..."

17

18 They are giving a security. That is what they are

19 doing, giving security?

20 A. Yes.

21 92 Q. My colleague points out that while these documents

22 have an IIB connection, it wouldn't be necessary

23 that we got them from Irish Intercontinental Bank.

24 You can take it that this is a letter guaranteeing

25 borrowings of Martina Investments. And Cayman

26 International Bank and Trust Company are

27 guaranteeing Martina Investments. I want you to put

28 that to one side; I am not asking you any questions

29 on it for the moment. I would like you to look at


1 Exhibit 5 as well. This is a review of an account

2 or a proposed borrowing in respect of

3 O'Connell Street. It is dated 2nd August 1994. It

4 is an IIB document. It is dealing with

5 Martina Investments. It gives the address as

6 Credit Suisse Trustees (Guernsey) Ltd. That is on

7 page 120. If you go to page 121 of Exhibit 5 there

8 is the part I am interested in. You will see

9 "guarantee of Cayman International Bank and Trust

10 Company supported by a lien on an £310,000 deposit

11 placed with Irish Intercontinental Bank by

12 Cayman International Bank and Trust Company."

13 What that is suggesting is that the borrowings of

14 Martina Investments are backed by funds by the

15 guarantee of the Cayman company and money placed on

16 deposit?

17 A. Yes.

18 93 Q. I am pointing that out to you. You can put it to

19 one side. I want to show you as well as that

20 Exhibit 6, page 26. You see again that it is a

21 similar kind of internal document dealing with the

22 same company, Martina Investments. On the second

23 page it deals with guarantees and collateral:

24 "Guarantee of Ansbacher Cayman Ltd (Ansbacher)

25 supported by a lien on a deposit placed by Ansbacher

26 with Irish Intercontinental Bank." I want you to

27 put that to one side. Now I will hand you Exhibit

28 7.

29 (SAME HANDED) Were you aware that during the course


1 of 1994 running into 1995 that the Guinness & Mahon

2 connection with Martina Investments ceased and they

3 started banking with Irish Intercontinental Bank.

4 Were you aware of that change?

5 A. I believe I would have been.

6 94 Q. Because obviously you might have had to sign

7 documents or something?

8 A. Exactly. Probably interest payments or something.

9 95 Q. We will come back to that later. You see here

10 where Guinness & Mahon are sending money to IIB?

11 A. Yes.

12 96 Q. It says:

13 "Re: Martina Investments Ltd.

14 We confirm that we are in receipt of an


instruction from Ansbacher (Cayman) Ltd
15 to pay to Irish Intercontinental Bank
£645,550 and £310,000."
16

17 Almost £1,000,000?

18 A. Yes.

19 . 97 Q. Obviously in some way connected with Martina

20 Investments Ltd?

21 A. Yes.

22 98 Q. Put that to one side. Now I will hand you

23 Exhibit 8. This is a guarantee executed by the bank

24 we are investigating, which is Cayman International

25 Bank and Trust Company Ltd on behalf of

26 Martina Investments. Were you aware of such a

27 guarantee?

28 A. I have to confess that finance is not my strong

29 point. I wouldn't have been aware of the


1 intricacies or necessarily how it operates, and I am

2 still probably not today.

3 99 Q. But you would have been aware that there was a

4 transfer of business from Guinness & Mahon to Irish

5 Intercontinental Bank?

6 A. That I would have been more aware of. That is a

7 basic fact.

8 100 Q. But the details of it?

9 A. The details would be lost on me a little bit I am

10 afraid.

11 101 Q. You can take it, Mr. Enoch, that I could spend the

12 rest of the day going through these documents with

13 similar indications. If I was later to conclude

14 that Martina Investments were a client of Ansbacher

15 on the basis of the documents that you have seen,

16 would you have anything to say about that?

17 A. The documents are the documents, they speak for

18 themselves.

19 102 Q. Obviously just like somebody accused your father of

20 being a director of the travel company and you quite

21 clearly said he wasn't?

22 A. Very definitely.

23 103 Q. And I believe you.

24 A. It is on record.

25 104 Q. I believe you in that. Similarly I want to make

26 sure that if I make any statement, that it is not

27 obviously false. That it is not false at all?

28 A. I understand.

29 105 Q. I am giving you an opportunity of saying


1 'Mr. O'Leary, that is not right at all. That

2 couldn't possibly be right.' It would appear to me

3 that there is strong evidence on the basis of what I

4 have shown you that there was a customer

5 relationship between Martina Investments and the

6 bank we are investigating?

7 A. I think that is a reasonable assumption.

8 106 Q. If you look at Exhibit 9. This is a balance sheet

9 of Martina Investments. You can take it that in the

10 previous pages there are other parts of the

11 accounts. We will give them to you so that if as

12 you say that you don't own Martina Investments, you

13 might like to know what it is worth. Exhibit 9 is a

14 balance sheet of Martina Investments. Have you ever

15 seen that before?

16 A. No, I would have no reason to see it. It is not my

17 business.

18 107 Q. Even if it wasn't your business, assuming that to be

19 right for the moment, maybe as the person with the

20 power -of attorney from time to time you might have

21 had to convey documents to somebody in Ireland which

22 would include balance sheets?

23 A. No, I have never so far as I know ever did that. My

24 role as power of attorney is more to effect the

25 signing of a lease or if there was a conveyance —

26 something like that — not anything to do with the

27 financial side of it merely because as I said

28 earlier I was conveniently on the ground here to

29 deal with that.


1 108 Q. If I was to ask you as to why this company had

2 £1,300,000 in 1993 available but they loaned it to

3 somebody else who is not identified in the balance

4 sheet and charged no interest for it?

5 A. I am not the person to ask.

6 109 Q. Who might be the person to ask, your father?

7 A. Possibly, yes. Not me anyway.

8 110 Q. You are very welcome to look at them. Mr. Enoch, if

9 anything when you consider these documents later you

10 have anything additional to add, feel perfectly free

11 through your solicitor to write to us. We will take

12 that as part of your evidence .

13 A. Thank you very much.

14 111 Q. You should bear in mind that we will treat it as

15 sworn testimony when it comes in in that way. Do

16 you understand?

17 A. I understand that.

18 112 Q. Your solicitor should so confirm in writing that it

19 is to be treated as part of your sworn testimony.

20 You may well want to say 'I have looked at the

21 documents and there is something else I would like

22 to say.1 We certainly wouldn't deny you the

23 opportunity of doing that.

24 A. I would like to stress that this area wouldn't be my

25 normal province.

26 113 Q. I understand that.

27 A. Either to deal with or to understand.

28 114 Q- Now we will look at Exhibit 10. The only purpose of

29 me showing you Exhibit 10 is not because it is also


1 a Cayman Bank and Trust Company Ltd headed note

2 paper, it is because it deals with the issue of

3 Proud Rentals. Who are they, Proud Rentals?

4 A. Proud Rentals is effectively a collecting agent for

5 rents, as I understand it anyhow on behalf of

6 Martina Investments or whatever.

7 115 Q. Who issues them instructions?

8 A. I would have initially been asked to deal with

9 Proud Rentals by my father many years ago.

10 116 Q. Do you deal with them on an ongoing basis?

11 A. As I understand it, I don't think that is a company,

12 I think that is just a name.

13 117 Q. We can come down to who they are afterwards. I am

14 not interested in that for the moment. What I am

15 really interested is in the fact that they are an

16 entity whether they are a company or not. It

17 doesn't make any difference. They are an entity.

18 They are obviously collecting rents and/or managing

19 the property of Martina Investments?

20 A. Correct.

21 118 Q. They are obviously getting their instructions from

22 somebody?

23 A. Well again, my father.

24 119 Q. Would you say they are getting instructions from

25 your father or from you?

26 A. It could well be me on behalf of him.

27 120 Q. I just want to know who they get their instructions

28 from?

29 A. It is a bit like the power of attorney, I would deal


1 with day to day problems. If there was a day to day

2 problem or matter or something like that.

3 121 Q. You would be the person they would come back to?

4 A. Yes and no, I wouldn't be the final authority.

5 122 Q. I understand that. But as you will appreciate when

6 you are renting property, there is a hole in the

7 roof and you have to get a builder. Something goes

8 wrong or a tennant decides they are not going to pay

9 the rent, who do they get back to and say

10 'We have a problem.'

11 A. Proud Rentals?

12 123 Q. Yes?

13 A. There is an office here who would deal that. If it

14 was something minor, like you said a roof that needs

15 repairing and an authorisation for that, I would do

16 that. If it was something of greater import, I

17 think it would probably go to my father.

18 124 Q. Can I take it that the system or management is

19 something like — they deal with the routine

20 matters, you deal with the slightly more important ,

21 more than routine matters but not terribly important

22 matters and your father deals with the very

23 important matters. Is that a fair summary?

24 A. Roughly, yes, it is a fair summary.

25 125 Q. Who are Proud Rentals. Who is the Principal?

26 A. I have no idea. Essentially I think it is a trading

27 name more than anything.

28 126 Q. Yes, but who is the boss then is the question I am

29 asking you?
1 A. It is run as we have just outlined as we said.

2 127 Q. The question I am asking really is, who is the boss

3 of Proud Rentals. If you are dealing with them even

4 at a lower level than your father, you must know who

5 the boss is?

6 A. It is my father and then I presume is the boss.

7 128 Q. The boss of Proud Rentals?

8 A. The boss of Proud Rentals?

9 129 Q. MS. MACKEY: Who do you deal with when

10 you deal with them?

11 A. I never deal with anyone at all.

12 130 Q. But you were asked by your father you said to deal

13 with Proud Rentals?

14 A. Yes, I would talk to him.

15 131 Q. Are you and your father Proud Rentals?

16 A. As I understand it, I am not quite sure. I cannot

17 remember. It could be.

18 132 Q. Is there any person here in Dublin who is employed

19 by Proud Rentals?

20 A. There is an office, yes, and there are. two staff

21 employed.

22 133 Q. JUDGE 0'LEARY:- What are their names?

23 A. But they look after other properties and other

24 things as well.

25 134 Q. I understand. But the question I am asking is, who

26 are they are. They must have names?

27 A. They have.

28 135 Q. What are their names?

29 A. Marie Sheridan and Jannette Hurrell.


1 136 Q. If I was to ask them who their employer was, what

2 would they say?

3 A. It is a good question. There are a number of

4 property partnerships of which this is one all run

5 from the same building and from the same office.

6 137 Q. The question is actually a simple question to which

7 I didn't get an understandable answer: Who was

8 their employer. Who do they believe their employer

9 is?

