Chairman of CRH denies wrongdoing over Ansbacher

The chairman of CRH, Mr Tony Barry, has said he transferred funds into a trust account managed by Ansbacher or a connected company…

The chairman of CRH, Mr Tony Barry, has said he transferred funds into a trust account managed by Ansbacher or a connected company, Hamilton Ross.

Mr Barry, CRH chief executive in 1987, said the money was transferred to the accounts between 1989 and 1995 for the ultimate benefit of two of his adult children, who were living and working outside the State at the time.

"The source of these funds was fully-disclosed after-tax income," he said yesterday, in a statement.

An affidavit read to the High Court on Wednesday said eight of CRH's 15 directors in 1987 were beneficiaries of Ansbacher accounts.

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In a statement, Mr Barry said he disclosed all facts relating to the trust to the Moriarty tribunal and to the Revenue Commissioners. "The matter was fully dealt with, I believe, to the satisfaction of all concerned. I will similarly co-operate with any future investigation."

Three other serving directors, who were also members of the board in 1987, yesterday denied holding Ansbacher accounts. Chief executive Mr Don Godson, finance director Mr Harry Sheridan and non-executive director Mr Jack Hayes each said they had "no knowledge" of the secretive system.

Three members of CRH's board in 1987 are now known to have held funds in the Ansbacher system. They are Mr Barry, his former board colleague Dr Michael Dargan and the late Mr Des Traynor, who set up and managed the system for over 20 years.

In a statement yesterday, Dr Dargan said he had already given extensive evidence to the Moriarty tribunal in relation to his contacts with Ansbacher. These were concerned with international money transfers on transactions related to thoroughbred horses, said Dr Dargan, a former director of Goffs Bloodstock Sales.

"I have had no interest in or knowledge of any of the types of accounts that are being discussed in public at the moment. This would have been clear from my evidence at the tribunal," he said.

Two former board members have refused to comment when asked by The Irish Times if they were Ansbacher account holders. They are a former Irish Life chief executive Mr Bob Willis and Mr Gerry Hickey, who was also a director of New Ireland Assurance.

Six members of CRH's board in 1987 have now denied holding money in the Ansbacher system. In addition to Mr Godson, Mr Sheridan and Mr Hayes; they are Dr Bill Murray, Mr Donal Roche and Mr Richard Wood.

Mr Jim Culliton, a board member in 1987, has not responded to questions from The Irish Times. E Authority. He is also a former Allied Irish Bank chairman. Mr Culliton also chaired a group which developed an industrial strategy for the State in 1992.

Mr Paddy Dempsey, also a board member in 1987, was not available to comment yesterday, due to a family bereavement.

Another 1987 director, Dr G Valkier, is no longer resident in the State and could not be reached yesterday. Mr Diarmuid Quirke, also a director 1987, is deceased.

CRH, one of the State's largest companies, has yet to hold a board meeting, formal or informal, since the High Court appointed three inspectors to inquire into the activities of Ansbacher (Cayman) Ltd, a spokesman said yesterday.

Arthur Beesley

Arthur Beesley

Arthur Beesley is Current Affairs Editor of The Irish Times