Businessman Illann Power has been accused of submitting a false financial report from an “internationally renowned” auditing firm to the Companies Registration Office (CRO).
Mr Power (30), from Co Carlow, was charged following an investigation by the Corporate Enforcement Authority (CEA). His case resumed before Judge Bryan Smyth at Dublin District Court on Friday.
Outlining the allegations, Eoin Lawlor, prosecuting, said the charges related to accounts submitted to Companies Office for three years, from 2014 to 2017, for Dublin Distillers, of which Mr Power was a director. The accounts purported to be audited by “an internationally renowned auditing firm” with a report. However, that firm did not provide the report.
Counsel added that it was not suggested any loss occurred or that there was any fraud beyond that.
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Judge Smyth accepted jurisdiction for the case to be dealt with in the District Court. Mr Power has yet to indicate a plea.
His solicitor Niall Walsh said the defence was reserving its position, and he sought an adjournment to take advice from counsel. He expected progress in three or four weeks.
Judge Smyth remanded Mr Power on continuing bail to appear again on March 16th to enter a plea or to have a future hearing date set if he intends to contest the case.
Mr Power was previously a founder of spirits company Incubrands, which was subsequently acquired by Bacardi. He later co-created Nohovation, a start-up venture fund and investment firm Illann Power Companies.
He faces three charges of providing false information contrary to Section 876 of the Companies Act 2014, knowingly or recklessly furnishing false information to an electronic filing agent. The charges follow an investigation by the CEA into Dublin Distillers & Co Teoranta about filing allegedly false B1 Annual Returns with the CRO.
Mr Power had initially been granted bail with strict conditions, including signing on daily at a local Garda station and surrendering his travel documents. However, those conditions were later relaxed to allow Mr Power to work in the United States after he had been offered a job there, earning an annual $250,000 (€233,800). He was allowed the return of his passport and green card and permitted to move to the US.
His solicitor said his client had every intention of returning to Ireland to face the charges.