10 A. I suppose they would look on myself, my father.

11 138 Q. Is it fair to say that Proud Rentals are a structure

12 set up by Enoch property interests to look after

13 Enoch properties.

14 A. No, I think it would be fairer to say to look after

15 the interests of my father, not other Enochs.

16 139 Q. Is it fair then to say that Proud Rentals are a

17 unit, which is not incorporated apparently, a

18 trading name set up to look after the property

19 interests of Victor Enoch in Ireland?

20 A. Or of Martina Investments technically.

21 140 Q. Martina you think in Ireland?

22 A. Yes.

23 141 Q. Would there, be other property interests other than

24 Martina Investments that they would look after?

25 A. The office?

26 142 Q. Would the office look after other property

27 interests?

28 A. Yes.

29 143 Q. What would they be?


1 A. They would be just different partnerships.

2 I might have my own property or a property with my

3 brother or a property with other partners. They

4 would all be handled in the one office.

5 Proud Rentals is related to my father and

6 Martina Investments. They only look after his

7 interests.

8 144 Q. But the service being provided by the same people

9 who look after Proud Rentals would look after other

10 property interests of other members of the Enoch

11 family elsewhere in the country under different

12 names?

13 A. Yes, and other people as well.

14 145 Q- And other people as well?

15 A. Other partners, yes. Different ventures would have

16 different partners.

17 146 Q. Do any of those ventures have a Cayman Island

18 connection?

19 A. None whatsoever.

20 147 Q. I wonder would you look at Exhibit 1 again.

21 You already have that document. That was the one

22 that referred to Pround rather than Proud. It is

23 the one signed by the strange directors with the

24 surname "limited." You see here it says:

25 "We hereby authorise and request you to


provide copy statements and advices on
26 our account(s) held with yourselves to
Proud Rentals.
27
You are also authorised to discuss the
28 account with any representative of
Proud's Rentals.
29 This authority does not extend to
Proud's Rentals signing any
1 instructions relating to the
account..."
2

3 That is fair enough. Can I take it that Proud

4 Rentals received details from Irish Intercontinental

5 Bank from time to time of the accounts of

6 Martina Investments?

7 A. I don't think they would have received the accounts,

8 but they would have maybe received interest debit

9 notes or something like that. But not the accounts.

10 148 Q. Isn't this what it says:

11 "We hereby authorise and request you to


provide copy statements and advices on
12 our accounts held with yourselves to
Proud Rentals."
13

14 Was that done?

15 A. I honestly don't know, I don't think so.

16 As far as I understand, all we ever got were debit

17 notes for interest payments.

18 149 Q. I will come back to those later. Did you get copy

19 accounts?

20 A. The short answer is no.

21 150 Q. Did you ever get an account with the words

22 "Ansbacher" "Cayman Islands" or "Hamilton Ross" on

23 it?

24 A. I have never seen them.

25 151 Q. But did Proud Rentals ever get them?

26 A. No, I don't believe so. In the case of Hamilton

27 Ross, "I never heard of them until the whole case

28 surfaced.

29 152 Q. If you look at Exhibit 12 (SAME HANDED).


1 "JD. Traynor Esq." You can take it that

2 Mr. Traynor in 1993 was no longer working for

3 Guinness & Mahon but was operating independently in

4 the banking sector. For and on behalf of who is a

5 question we have to decide in due course.

6 But you can take it that he was no longer a director

7 of Guinness & Mahon, he was a Chairman of another

8 public company. And insofar as he was carrying out

9 any business, it appears that he was carrying out

10 business from Fitzwilliam Square. As you didn't

11 meet Mr. Traynor, that is probably additional

12 information for you. Did you ever hear of

13 Mr. JA. Collins?

14 A. Yes, I have indeed.

15 153 Q. In what context have you heard of him?

16 A. Just that he was involved in the management of some

17 of the properties or the banking end of it.

18 154 Q. Of or on behalf of who do you think?

19 A. I think the various Cayman institutions to which you

20 referred.

21 155 Q. But which properties do you think were being managed

22 or assisted in Ireland by his services?

23 A. I can only assume it was anything to do with the

24 properties in which Martina Investments had an

25 interest.

26 156 Q. Had you come across him in the context of any other

27 properties?

28 A. No.

29 157 Q. He had acted with the apparent authority of


1 Martina Investments from time to time?

2 A. I would have thought so.

3 158 Q. Here he is writing to Mr. Traynor and he says:

4
"Mr. Michael Enoch has power of
5 attorney from Martina to close and has
instructed solicitors to act for the
6 company."

/
What he says is that you instructed solicitors?
8
9 A. I instructed?

10 159 Q. Yes, that is what he says. I don't know whether it

11 is right or wrong.

12 A. Again, I would have been asked to instruct

13 solicitors to close a sale of the property.

14 ' 160 Q. Do you remember which solicitors that was?

15 A. I believe it was McCann Fitzgerald.

16 161 Q- Who in McCann Fitzgerald would you have instructed?

17 A. Colin Keane because he handled the conveyancing.

18 162 Q. Would you have chosen that or would your father have

19 chosen that?

20 A. I might have put forward his name because he did

21 other business for us anyway. It wasn't a new name

22 so it was ongoing.

23 163 Q. It continues:

24 "Proud Rentals in Dublin will manage


the property. Martina would like to
25 borrow from Guinness & Mahon in
Dublin."
26

27 And the various other terms are set out there.

28 Do you confirm that is the banking arrangements of

29 Proud Rentals: Bank of Ireland, College Green.


1 A. Yes, they are the bankers.

2 164 Q. Who signs Proud Rentals's cheques?

3 A. I would sign Proud Rental cheques. I am one of the

4 people who would sign.

5 165 Q. Who else would sign them?

6 A. Nobody else here I don't think. I don't know that

7 there is anybody else.

8 166 Q. Do they act on the instructions of one signature do

9 you think?

10 A. I believe they would. I would have to double-check

11 it.

12 167 Q. You know yourself when you sign the

13 cheques...(INTERJECTION)?

14 A. If any of the cheques were for relatively small

15 amounts there would be no problem.

16 168 Q. You sign them yourself?

17 A. Yes. I cannot remember whether there is a limit on

18 them or not.

19 169 Q. But in respect of ordinary day-to-day activities it

20 is your role?

21 A. I would think there is a limit but I cannot

22 remember. We can check with the bank.

23 170 Q- Lastly, Mr. Enoch, there is the question of interest

24 that you said was added from time to time?

25 A. Yes.

26 171 Q. Would you explain to me how that worked?

27 A. Debit notes would be issued be it from IIB or

28 whoever.

29 172 Q. Or Guinness & Mahon?


1 A. IIB is one that springs to mind. They would be sent

2 to the office. A cheque would be drawn up and I

3 would sign it and that would be it.

4 173 Q. Would that have happened every month or every

5 quarter or every half year?

6 A. It varied. It could vary, but certainly quarterly

7 anyway. I think now it is done by a direct debit

8 or something like that.

9 174 Q. But at the appropriate time?

10 A. Initially at the time...(INTERJECTION).

11 175 Q. You were signing the cheques?

12 A. Yes.

13 176 Q. What about interest on money which was on deposit?

14 A. This is getting into a whole area of which I

15 wouldn't have a particularly strong understanding

16 firstly and secondly I would have no interest.

17 Whatever the figure was, the cheque was issued and

18 signed.

19 177 Q. You can take it that whether you were interested in

20 it or not there was interest?

21 A. I am not denying that, there was.

22 178 Q. Was the cheque-sent to you to be sent on to your

23 father?

24 A. No, it wouldn't go to him, it would be sent to the

25 office.

26 179 Q. I am talking about interest which he earned on the

27 deposits?

28 A. That I know nothing about whatsoever.

29 180 Q. You didn't deal with that?


1 A. Not in any way; it was no concern of mine.

2 My role, again as with the power of attorney, was

3 functionary. The person who would on the ground to

4 deal with the mechanics of day-to-day operations.

5 The nuts and bolts but that was it. The wider scene

6 was of no interest because it doesn't concern me.

7 As far as I know it doesn't concern me.

8 181 Q. Are you aware of any other trust of which you are or

9 might be a beneficiary?

10 A. It is always possible. These are things that my

11 father would have organised as far as I know.

12 182 Q. Does the name Ann Enoch Trust mean anything to you?

13 A. Only in the sense that Ann Enoch was my late

14 grandmother. I would have heard the name.

15 183 Q. You know that there is a trust called the

16 Ann Enoch Trust?

17 A. Yes, I have heard of it.

18 184 Q. Do you have an interest in that trust directly or

19 indirectly?

20 A. I have absolutely no idea whatsoever. I have no

21 particular reason to think that I would have.

22 I wouldn't know why it was set up or what it was set

23 up for. But I have heard the name.

24 185 Q. Lastly so far as I am concerned I have one other

25 question. What kind of health is your father in now

26 at this stage?

27 A. Well he is 85 this year. He suffers from a number

28 of maladies largely based on old age I am afraid.

29 186 Q. I got the impression from other information


1 available to me that while he is obviously suffering

2 from whatever is the appropriate consequences of

3 being 85 years of age, he is still sound in mind and

4 al that?

5 A. Yes. He suffers from a heart problem. He has a

6 pacemaker fitted. That has to be attended to.

7 187 Q. Is he still controlling Martina Investments so far

8 as you are concerned?

9 A. He certainly has many of his faculties that goodness

10 retained but he is not as sharp as he used to be

11 naturally enough. I understand that he is getting a

12 wee bit remote from things unfortunately.

13 188 Q. I have no further questions.

14 ' 189 Q. MS. MACKEY: I have one question in

15 relation to that last

16 point, Mr. Enoch. Judge O'Leary asked you just now

17 if your father was still controlling Martina

18 Investments. I am not quite clear what your answer

19 is?

20 A. My answer is that he is compos mentis, yes.

21 190 Q. Is he still giving instructions in relation to

22 Martina Investments?

23 A. I would presume so.

24 191 Q. Do you still have power of attorney?

25 A. Actually by chance because of something that is

26 ongoing we discovered the other day that it lapsed

27 last year. I was asked by the office what to do so

28 I said take instructions. I presume it will be

29 renewed.
1 192 Q. By the office, you mean the office where

2 Proud Rentals are?

3 A. Yes, they asked me. They came across it and

4 realised it had lapsed sometime last year.

5 But it would be necessary for me to have it again to

6 continue to sign future leases and documents.

7 ' 193 Q. So when they asked you about that, you said take

8 instructions to them?

9 A. Yes.

10 194 Q. Take instructions from whom?

