The court case to decide whether confidential financial information should be given to the inspectors investigating the Ansbacher deposits has been adjourned until Tuesday.
The hearing before the Chief Justice of the Cayman Islands, the Hon. Mr Justice Anthony Smellie, began on Monday and was scheduled to last three days, with the chief justice to write up his judgment yesterday. However, the case, which involves Ansbacher bank in the Cayman Islands; three objectors; the Irish inspectors; and the islands' Attorney General, Mr David Ballantyne, has lasted longer than expected.
The case is now scheduled to resume next Tuesday but even if it ends that day, the chief justice is likely to reserve his decision. It is expected that he will try to issue an early judgment but the process could take up to two weeks. The case is being heard in camera and the reason it has lasted longer than scheduled is not clear, though it may be because of the number of objectors involved, which has surprised some parties.
It is understood that if the chief justice wants to make the judgment public, he must first obtain the permission of the parties involved. These include Irish inspector, Mr Michael Cush SC, who has travelled to the Cayman Islands for the case. He is represented by a Cayman firm of solicitors, Quin & Hampson, and a London-based barrister, Mr Anthony Bueno QC.
Ansbacher Cayman has made an application to the court for sanction under the Cayman secrecy law, the Confidential Relations (Preservation) Law, to divulge information to the Irish High Court inspectors. The objectors are arguing that the law does not allow for the disclosure of information in the circumstances. The Attorney General is present as "a friend of the court" and may give opinion on a number of matters including public policy. It is not known what arguments have been made in the court.
Two of the three objectors are known. They are Hamilton Ross Co Ltd and Poinciana Fund Ltd, two Cayman trust companies formerly run by the late Cayman banker, Mr John Furze. The companies provided services to a number of Irish clients, among them Mr Charles Haughey and Fianna Fail TD Mr Denis Foley. The identity of the third objector is not known but it is likely to be a Cayman-registered company objecting on behalf of clients or former clients of Ansbacher.
The decision of the Cayman bank to seek permission to hand over information is a reversal of policy and comes after pressure from its London parent and from the South African-based Firstrand group, which owns the Ansbacher group. Irish clients who used the Cayman bank's services were assured when setting up their accounts or trusts that their affairs would be treated with the utmost confidentiality.
