The Revenue is conducting an inquiry into C Clifford & Sons, a Tralee, Co Kerry, wholesale business associated with a businessman named in the Ansbacher Report.
The company's accounts for the year to January 31st, 2003, filed recently, show the company made a profit of €231,700. No dividend was paid and the company's accumulated profits at the year's end were €1.5 million. The latest annual return shows that the directors of the company during the financial year were Mr Peter Clifford (37) and Mr Thomas Clifford (79), both of Tralee.
The company employed two managers, seven administrative staff and 56 sales staff during the financial year.
Aggregated payroll costs were €879,949. Directors' remuneration was €172,875.
The notes to the company's accounts state that it has been informed by the Revenue that an inquiry has begun into the firm's tax affairs.
"While the financial implications, if any, for the company cannot be ascertained with certainty until the Revenue has completed their inquiry, the directors are of the opinion that no provision is required in the financial statements for additional taxation liabilities as a result of this matter."
According to the Ansbacher inspectors' report, Mr Thomas Clifford became a client of Ansbacher by way of the former Haughey Boland accountant Mr Jack Stakelum. His brother, the late Mr William Clifford, and his sister, Ms Margaret Clifford, were also named in the report.
The two brothers and sister were all involved in Princes Investments Ltd, a company involved in running the Brandon Hotel in Tralee. The firm had a loan from Guinness & Mahon bank, which may have been secured by money in the Ansbacher deposits. Mr Thomas Clifford had money on deposit by way of Mr Stakelum, although he may not have had an exact knowledge as to where the funds were on deposit, according to the report.
The Cliffords' partner in the hotel venture was property developer Mr John Byrne, who was also named in the Ansbacher report. Mr Byrne was described in the High Court at the time of the inspectors' appointment as a significant client in the Ansbacher system.