11 A. From my father.

12 195 Q. So in fact he is still giving instructions?

13 A. Certainly, he is compos mentis but he is more frail.

14 196 Q. Obviously. When something needs to be done of

15 importance in relation to Martina Investments, it is

16 still your father who would do so?

17 A. Yes.

18 197 Q. There would be no doubt but that it would be him?

19 A. Yes.

20 JUDGE 0'LEARY: Thank you very much and

21 thank you for coming.

22 You will appreciate our problems and difficulties?

23 A. Very much so.

24 198 Q. We appreciate you attending at what was going to be

25 a short interview. If, Mr. Enoch, when you reflect

26 on what we have said, if there is anything you wish

27 to add by all means do it in writing through your

28 solicitors.

29 A. I will.
1 199 Q. In fact we had somebody in yesterday. He contacted

2 us to say 'I forgot something.'

3 A. It invariably happens.

4 200 Q. We are flexible enough to take into account any

5 additional matters you might like to bring to our

6 attention.

7 A. I appreciate that.

8 201 Q. It is unlikely that we will be talking to you again.

9 That is most unlikely. We cannot rule it out

10 absolutely but it is most unlikely. Thank you very

11 much for your presence here. If we make any

12 decision which is adverse to your interest we will

13 of course notify you and you will have the right to

14 come in and make what representations you like with

15 regard to that. That would be a matter for you

16 rather than for us, but it is unlikely that we will

17 be seeking your attendance again. You may chose to

18 do so yourself; that is a different matter.

19 The only one other formality is this: So that there

20 is no doubt later we request all the people who have

21 given evidence to look at the transcript and to sign

22 the transcript as being a true record of what went

23 on.

24 A. I will be happy to do that.

25 202 Q. That will be done in due course and Ms. Cummins, our

26 solicitor who unfortunately is not here today, will

27 contact your solicitor and then make the necessary

28 arrangements.

29 A. That is fine.
1 203 Q. Of course you can get a copy of the transcript with

2 the payment of a small fee. That is a matter which

3 can be arranged between the solicitors if you so

4 require. We are finished now.

6 END OF INTERVIEW WITH MR. MICHAEL ENOCH

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29
MARTINA INVESTMENTS LIMITED
P.O. Box 887, George Town, Grand Cayman, Cayman Islands British West Indies
Facsimile (809) 949 7946 Telephone (809) 949 8655

27th January, 1997


Our Ref. 6465

The Manager
Irish Intercontinental Bank Limited
91 Menion Square
Dublin 2
Republic'of Ireland.
Fax 011-3531-678-5034
)\ Attn: Mr. Aidan Storey

Dear Sir,

We hereby authorise and request you to j copyTstatements and advices on our accounts)
held with yourselves tot-

Prounds Rentals
• • 3 Proud's
St Stephe
Dublin
\

Telefax 478 1755


FAO M.T. Conway

You are also authorised to discuss the account with any representative of Proud's Rentals.

This authority does not extend to Pround's Rentals signing any instructions in relation to the •
account and is purely to enable you to divulge information concerning'the account(s) to Pround's
Rentals.
»

Yours faithfully,
foil ManUa Investments Limited

cc M.T. Conway Oil 3531 478 1551

Registered Office: 7-11 Britannia Place, Bath Stree, St. Hellier, Jersey
_r O f t r t ^ •
Acc.Numt..:
KB IIB
Refc MAURICE LEONARD Date: 2 August, i 994
Next Review Date: 31 July, 1995

!OWER(S): DRAWER(S):
K. jVlE: PROFREL: NAME: COUNTRY:

1. Martina Investments Ltd.

KEY FIGURES In mio BEF

-"WE MARTINA INVESTMENTS LTD BORROWER Date:


c/o Credit Suisse Trustees (Guernsey) TNW:
,Y Ud
PO Box 223, Mlgriat Plateau; TCW:
si; S t Peter Port, Guernsey,
COUNTRY" Channel Islands , Total Assets:
LE -STATUS Private Limited Company
ES. .ftJSHED Sales
,/r SINCE New Curr. Cash R : '
1 OUP GUARANTOR Date:
1R LENDERS Guinness Mahon TNW:
TCWfc .
BUSINESS LINE Property investment Total Assets:
BORROWER Sales:
CB CODE 9.2 Curr. Cash FI:

Exchange Rate: IEP1 .*> BEF49.8775

UMtTS IN BBr : MKJ

- islanding Granted/ Requested Nature c Description or the Credit Maturity


Approved Request u Linesand Limits . Date

- - 310 New c IEP310,000 TI-Float 28 May 1998


Bilateral
Buflet
Demand
2 648 New c IEP645.550 Tl-Float 30 June 1999
Bilateral
Bullet
Demand

T - - 956 GROUP RISK: 956

Note: HQs exposure to CIBTC/Hamllton Ross related cash backed facilities "excluding the subject proposal Is approx.
GBP21m.

1 n £
rs

Ul RWRtTlNG AND SUB PaL . .CIPATIONS N/A


RISK PART1C1PAT1QM/SUB PARTICIPATION NO
S1FIC REPAYMENT SCHEDULE N/A
GUARANTEES & COLLATERAL
Value Status
Type
Fac1 IEP350k Proposed
First fixed charge over 46-49 Upper O'Connell SL, Dublin.. (cost mid 1993)

Guarantee of Cayman International Bank & Trust Company Lid CCIBTC") IEP310k Proposed
supported by a Ben on an lEP310k deposit placed with IIB by CIBTC.

ne lEP665k Proposed
ed charge over 38 Patrick St., Cork.
(cost mid 1994)

G intee of CIBTC supported by a lien on an IEP646k deposit placed with IEP646k Proposed
11;. CIBTC.
i •. ".
, lib: Fixed charges to cover margin exposure.

•TING SECURITY REVIEWED AND IN ORDER N/A


COVEMANTS N/A
TERMS AND CONDITIONS N/A
INTEREST
Int Bass Margin Caic.Meth. period flppffcqtion Field

Fgpgf .1,3,8 months


1% Amount outstanding/
DIBOR 365 days.

FEES N/A
.'at Currencies: None
r-ing Scheme: N/A
iblifty Period: 30 September 1994
•"V -pttons: Yes
• .MfT: N/A Tax Credit: N/A TaxClausB:
Irish Jurisdiction; Ireland Grossing up

PROFITABILITY
Usage of the Itne: New

Capital Adequacy Ratio: 0% Weighting on* used portion


0% . Weighting on unused portion

Minimum Margin: 35bp

Effective Margin (incl fees) 100bp

Return on equity N/A


N/A
Return on committed amounts
In' ^ Status: N/A Interest Booking: Accrual

1 O.^
r r
:las atten: Low
'ruvteion-exist: None New Proposed:. None
JONSH1P
lata Contact: July 1994 With: Padralg Collery.
'urpose Contact T o request facility Role: Consultant to the Borrower
oTdllary Business: Deposits, other lending
SLdBAL PROFITABILITY; N/A
. g o ^ T COMMITMENT N/A

>PIA"ON O N THE B O R R O W E R N/A


4 ••
• •)
>U£ JG N/A

_ SHAREHOLDERS
(ame ^lattonaHtv gMJk
todit Suisse Trustees (Guernsey) Ud. Channel Islands 100%

EXECUTIVE SUMMARY
'urpose:
o seek approval to provide new cash backed term facilities to Martina Investments Ltd. ("Martina")

ilfc arv of Borrower

na is a Guernsey - registered private limitedcompany which owns investment properties at


. . . O'Connell Street, Dublin arid 38 Patrick Street in Cork. The O'Connell Street property consists
>f a ground floor shop withfirst floor offices let to a newsagents, and to Dublin County Council.
Martina owns tKe property under a long lease and sub lets for a total rental of c. IEP32k p.a. THe
Dork property, previously occupied by Aer Lingus is currently vacant Martina is.beneficially owned
jy Michael and Victor Enoch, two directors of Travetwise, a Dublin travel agent

Summary of Transaction

Buinness & Mahon previously provided similar cash-backed facilities to finance the two properties, .
lowever it is expected that Guinness & Mahon will be purchased by Irish Permanent Building Society
n the near future and we have been requested by Padraig Collery, who acts as consultant to other
clients of IIB to whom we provide similar facilities totalling approximately GBP21m. to refinance them.
r

Security
.cility will be secured by the guarantee of CIBTC, supported by iiens over two cash deposits of
3>_.J310k and GBP646k placed by CtBTC with IIB. We will also takefirst fixed charges over the
jroperties to be financed In Dublin & Cork which were acquired for IEP350k and IEP665k in 1993
and 1994 respectively.

Assessment

l i e proposed facilities will be backed by IEP deposits equal to (he facility amounts and we rely on
« "?-;-i]sh backing for our security rather than on recourse to the borrower or to CIBTC. We have not
3bt • ad formal valuations of the properties to be charged but are confident that they provide
significant additional security for ourfacilities. The facilities will form part of total cash backed
V "es of approx. GBP22m which produce significant income for IIB at low risk.
J
.. )al of the application Is'recommended.

Mu<or Risk Factors;


Documentation.

Major Strong Points:


Liens on deposits placed with IIB totalling GBP956k.
Firstfixed charges over the properties to be financed.
Documentation based on solicitor-approved precedents.
- % Substantial business carried on with CIBTC/Hamjlton Ross.
«.

k a m e n d e d by: flqMte Ltonaaf/


Loan Officer '' ggnloptrtaragqfry .

Supported by ^ZJfL^ r fld/MuJl kx^-HA

Deputy Head of Lending Credit Department

DECISION OF IIB CREDIT COMMITTEE

Approved by: (^jL^JlJL pLk u y f ^ T ^ ^ f /


Director < t Director (L^/Shf'
Apr m o : , • L / j '
Se Kredietbank for \ k L o 9 ^ CU^rr*"- i^Lf

1 O.
A

Cafzn-
r .W V- j >
A^ER!
HCOUJiCKRIIKKN m m l J N J
Tr.i.Kriit>nr.*})»m
MLOK/JR/MC 26t

The Directors,
/SP-a. Martina Investments Limited,
/.>. , c/o Credit Suisse Trustees (Guernsey) Ltd,
PO Box 223,
Mignot Plateau,
St. Peter Port Guernsey,
Channel Islands.

Dear Sirs,
Further to recent discussions we are pleased to confirm that
we are prepared to provide to Martina Investments Limited a
loan facility subject to the attached terms and conditions:

Borrower: Martina Investments Limited.

