Investment vehicle: Faldor Ltd, the British Virgin Islands (BVI) company that was used by five former senior executives of AIB, was struck off the BVI register of companies in November 1997 for the non-payment of fees.
The company was established in January 1989 and had a registered office at P.O. Box 438, Road Town, Tortola, BVI.
In its statement on Thursday, AIB said Faldor had been a client of AIB Investment Managers Ltd between 1989 and 1996.
All of the available details on the company were faxed to The Irish Times by the Registrar of Companies in Tortola yesterday.
However, under BVI's International Business Companies Act, companies such as Faldor are not required to file information on directors, shareholders or owners of a company.
"All corporate details are maintained by the local registered agent who provides administration for the company."Faldor's registered agent was given as PMM Services (BVI) Ltd.
A spokeswoman at that company's offices said it was part of the global trust and fiduciary services group Equity Trust, and that the only publicly available details on Faldor were those available from the BVI Registrar of Companies.
The first object of the company, according to its memorandum of association, was to "buy, sell, underwrite, invest in, exchange or otherwise acquire" and hold, stocks, options, commodities and a long list of other assets.
Further objects included borrowing or raising money, guaranteeing loans and lending money, and "to engage in any other business or businesses whatsoever", which was not prohibited by the laws of the BVI, according to the memorandum
The authorised share capital of the company was $50,000 (€41,000) divided into 50,000 $1 shares.
The company's articles of association stated that the company's directors could convene a meeting "at such times and in such manner and places as the directors consider necessary or desirable".
At every meeting of the directors, the directors present should select the chairman for that meeting from the attendance, according to the articles.
The books, records and minutes of meetings of directors were to be kept at the company's registered office.