Amount: IRE310y0P0 (Three Hundred and Ten Thousand


lush jeovttreLs).

Purpose: The facility is being provided to assist in


the acquisition of 46-49 Upper O'Connell
Street, Dublin 1.

Term/
Repayment: In accordance with;normal banking practice,
the loan facility is repayable on demand.
Subject thereto the facility is being provided
for a period of five years and will be
repayable on or before 28th May 1998. The
loan facility will be reviewed off-air annual
basis.

Drawdown: The ,loan facility will be available for


drawdown on the completion of all legal
formalities.
r -- (
- 2 -

Interest; Interest on the loan facility will be charged


at 1% in excess of.the cost to Guinness &
Mahon Limited of funding the loan.
The interest rate will be set on drawdown and
thereafter reviewed annually., Interest will
be debited to the loan account on the 28th May
annually and will be immediately payable.

Security! As security for the loan we shall reguire a


First Legal Mbrtgage over the property being
acquired at 46-49 Upper O'Connell Street,
Dublin 1.

Insurancei We shall require that the property offered as


security be fully-insured-^against fire and
other wishes at all times. We shall require
confirmation that the cover is in place and
that -the Bank's interest has' been noted on the
policy. .

Additional
Costs: In the event that the cost to us of providing
• this facility is increased by a change in any
applicable law or regulation, or by any other
cause we reserve the -right to increase the
interest rate applicable hereunder as may be
necessary to compensate us for such increased
costs.

Costs/Legal
All costs and legal fees incurred in providing
this facility Shall be for the account of the
Borrower. -

We enclose herewith a copy of this letterfrhichshould be


signed on behalf of the Company and returned to us as
evidence.of the Company'p acceptance of the facility on the
terras and conditions set out. We shall require a copy of
the-Board Resolution authorising the Borrowing and
specifying these person(s) authorised to accept the
facility on the terms set out herein. We shall also require
the completion of the enclosed Bank Mandate and shall
require
r \.

- 3-

certified copies of the Certificate of Incorporation and


Memorandum and Articles of Association of Martina
Investments Ltd.
We are pleased to be of assistance to you and trust that
' should you have any queries in relation to this letter, you
will contact us.

Tours faithfully,
for GUINNESS & MAHON LIMITED',

M. Lanigan-O'Keef £e,
Managing Director.

Enc.

Acceptance

The .offer of facilities to Martina Investments Limited, on


the terms and conditions set out above is hereby accepted.

XVna u w ^ V ^ ^ Y
Mlcna^ B. Enoch
ss Powar of AUotney
tut Martina lr.vo3tmonts Llmllea

a r^ o
r-i

/
Cayman International Bank.and Trust,Company Limited
P.O. Box 887, Grand Cayman,-Cayman Islands, British West Indies
• Telephone (809) 949-8655 Telex CP 4305
Facsimile (809) 949—7946

31st May, 1 9 9 ? o n n c r i y / U s h a c h e r L h n l t c d )

Guinness & Mahon Ltd.


17 College Green •
Dublin 2
IRELAND '
9 •
/.
Dear Sirs:
We hereby authorise and empower you pending payment of any
* overdrafts, loans or advances in respect' of which
MARTINA INVESTMENTS LIMITED
may be liable to you, either solely or jointly with others,
as principal or surety, or iri any other manner whatsoever,
and notwithstanding that any such liability may-be.current,
to hold all monies whiah now or hereafter may stand to our
credit with Guinness & Mahon . Limited in Account
No. 13154979 together with Interest thereon 'as security
for all such liabilities.
Furthermore, you are authorised to set-off and apply such
monies or any part thereof from time to time in or towards
satisfaction of such - liabilities entirely at your own
discretion'without further notice to us. We also agree that
such set-off will be' a good and valid discharge of such
monies so applied without the necessity of any further
endorsement or authorisation from us whatsoever and that
without requiring any further consent from us you may vary,
.exchange, abstain from perfecting, or release any other
securities held now or to be held hereafter . by you on
account of the monies intended to be hereby secured.
sincerely,
i^on behalf of
'INTERNATIONAL BANK
30MPANY LIMITED '

Witness:

fit?*
7 fZf/frthrsU/^A
' . t
IJJB Group Entity : IEB Compilation date: 23 October 1996
Exchange Rates: 1IEP - 49.40BEF

juJENTmrATION OF CPTTNTERPARTY
Borrower . .Guarantor
Name Martina Investments Limited
City & State C/o Credit Suisse Trustees
(Guernsey) Limited, PO Box 223,
Mignot Plateau Street, Peter Port,
Guernsey
S^ountoy Channel Islands
. egal Status Private limited company •
| Established N/A
Client Since 1994.
youp Martina Investments Limited
• • usinessLine Property Investment
I '
. Keyfigures in (BEFm) N/A ' . •;
Tangible Capital Worth
Current Cash Flow •

Remarks •

Ratings ^/A
Long Term
Short Term I •

Lines in IEP in Tfcd


Outstanding Granted/ Requested Nature of C Description of lines and limits Maturity
Approved reouest' - u date -
1 333 New C Bilateral 31 Oct 2001
!EP333kTerm Loan
Bullet

2 310 310 310 Review C Bilateral


EEP310k Term Loan 28 May 1998
Bullet

3 646 646 646 Review c Bilateral


IEP646k Term Loan 30 June 1999
Bullet

Total 956 956 1,289 Graup Risk 1,289

af: Aidan Storey


1
SYNDICATION DATA N/A

SPECIFIC REPAYMENT SCHEDULE


Date ' Total Facility . IIB Share Comment
Repayments Remaining Repayments Remaining
amount amonnt
kinesl
31 Oct 2001 IEP333.000 N3 EP333.000 NO Lines 1-3 are demand
facilities.
"!fl§2
'28 May 1998 IEP310,000 NH IEP310,000 NO

fee 3
•• Junel 999 IEP645.550 Nil DSP645.550 Nil

*

CTARANTEffg Aivm r n r .r.ATERAL:


Tvoe; Amount: Value; Status; LTV;
Line ^
1. Guarantee of Ansbacher Cayman All sums IEP333k Proposed 100%
Ltd. ("Ansbacher") supported by
• a lien on a deposit placed by
Ansbacher with BOB.
irstfixed charge over 1-2 All sums IEP350k ' Proposed 95%
Moore St Dublin 1. (Oct.1996.cost)
&Z
Guarantee of Ansbacher AH sums IEP310k . Perfected 100%
supported by a lien on a deposit
placed by Ansbacher with IIB. -
2. Firstfixed charge over 46-49 All sums IEP350k Perfected 88%
Upper O'Connell St, Dublin 1. (1993 Cost)
Line 3
1. Guarantee of Ansbacher All sums IEP646H Perfected 100%
supported by a lien on a deposit
placed by Ansbacher with DB.
2. Firstfixed charge over 38 All sums IEP665k Perfected 97%
Patrick St., Cork. (1994 Cost)

->VENANTS N/A
1

1 Q Pi
/T'

CLASSIFICATIONS AND PROVISIONS


Isting Proposed
Classification: Low Classification: .Low
Interest status: Performing Interest status: Performing
Interest booking: Accrual Interest booking: Accrual
Provision: Ml Provision: NH

TERMS AND CONDITIONS N/A


&INTEREST
it. Base Margin fin bp) Comments
THBOR+RAC 100 On all fedlhies
' ate: Deposit is rolled at DIBJDfor the same period.
TEES ' N/A
Availability period: Facility 1:31 December 1996.
Facility 2 & 3 are fully drawn.
Put options: Yes - Demand facilities
Special tax status: No
Law: Irish
Jurisdiction: Ireland

PROFITABILITY

w ;tal adequacy Ratio: . 0% weighting on used portion


0% weighting on unused portion
.'- imnmMargin; 35bp
•infective Margin: 0% usage: Nil
CmcL. fees) 100% .usage: lOObp
Return on Equity As facilities are cash-backed there is no equity requirement
(Expected) usage of the line: ' 100%

MARKETING STRATEGY
HB provides approximately GBP3.75m of cash-backed loan and guarantee facilities to Ansbacher-related
borrowers. Two similar cash-backed facilities were refinanced on a commercial basis in July 1996 at a level of
* 15m.

. PURPOSE OF THE APPLICATION


To request approval to provide a new cash-backed term facility to Martina Investments Limited
2, EVALUATION OF THE BORROWER
2. J General Information
Martina is a Guernsey-registered private limited company, beneficially owned by Michael and
Victor Enoch, two directors of Travdwise, a Dublin travel agent. The company owns a number
of investment properties including 46/49 O'Connell Street Dublin, 38 Patrick Street Cork, and 1-
2 Moore Street 1-2 Moore Street was acquired in October 1996 for IEP3S0k. It produces rental
income of IEP34k p.a.
~ 3: EVALUATION OF THE GUARANTOR
i ^ Ansbacher Cayman Ltd, ("Ansbacher"), is a subsidiary of Ansbacher Holdings pic. which is owned by
the First National Bank of Southern Afiica (CACR. rating "BB"). We rely on the cash deposits charged
to us rather than on recourse to the guarantor itself in evaluating our security.
; • PROPOSED TRANSACTION
4.2 Terms and Conditions *
• The new facility will be secured by the all sums guarantee of Ansbacher, supported by a lien over
a deposit equal to the amount of the facility (as is the case for facilities 2 & 3).Both the loan and
the security deposits will be rolled for the same term in order to match interest rates. We will also
take afirst fixed charge over 1-2 Moon Street.
All facilities are fully cash-backed. Our margin exposure is effectively covered by the value of the
first fixed charges we hold.
5:' ASSESSMENT AND ADVICE
We rely on the cash-backed nature of the facilities for our security rather than oh recourse to the
. ! borrower or to Ansbacher, our guarantor. We have not obtained formal valuations on airy of the
properties but are confident that they provide significant additional security. The facilities-form part of
total cash-backed facilities of approximately GBP3,75m introduced by Ansbacher which produce an
acceptable return at lowrisk.Approval is recommended.
REVIEW D A T E MONITORED EXPOST:
31 October 1997 COMMENTS:.
Ultimate Date of Decision: 3 lOctober 1997 o.rMur-r>
S1GMED: » ^ ^> W *n

Recommended by. - f m m ! Mmffl


Assistant Manager . Senior Manager

DECISION OF IIB CREDIT COMMITTEE APPROVED


proved by:
DIRECTOR
nrocrTnll . I DIRECTOR
niHPPTHR '^.i/oj^k
—. I
•ippNo:
For TMPnnMATION on:
A

B: IIB
left MAURICE LEONARD Date: 2 August. 1994
Next Review Date: 31 July, 1995

JT DWER(S): DRAWEES):
U .e PROFREL: NAME: COUNTRY:
. Martina Investments Ltd.

KEY FIGURES in into BEF

MARTINA INVESTMENTS LTD B O R R O W E R Date:


efo Credit Suisse Trustees (Guernsey) TNW:
Ltd
3TA.1 P O Box 223, Mtgnot Plateau, TCW:
COUNTRY S t Peter Port, Guernsey,
Channel Islands Total Assets:'
JR -STATUS Private Limited Company
=S*T JLISHED Sales
•*• T ' J SINCE New Curr. Cash Fl:
.OUP G U A R A N T O R Date:
* LENDERS Guinness Mahon TNW:
TCW:.
BUSINESS LINE Property Investment Total Assets:
BORROWER Sales:
CB CODE 9.2 Curr. Cash Fl:

Exchange Rate: IEP1 « BEF49.8775

MMITSINBEF:MIO

..•(standing Granted? Requested Nature c OescriptfonoTtha Credit Maturity


Approved Request u Une»andUntts Date
« - 310 New ,C IEP310,000 TVFloat 28 May 1898
Bilateral
• Bullet
Demand
2 846 New C IEP64S.550 Tl-Float 30 June 1999
Bilateral
Bullet
Demand

T - - 956 GROUP RISK: 956

Note: (IBs exposure to CIBTC/Hamilton Ross related cash backed racltltles excluding the subject proposal Is approx.
G8P21m.
iEJC WRITING AND SUB PA L .C»P ACTIONS N/A
tlSK PARTICIPATION/SUB PARTICIPATION N O
If ^IC REPAYMENT SCHEDULE N/A
HJARANTEES & C O L L A T E R A L •
jES Status
ac 1
:
•Irst fixed charge over 48-49 Upper O'Connell SL, Dublin. IEP350k Proposed.
(cost mid 1983)

Guarantee of Cayman International Bank & Trust Company Lid ("CIBTC*) !EP310k Proposed
upported by. a Hen on an Ok deposit placed with IIB by CIBTC.

Irst d charge over 38 Patrick SL, Cork. IEP665k Proposed


(cost mid 1994)

Sur *ee of CIBTC supported by a Hen on an IEP846k deposit placed with IEP646k Proposed
IB 1. jBTC.
I,
ite. Fixed charges to cover margin exposure.
N G SECURITY REVIEWED AND IN O R D E R N/A
COVENANTS N/A
fERMS A N D CONDITIONS N/A
NTSREST
Period ftppllcstlcn Field
nf Base Marvin CalcMeth.
? acs 1 & 2
3IBOR Amount outstanding/ 1,3,6 months
1% 365 days.
!EgP N/A
tic Currencies-. None
Scheme: N/A
Vvt nty Period: . 30 September 1984'
"*utv .ons: Yes
T: N/A .Tax Credit: N/A T a x Clause:
Irish Jurisdiction: Ireland Grossing up
3
ROFlTABlLrTY
Jsageof thellne: New

Dapftal Adequacy Ratio: 0% Weighting on used portion


0% Weighting on unused portion

Minimum Margin: 35bp


Effective Margin (incl fees) 100bp
Return on equfty N/A
N/A
Return on committed amounts
!nt& Status: N/A Interest Booking: Accrual
r r
tssi • ton:
Low
jvision-exlst: None New Proposed: None
1 UNSHIP
te Contact July 1994 With: Padralg Collery .
rpose Contact T o request facility Role: Consultant to the Borrower'
dllary Business: Deposits, other lending
•OBAL PROFITABILITY: N/A

COMMITMENT N/A

i|Njr»N O N T H E B O R R O W E R N/A

iaf 1 N/A
«• ' **

at JVREHOLDERS
JUS MTLONFLFFIY • " EaiLii
sdR Suisse Trustees (Guernsey) Ltd. . Channel Islands 100%

<ECUT1VE SUMMARY
irpose:

> seek approval to provide new cash becked term facilities to Martina Investments Ltd. ("Martina").
IE! >k. .

aB
• , ry of Borrower
n is a Guernsey - registered private limited company which owns investment properties at
«• . J'Connell Street, Dublin and 38 Patrick Street in Cork. The O'Connell Street properly consists
a ground floor shop with first floor offices let to a newsagents and to Dublin County Council,
artina owns the'property under a long lease and sub lets for a total rental of a IEP32k p.a The
ark property, previously occupied by Aer Lfngus is currently vacant • Martina is beneficially owned
' Michael and Victor Enoch, two directors of Traveiwise, a Dublin travel agent
•tmmarv of Transaction
uinness & Mahon previously provided similar cash-backed facilities to finance the two properties,
jwever it is expected that Guinness & Mahon will be purchased by Irish Permanent Building Society
the near future and we have been requested by Padraig Collery, who acts as consultant to other
ents of IIB to whom we provide similar facilities totalling approximately GBP.21m, to refinance them.

J 3
rcu>..v
j fifty will be secured by the guarantee of CIBTC,- supported by liens over two cash deposits of
L - , Ok and GBP646k placed by CIBTC with IIB. We will also take first fixed charges over the
operties to be financed in Dublin & Cork which were acquired for lEP350k and IEP665k in 1993
id 1994 respectively.

ssessment
v^nroposed facilities will be backed by IEP deposits equal to the facility amounts and we rely on
ash backing for our security rather than on recourse to the borrower or to CIBTC. We have not
)ur • j1 formal valuations of the properties to be charged but are confident that they provide
gnftto«ant additional security for our facilities. The facilities willform part of total cash backed
cilities of approx. GBP22m which produce significant income for IIB at low risk.
Dpr il of the application is recommended.

i, . ,tlsk Factors:

Documentation.

alor Strong Points;


Liens on deposits placed with IIB totalling GBP956k.
First fixed charges over the properties to be financed,
documentation based on solicitor-approved precedents.
Substantial business carried on with CIBTC/Hamilton Ross.

tended by: rl/ftMet


Loan Officer ^^g^^oli'w^ara^8^Ex, #
ipported by . ^JlL, '/L^r'siS^
Deputy Head of Lending C r e d i t Department

AppRQ
'ED
; C I S l O N O F IIB C R E D I T COMMITTEE

tproved by: A1 J 2 J . lu
pPr/su
1
Director
Director 'I

>p No:
•n\Kredietbank for \s[o «
r\

GUINNESS & MA Hfu ?


PRIVATE BANKERS

6hhuohl995

W*PaaINessins
Irish Intercontinental Bask
Menion Square
Dublin 2

1. DcarMrNesrins
. CokeBoQreon " '*:••_.
1
i^T.I Martinaftrvcstmcota frnifc^
TN*|«IM>
paotfmiia We understand that you haws agreed torefinance the borrowings
tna720642 heldfcy'the above company wrth Guinness & Mahon (Ireland)
s&gr Limited subject inter alia, to the receipt by yon of confirmation
oubthtMcumani that we haverecdved from Ansbacher (Cayman) Limited an
exchanges^ instruction to transfer to their account at Irish Intercontinental
Bank Limited, amounts of IR£645,550 and HL£310,000
respectively, We also,understand that it is hoped to complete the
B.«UJ.
»Ur».a-'NoWMOMMwabm
. 183M IrtfUM refinancing oil 6 March. 1995.
^•nmwnl ami? We confirm that wc are in receipt of ah instruction fiom
Ansbacher (Cayman) Ltd. to pay to M& Intercontinental Bank:
J) EEUj545,550 for credit to account Ansbacher (Cayman)
Limited, account number .01/46117/77; and

ii) Et£310,000 for credit to account Ansbacher (Cayman)


Limited, account number 01/46540/77.

We confirm further that subject to Guinness & Mahon (Ireland)


Limited receiving on 6 March 1995 for value 6 March 1995 &oui
Irish. Intercontinental Bank that the amounts of IR£645,550 and
IR£310,000 respectively and 1R£3 9,096,13 fiom Martina
Investments Ltd, being the monies required to redeem infoil the
loans provided to Martina Investments Ltd (as outlined overleaf),
we will pay the requested amounts to you, for same day value, i.e.
6 March 1995. The redemption amounts arc as at closc of
business on 5 March 1995.
r ^

- 2 -

A Lou ]R£310.000.00 ill Lou ®£642,040.00


jatensi icaucd fitftfPOSt fCQVOd
toiMsr. '95 find.) nZ£_JlSt2oil5lMar.'95 mX
JHf.ftOff.n
667,J06,32
m3Z7t$30M
Dally Bate IR£ «2.11 DtOyRite DR. 109.94

We further undertake (hat on receipt of the redemption amounts,


we will release the Mortgages held "by the Dank on the properties
at:
. a) 46/49 O'ConnoU Street, Dublin

.b) 38, Patrick Street, Cork

and will execute such ciocunientatian' as is necessary to


. accomplish this. -

Yours sincerely
for GUINNESS & MAHON (IRELAND) IJMI1ED

93rat227

1 1
To: Irish Intercontinental Basic limited
91 MeirionSquare,
Dublin 2.

Date:^ s ^Lu - \ o - 1994

We Cayman International Bank and Trust Company limited of P.O. Box 887, Grand
Cayman, British West Indies (hereinafter called the "Guarantor") in consideration of
yourfrom time to time making advances to or coming under liabilities or discounting bills
for or otherwise giving credit or granting banking fatalities to or granting time to or on
account of Martina Investments Limited (hereinafter referred to as the "Principal") do
hereby guarantee to and agree with you as follows:
1. The Guarantor will pay you on demardand hereby guarantees the payment to you
on demand of all sums of money which now are or snail hereafter become due to .
youfrom the Principal either alone or in conjunction: with any other corporation or
. corporations person or persons and whether as Principal or Surety and "whether
upon account current or other banking account or accounts or otherwise or in
respect of bills drafts notes or other negotiable instruments made drawn accepted
advised endorsed or paid by you or on your account for die Principal either alone
or in conjunction as aforesaid or which you mayfrom time to time become liable
tojpay in respect of any bills drafts notes letters of credit circular notes or any
other dealing or transaction on account of or for die benefit or accommodation of
the Principal either alone or in conjunction as aforesaid together with all interest
costs commissions and other banking charges and expenses which you may in the
course of your business as bankers charge against die Principal and all costs
charges and expenses which you may incur in enforcing or obtaining payment of
. the sums ofmoney due to youfrom the Principal either alone or in conjunction as '
.. aforesaid or attempting so to do.
2. This guarantee shall continue in force and be' a continuing guarantee to the extent
at any one time of all monies due to .you by the Principal (whether current or
otherwise or subject to notice or not and in whatever currency) in addition to such
further sum for interest and other banking charges and costs and expenses as shall
accrue due to you within six months before or at any time after the date upon
which payment shall be demanded by youfrom the Guarantor or any one or more
of the persons constituting; die Guarantor and shall be applicable to the whole
ultimate balance that may become due to youfrom the Principal either alone or in
. conjunction as aforesaid and not merely to a portion, co-extensive with the amount
of me said limit
3. It shall be lawful for you at any time after notice to determine this guarantee has
been given or after payment of the moneys guaranteed has been demanded of the '
Guarantor to continue any existing or to (men any new account or accounts with
the Principal and no money thereafter paid into such account or accounts shall be
appropriated in discharge of any moneys hereby guaranteed unless expressly
(Erected by the person paying tne same at the time of such payment to be so
appropriated.
4. Where the Guarantor is a firm or otherwise consists of more than one person the
liability of the Guarantor hereunder shall be deemed to be the joint ana several
liability of the parties in the firm or of such persons as aforesaid.
The bankruptcy or insolvency of the Principal shall not affect or determine the
liability of me Guarantor under this guarantee bat such liability shall continue in
full force and effect until you shall have been repaid all moneys doe to you' from
the Principal immediately before the bankruptcy or insolvency of the Principal
All dividends compositions and moneys received by YOUfrom the Principal or
from any other company person or estate capable of being applied by you in
reduction of the indebtedness of the Principal shall Be regarded for all purposes as
payments in gross and you shall be entitled to prove in the bankruptcy of the
Principal should he become bankrupt in respect of the whole of his indebtedness to
you and without any right on die part of the Guarantor to be subrogated to you in
respectof any such proof until you shall have received in the bankruptcy of the
Principal or irom-other sources lOOp in the£.
No assurance security or payment which may be avoided under any enactment
relating to bankruptcy or under Sections 286 and 288 of the Companies Act 1963
or any statutory modification thereof and no release settlement or discharge which
may nave been given or made on die faith of any such assurance securily or
payment shall prejudice or affect your right to recoverfrom die Guarantor to the
rau extent of mis guarantee.
This guarantee and your rights under it will not be affected or prejudiced by your
holding or taking any other or further securities or by your varying releasing or
omitting.or neglecting to enforce any such securities or by your varying or
determining any credit to the Principal or by your renewing bills of exchange
promissory notes or other negotiable instruments or giving time for payment or
granting any other indulgence to or making any other arrangements with or
accepting .any compositionfrom the Principal or any person or persons corporation
or corporations liable on any bills of exchange promissory notes or other -
negotiable instruments or securities held or to be held by you.
You shall be at liberty but not bound to resort for your own benefit to any other
means of payment at any time and in any order you thinkfit without thereby
diminishing the liability of the Guarantor and you may put this'guarantee in force -
either for the payment of the ultimate balance after resorting to other means of
payment or for tne balance due at any time notwithstanding that other means of
payment have not been resorted to and in die latter case without entitling die
Guarantor to any benefit from such.othermeans.of payment so long as any moneys
remain duefrom die Principal to you.
You may at any time (both before and after any demand hereunder and without
prior notice) set off any liability of the Principal to you (whether or not then due
and payable) against any credit balance in account no. 01/46540/77 of the
Guarantor with you (whether current or otherwise or subject to notice or not and in
whatever currency) and may retain the whole or any part of such credit balance to
meet the liability of the Guarantor to you.
In the event of the Principal becoming bankrupt or making any arrangement or
composition with creditors the Guarantor will not prove in competition with you in
any such bankruptcy in respect of the debt duefrom the Principal to you but will
give you the benefit of any proof which the Guarantor may be entitled to make in
respect of any part of such aebt paid byfee Guarantor until you shall have
received the full amount of the debt due to youfrom the Principal.
r
.'/•..•.••A

12. Any accounts settled or stated by or between you and the Principal or on his behalf
may be addrccd by you and shall be accepted by the Guarantor as conclusive

„ / any acknowledgement by
riescence in account or otherwise by or on behalf of the Principal of such
ility shall operate as an acknowledgement of die liability of the Guarantor
according to the terms thereof
•' J. Nothing done or omitted by you inpursuance of airy authority or permission
contained in this guarantee snail affect or discharge die liability of the Guarantor
underit
t . •
'">. This guarantee shall remain infoil force and you shall be entitled to recover
against die Guarantor to the full extent herein mentioned notwithstanding that the
debt of the Principal may have been ultra vires die Principal or that the bonowing
powers of the Principal may have been exceeded or that by reason of any
incapacity or any defect or informality the amount advanced to or the liability of
die Principal cannot be recovered froni or enforced against the Principal
15. The benefit of this guarantee and allrightsconferred upon you hereby may be
assigned to and enforced by any assignee and proceeded on in the same manner to
all intents and purposes as if such assignee had been named herein instead of you.
16. Any notice or demand required to be given or made under this guarantee may be
given or made by leaving the same or sending it through die post in a prepaid
envelope addressed in the case of a notice to oe giventoyou to 91 Mexrion Square
in the City of Dublin andin all other cases to die Company orjperson to or upon
whom the notice or demand is to be given or made at their registered or principal
office or last known place of abode and a notice or demand so given or made shall
be deemed to be given or made on the day it was so left or the day following that
- on which it is posted as-the case may be.

I• 7 As a separate and independent stipulation die Guarantor agrees that any sum or
sums of money intended to be die subject of this guarantee which may not be
legally recoverable from die PrincjpaTwhether by reason of any legal limitation,
disability: infancy or incapacity ofthe Principal or any other fact or circumstance
and whether known to you or not shall nevertheless be recoverable from the
Guarantor as sole or principal debtor in respect-thereof and shall-.be repaid to you
by die Guarantor on demand.
18. If for the purposes of obtaining judgement in any Court it is necessary to convert a
sum due hereunder in one currency (in this clause called die "first currency") into
another currency (in this clause called die "second currency") the rate of exchange
which shall be applied shall be that at which in accordance with die normal
banking procedurest you could purchase the first currency with the second'
currency on the business day preceding that on whichfinal judgement is given and
&e Guarantor's obligation in respect otany such sums duefrom it to you
hereunder shall not withstanding any judgement in the second currency, be
discharged only to the extent that on die business day following receipt by you of
any sum judged to be due hereunder in a second currency you may in accordance
with normalrankingprocedures purchase diefirst currency with the second •
\f currency. If thefirst currency so purchased falls short of the sum originally due to
i you in tnefirst currency the Guarantor agrees that it shall as a separate obligation
and notwithstanding any such judgment indemnify you against such shortfall.
19. Notwithstanding any other provision hereof all amounts payable or expressed to

deposit in Depc
Guarantor with you and shall be recoverable by you onlyfrom and to die extent of
die amount so deposited by die Guarantor with you P R O V I D E D the amounts so
deposited by the Guarantor shall at no time be less than a principal amount of
IEP310,000 together with interest accrued thereon ANT» F T I P T H E R PROVTOTR.N
THAT the Guarantor shall not withdraw any sum so deposited in Deposit Account
y No. 0 l/46540/77with you without your prior written consent
20. This Guarantee shall be governed by the laws of Ireland.

IN WITNESS whereof this Guarantee has been executed the date and. yearfirst herein
•written. ~~~ '

r\
Present when the Common Seal ) • •>.. —• xf
of Cayman International Bank )
and Trust Company Limited )
was affixed hereto:- )
r/Secret^y
08.-03/94 09:33 ©809 ^TO9
9 3287 C.I.B.T.C. ~^ (gjooj

MARTINA INVESTMENTS LIMITED


NOTES T O T H E ACCOUNTS
for iha year ended 5th Apnl. 1993

1. F&nd'Assots

331/3% ofQiacam Partnership fixed assets (asfa tea in the Financial


i- .. Statement of Diacom as at 5.4;93) 223,033

R e d assets as per Prouds Rentals list for Martina Investments U d at


historic cost value 439.463

£662,502

2. J. gap AffWunB ' -:,•

Loan accounts are unsecured, Interest free and unlikety to be repaid In


the foreseeable future.

3. Sh?re Capital
Authorised : 5,000 shares cf£1 each
Issued: : 90S shares of £1 each

4. Capital Rreqrres

33 1/3% Capital account (Otecom Partnership] • ' 333,241

Capita! Reserve brought forward 334,627

£ 667,868

5. Rants Received

Rental Income Prcuds Rentals (as cerfinancial statements of


5.4.33) . 2 6 Z 6 9 2

331/3% rental income Diacom Partnership (as par financial ^


statements of 5.4.33) ' •

£ 313,633

^ •* o
C.I.B.T.C. ©001
Otf•03/94 09:34 rKi 326

5. Faes Rec^p/ahl..

Sundr/ Income Dfacom partnership 33 T/3% 4S9

PrvtitMSKfaugt
j
Profit dua la revaluation of Ifish Punt accounts £ 77.SS0

3- g
Interest teemed Oiacam Partnership 33 J/3% £ 27

9. Property Expenses

Pnwds Rentals 14.517 .

Dfacom Partnefship 331/3% 25. <170

£ 39,987
08/03/04 09:33 ©808 *©b 5287 C.I.B.T.C. ®

MARTINA INVESTMENTS UMfTED


REVENUE ACCOUNT
for (he year ended 5th April, 1993

1993 16J38^3 to 05.04.92


Notes £ £

INCOME

Rents Received 5 313,839 1.463,353


r e e s Received € 499 23.820
PfoRon Exchange 7 77.989 19.575
Bank Interest 8 ' 27 3.487

392,154 1.510.840

EXPENDITURE

Property Expenses 9 39,997 124,406


Secretarial Fees 1,252 11,077
Registered Office Fees 100 575
Legal & Professional Fees 920
Exempt Tax - 500 2.025
Sundry Expenses 71 1,033

41,910 140,036

SURPLUS BEFORE TAXATION. 350,244 1.370,804

TAXATION (67.007) (395,256)

SURPLUS FOR Tl IE YEAR/PERIOD 233,237 9/5,548

BALANCE BROUGHT FORWARD • 1.072,851 97,303

BALANCE CARRIED FORWARD £1,356,088 £1,072,851


00/03/94 08:33 0SO9 3287 C.I.B.T.C.

MARTINA INVESTMENTS LIMITED


BALANCE SHEET
as at 5ih April, 1393

1993 1992 .
Notts
e £ £ £

FtXSO ASSETS 662.503 652.628


CURRENT ASSETS

Loans Accounts 2 1,361,529 1,075,593


Bank Balances sa sa
Debtors and Prepayments 961
935

1.362,548 1,077,592

CURRENT LIABILITIES

Creditors 190 537

NEr CURRENT ASSETS 1,362,353 1.0R7,05S

£2,024.861 £1,739.683

Represented by:

Share Capital 3 905 90S


CaprfcaJ Reserves 4 667, aaa 665,927
Revenue Account 1,356.083 1,072.851

£ 2,024,861 £ 1,739.683

Far MARTINA INVESTMENTS UM1TCD


7
r r
- ct\
. 'Cirsctcr

f~> A
FSO« CITCO <e»l 103.27.'?•» 161 IS HO. T: POSE I

Cayman IntsmaSonai
Bank and Trust
International Company Limited
Trosf Group P.O.00* 887
Grant Cayman
BnSrtWwtWei
Tahptone 809 349 8655
Fete* CP <305
Facstale 809949 <946

Telefax
Fran; J. MaxineEvcrson Rcfna-010 JME/lm

To: Guiness Mahon Ud


Dublin
Attention: France Collins
Fax No: 353-1 6796242
Date; May 27,1994
No. of Pages
including this one): 1

I am in receipt of your fax of May 26th in connection with the loan interest due on May
27th.
I would be grateful if you could send this information to the following address:-
Fraud Rentals,
3 Proud's Lane. Stephen Green W,
Dublin 2, Ireland.
Thank you for your cooperation.

Kind regards.
Youra sincerely,
frnJi I

:
ne Everson

IF YOU HAVE HOT RECEIVED The' ; / _ 4D& / 7r r * **86S5


This holntlh m««$o «ndfcr fa d iron) dtefcav* uixisf
appfcsbb low. Htharoa&rEinottttti ._ isIntend*} ndphrt,
unaulhofijsd uta, dfcdewra, ccpyfrg. t I C.S I KbfaBnyBpyJii
toor, pfoiaa Imrwlsidj'notffy us by »
. (scon 33 pos»4la. Thwl! O O
Vfo^ J
MARTINA INVESTMENTS LIMITED
P.O. Box 887, George Town, Grand Cayman, Cayman Islands British West Indies
Facsimile (809) 949 7946 Telephone (809) 949 8655

27th January, 1997

Our Ref: 6465

The Manager
Irish Intercontinental Bank Limited
91 Merrion Square
Dublin 2
Republic'of Ireland.
Fax 011-3531-678-5034
}'][ Attn: Mr. Aldan Storey

Dear Sir,

We hereby authorise and request you e copy statements and advices on our accounts)
held with yourselves to:-

Prounds Rentals
• • 3 Proud's
St. Stephei
Dublin

Telefax 478 1755


FAO M.T. Conway

You are also authorised to discuss the account with any representative of Proud's Rentals.

This authority does not extend to Pround's Rentals signing any instructions in relation to the • •
account and is purely to enable you to divulge information concerning'the accounts) to Pround's
Rentals.
«

Yours faithfully,
foil Manila Investments Limited

CawsantFumT
Director

cc M.T. Conway 011 3531 478 1551

Registered Office: 7-11 Britannia Place, Bath Stree, St. Hellier, Jersey
/

J. D. Trayncr Esq. 20th May, 1393

Mr. Michael Enoch has a Power of. Attorney from Martina to


close, and has Instructed solicitors* and act for the
company. Proud Rentals in Dublin will manage the property.
Martina wouLd like to borrow from Guinness & Mahon, Dublin
I£310,000 as we have been advised that interest on such
borrowing will be an offset against income for tax purposes.
The terms we would like them to consider are:
1. Term: 5 years - with no principal repayments.
2. Interest: Payable annually.
• i 3. Security; First Mortgage over property purchased.
In addition we are prepared to' place and hypothecate a
...deposit of IE320,000 at an interest rate of £ of 1% less
than the rate on the loan*. ,
As usual, time is tight. If agreed/ would like whilst
documentation is being completed that we give Guinness 7
Mahon the foreign currency to convert into IriBh Founds and
pay to Proud Rentals in chair name for completion, with that
being the date for the origination of the loan if and when
completed.
Proud Rentals banking informatJfA is as follows:
Bank of Ireland
College' Green, Dublin %
Sort
O O f b Code:
U U U t : i 900017
7 U U U J L I

For credit a/c Proud Rentals a/c 59381207


You will ncjte the j of 1%. The client is paying 1%; \ to
Dubliit 1 to us. In all the circumstances we may have to

I
JAC:ee

The information contained in this transmission is confidential and


intended onlv for the use of the individual or entity to whom it is
addressed. If YOU have received this transmission m error, please
notify us immediately and return the original transmission to us.

T
Appendix XV (37) Mr Bernard Etzin
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
Bernard Etzin.

a) Note of telephone attendance of 28 May 2001 - Solicitor to the Inspectors


with Mr Bernard J Etzin.

b) Guinness and Mahon credit committee memo of 1 June 1977.

c) Letter of 22 February 1978 - Guinness and Mahon to JD Traynor.


Appendix XV (37) (1) (a)
Telephone Attendance

Our Ref: C/E07

Date: Wednesday 23 r d May, 2001 at 440pm approx.

With Mr. Bernard J. Etzin

Mr. Etzin telephoned the office this afternoon and would not leave his name.
He asked to speak directly with me and I took the call.

Mr. Etzin identified himself and told me he wasringingme in connection with a


letter that I had written to Mr. Thain Wilbur. He wanted to know why I was
lookingfor him.

I explained to him that I was a Solicitor to the High Court Inspectors appointed to
inquire into the Affairs of Ansbacher (Cayman) Limited in Ireland. I asked him
had he received the Inspectors letter which had beenforwarded to him in
February. He confirmed he had received a letter but had promptly disposed of it
as he did not think he was involved to any extent

He then went on to explain that he did have an account wilh Guinness & Mahon
Limited in Ireland. He told me he was a US citizen and that he had permission to
have an account abroad and not to bring US dollar earnings into the sterling area.

He left Brother International Limited with US $ 1,000,000 million settlement


He contacted Mr. Traynor in connection with this million dollar settlement as he
needed a place to bank the cheque. He asked Des Traynor who was on die
Brother Board to assist him in placing the cheque abroad. He knew he had
connections and Mr. Traynor told him through his connections abroad that he
would be able to bank the money in Cayman.

The settlement was negotiated and agreed apparently in New York where Mr.
Etzin was met by arepresentative whom he described as a junior of a Cayman
Bank who attended a meeting at which he was present and at which die US $
1,000,000 million dollar cheque was drawn on Brother.

He told me that if the cheque had been banked in the Sterling area he was open to
taxation in Dublin as he was resident in London.

He told me that he was dealing with die London and Dublin operations of Brother
and that he had resided in Dublinfor a period of 18 months.
He told me that he was aware that Des Traynor was involved with Chaiies J.
Haughey and that this was the subject of some Tribunal in Ireland. I explained to
him that this was not the Tribunal enquiry. These were Inspectors appointed
under the Irish Companies Act by the Irish High Court to enquire into die
operation of Ansbacher (Cayman) Limited in Ireland

He told me that Des Traynor told him was it was a Canadian Bank and he
couldn't recall it's name but I suggested that perhaps the Bank in question was
called Bank of Nova Scotia and he agreed He told me that this meeting took
place after some prompting in the second half of 1974.

He then went on to explain to me that he had sold hisresidencein London as


parking became untenable. He is now living opposite Dawson Square near the
Thames River at

130 Grosvenor Road,


SW1,
London.

Telephone: 0207 - 6300709


Fax: 0207 - 6306942

I told him that I would have to pass on this information to die Inspectors who
would then consider it and subject to their instructions I would contact him
further.

Mary Cummins,
Solicitor to the Inspectors.
Monday 28 th May, 2001.
Appendix XV (37) (l)(b)
iMn

478: Ceneept PlceHcs Limited:

Amounh •'> £85,000

Purgcse: To meet payment under Letter of Credit £72,150


plus V.A.T. 20% an dellveiy of goodi balance
5 months after

Twin: ^ 28th February, 1978.


V

Bate— Ban Rate plw 3%

DnwdwiK Byway of loan tn the name of above

Security: Guarantee of ft. J. Etzln-


Suitably Secured.
Recommended.

Dated

f
Appendix XV (37) (1) (c)
6U3MNESSrf-MAHOM UD
"G/'-KSlS ^ r. 17CollsgaGratn Dublin2 RG Box 554.telephone:782444
J.D. T^tynor, Esq.
C/o 17. College Grata, 22nd February, 1978
DUBLIH 2.

Dear Sir/taidaa,
Please find listed belov Securities held for your Aoeoont
as at 22nd February, 1973
Ve should be grateful if you would sign the encloeed copy of'*
this letter* confirsxiug that your records are in agreeaent vith ours.

Contd/-—
CONTINUATION S H U T NO 2

Brovn milopi re
Closed whit* envelope Marked
Large white envelope Barked and Btsia"
Closed brova envelope aarked "Ageassent re Oreraeaa Noainees
Copy of Will
Envelope Barked hold for
papers
Cloaed brova envelope aarked

Yours faithfully,
for GUINNESS-fMAHON LIMITED,
Appendix XV (38) Mr Sam Field-Corbett
1. Evidence relied upon by the Inspectors in arriving at the conclusion relating to Mr
Sam Field-Corbett.

a) Transcript of evidence of Mr Sam Field-Corbett dated 30 March 2000.

b) Schedule of names prepared by Padraig Collery.


Appendix XV (38) (1) (a)
PRIVATE EXAMINATION OF MR. SAM FIELD-CORBETT

UNDER OATH

ON THURSDAY, 30TH MARCH 2000

I hereby certify the

following to be a true and

accurate transcript of my

shorthand notes in the

above named interview.

Stenographer
PRESENT

The Inspectors: MR. JUSTICE COSTELLO

MS. MACKEY BL

Solicitor to the Inspectors MS. M. CUMMINS

Interviewee: MR. SAM FIELD-CORBETT

Represented by: MR. RAY FULLHAM SC

Instructed by: MR. EOIN O'CONNOR

EOIN O'CONNOR

NAAS

COUNTY KILDARE
INDEX

WITNESS EXAMINATION PAGE

MR. S. FlELD-CORBETT MR. JUSTICE COSTELLO 6 - 1 3


1 THE EXAMINATION COMMENCED, AS FOLLOWS, ON THURSDAY,

2 30TH MARCH 2000

4 MR. JUSTICE COSTELLO: Mr. Field-Corbett, we

5 will start our interview

6 then.

7 MR. FULLHAM: Before you start Judge.

8 MR. JUSTICE COSTELLO: Yes?

9 MR. FULLHAM: Could I just say for the

10 record that we are not

11 here voluntarily.

12 MR. JUSTICE COSTELLO: Yes.

13 MR. FULLHAM: We are here

14 under compulsion.

15 MR. JUSTICE COSTELLO: We perfectly understand.

16 I understand that.

17 MR. FULLHAM: And you understand that.

18 MR. JUSTICE COSTELLO: Yes.

19 MR. FULLHAM: Thank you.

20 MR. JUSTICE COSTELLO: Mr. Field-Corbett, I am

21 sure your counsel and

22 your solicitor have explained to you that this is

23 not a Court and it is not a Tribunal.

24 MR. FIELD-CORBETT: Yes.

25 MR. JUSTICE COSTELLO: It is an investigation. I

26 have been appointed by

27 The High Court and my colleague Ms. Mackey on my

28 right has also been appointed. We are the

29 Inspectors.

4
1 MR. FIELD-CORBETT: Yes.

2 MR. JUSTICE COSTELLO: If during the course of

3 the interview you wish to

4 consult with your counsel or solicitor please tell

5 me so and we will stop our questions.

6 MR. FIELD-CORBETT: Yes

7 MR. JUSTICE COSTELLO: And if during the course

8 of the interview either

9 your solicitor or counsel wish to consult with you,

10 they are at liberty to tell me so and we will stop

11 our questions.

12 MR. FIELD-CORBETT: Okay.

13 MR. JUSTICE COSTELLO: Mr. Field-Corbett, this is

14 under oath and I will ask

15 our solicitor, Ms. Cummins, now to administer the

16 oath to you.

17

18

19

20

21

22

23

24

25

26

27

28

29

5
1 MR. SAM FIELD-CORBETT, HAVING BEEN SWORN, WAS

2 EXAMINED AS FOLLOWS BY MR. JUSTICE COSTELLO

4 1 Q. MR. JUSTICE COSTELLO: Mr. Field-Corbett, we did

5 ask you for a full a

6 detailed statement?

7 A. Yes.

8 2 Q. Of your dealings with the company and you did not

9 give it to us?

10 A. No.

11 3 Q. I take it that you have been advised by your counsel

12 and solicitor that you are required under Statute to

13 cooperate with us and give us your assistance?

14 A. Well, I intend to give every assistance.

15 4 Q. You will?

16 A. Yes.

17 5 Q. Very well?

18 A. Yes.

19 6 Q. I just want to get that clear?

20 A. Yes.

21 7 Q. You will assist us now?

22 A. I will assist you.

23 8 Q. To the best of your ability?

24 A. Yes, yes.

25 9 Q. We are concerned today Mr. Field-Corbett just with

26 your own involvement with the company called, which

27 is now called, "Ansbacher"?

28 A. Yes.

29 10 Q. It is about that that I want to ask you?

6
1 A. Okay.

2 11 Q. Perhaps, the simplest thing might be if we went and

3 looked at Appendix C of this letter we sent you?

4 A. Yes.

5 12 Q. It is page 8, I think, and we set out the statement

6 that we asked for. If you turn over the page then

7 you will see the part of page 9 that is headed

8 "Cayman Island Trusts and Trust companies"?

9 A. Yes.

10 13 Q. We asked you did you cause to be executed a deed of

11 trust in the Cayman Islands. What is the answer to

12 that?

13 A. Yes.

14 14 Q. The name of the company, the name of the trust was?

15 A. Auckland Trust.

16 15 Q. There was a company associated with it?

17 A. Auckland Investments.

18 16 Q. Investments?

19 A. Yes.

20 17 Q. What year did you set that up?

21 A. I think it was the late 1980's.

22 18 Q. Have you made enquiries about this?

23 A. I have but I had difficulty in getting the

24 documentation. The trust was set up by Mr. Traynor.

25 19 Q. Yes?

26 A. And he set up that whole structure.

27 20 Q. Yes?

28 A. And the relationship between Mr. Traynor and I was

29 as such that there was no documents between us.

7
1 21 Q. Yes?

2 A. I took his word that things were done.

3 22 Q. I am just wondering why you think it was the

4 late 1980s? Do you not think it was earlier?

5 A. I can't absolutely be sure, yes.

6 23 Q. You see, as I understand the evidence that you give

7 to the Moriarty Tribunal, Mr. Traynor had talked to

8 you about the possibility of so doing it in the

9 late 1970s and early 1980s?

10 A. Yes, that is correct.

11 24 Q. Was there...(INTERJECTION)?

12 A. I ... (INTERJECTION) .

13 25 Q. An interval of time had elapsed before his first

14 talk to you?

15 A. Certainly in the mid 1970s I didn't have any reason

16 for having such an account.

17 26 Q. Yes?

18 A. Because I had just started up in business.

19 27 Q. Yes?

20 A. And I hadn't...(INTERJECTION).

21 28 Q. It was then when you financially felt that you

22 should avail of this offer that you took it up, is

23 that it?

24 A. That is correct, yes.

25 29 Q. You think this was the late 1980s?

26 A. Well, it would be the mid 1980s.

27 30 Q. The mid 1980s?

28 A. Yes.

29 31 Q. Yes. Well...(INTERJECTION)?

8
1 A. I am sorry I can't be :more: specific in relation to

2 the dates.

3 MR. FULLHAM: Perhaps, Judge, if you

4 could refresh his

5 memory by reference to his evidence to the

6 Moriarty Tribunal?

7 MR. JUSTICE COSTELLO: No, it is all right. He

8 is giving evidence to me

9 here now today.

10 MR. FULLHAM: That is fine.

11 MR. JUSTICE COSTELLO: Yes. If he cannot

12 remember he cannot

13 remember, in detail.

14 MR. FULLHAM: Yes .

15 32 Q. MR. JUSTICE COSTELLO: You think it was the

16 early 1980s?

17 A. I . . . (INTERJECTION) .

18 33 Q. Sorry, middle 1980s?

19 A. Yes, mid 1980s, yes.

20 34 Q. Mr. Field-Corbett, you left it all to Mr. Traynor?

21 A. That is correct.

22 35 Q. To establish?

23 A. Yes .

24 36 Q. Have you made enquiries in. the Cayman Islands about

25 this at all?

26 A. After Mr. Traynor's death, right.

27 37 Q. Yes?

28 A. I was unsure that the arrangement, the companies,

29 were still there and I rang a Mr. Benjamin to


1 enquire and he informed me that the company had been

2 struck off and I asked him to get it reinstated.

3 That is the enquiries that I would have made and he

4 subsequently confirmed, when I rang him back he

5 subsequently confirmed, that the company was

6 reinstated.

7 38 Q. Are you sure that was after Mr. Traynor's death?

8 A. Yes .

9 39 Q. My recollection is that you informed the

10 Moriarty Tribunal that that was in about 1988?

11 A. That is not my recollection.

12 40 Q. Maybe I have got it wrong. Maybe I am wrong. It

13 was after Mr. Traynor's death?

14 A. Yes .

15 41 Q. After Mr. Traynor's death, I think, Mr. Collery went

16 to the Cayman?

17 A. He did, yes.

18 42 Q. And came back to you and gave you an account, did

19 he?

20 A. Correct.

21 43 Q. Mr. Field-Corbett, am I correct in saying that you

22 understood completely what was involved in

23 establishing this trust? You did not sign the

24 document?

25 A. No, no.

26 44 Q. You knew that somebody such as Mr. Furze or somebody

27 like that?

28 A. Yes .

29 45 Q. Would actually be doing the trust?


1 A. Doing it, yes.

2 46 Q. You would then transfer funds to the trust, is

3 that right?

4 A. Yes.

5 47 Q. Did you understand then that the trust would lend

6 money to the company that was being established?

7 A. Yes, yes.

8 48 Q. Auckland Investments?

9 A. That is right, yes.

10 49 Q. Did you understand about the coded accounts system

11 that was being operated in the Bank?

12 A. To myself.

13 50 Q. Yes?

14 A. To my own position.

15 51 Q. Yes. Only to yourself?

16 A. Yes.

17 52 Q. In relation to yourself there was a coded account?

18 A. That is correct.

19 53 Q. You would be entitled to lodge, add, money to the

20 account?

21 A. Yes.

22 54 Q. And withdraw?

23 A. Yes.

24 55 Q. You did add money from time to time?

25 A. I did.

26 56 Q. And you did withdraw from time to time?

27 A. I did.

28 57 Q. I think you used the account also for the purpose of

29 using it as cash basis for security for loans?

11
1 A. That is correct.

2 58 Q. I see?

3 A. If I may just expand.

4 59 Q. Yes?

5 A. On that particular aspect of the thing.

6 60 Q. Yes?

7 A. That my recollection is that I approached IIB. We

8 had bought a premises in South Circular Road, a

9 group of us, and I approached IIB for a loan.

10 61 Q. Yes?

11 A. And they refused.

12 62 Q. Yes?

13 A. They maintained that the amount involved was too

14 small for them in the ordinary course of their

15 business.

16 63 Q. Yes?

17 A. And I then said if it was cash backed would they do

18 the loan and they said yes.

19 64 Q. Yes?

20 A. So, it wasn't a question of the normal back to back.

21 I had to back it because they wouldn't give us the

22 loan.

23 65 Q. Yes?

24 A. Up front.

25 66 Q. Yes. However, the point is that you used the

26 deposit that was in the name of "Ansbacher" as

27 security for the loan?

28 A. Yes -- well, Mr. Traynor organised.

29 67 Q. Mr. Traynor organised it?

12
1 A. I don't know what name it was actually in.

2 68 Q. Yes. You are aware that that money that you had put

3 in the trust was on deposit, is that right?

4 A. That is correct, yes.

5 69 Q. You knew that it was earning interest?

6 A. Yes, I did.

7 70 Q. Would I be correct in saying that you did not return

8 the interest in your tax?

9 A. No.

10 71 Q. I think that is all we need to ask you

11 Mr. Field-Corbett today. We may have to ask you to

12 come back to give us further assistance at a later

13 date?

14 A. Okay.

15 72 Q. However, we will let you know if that is so?

16 A. Okay.

17 73 Q. Thank you.

18 A. Okay. Thank you.

19 MR. FULLHAM: Thank you.

20

21 THE EXAMINATION WAS THEN CONCLUDED

22

23

24

25

26

27

28

29

13
Appendix XV (38) (1) (b)
)