A coach business operator has told the High Court he invested money held by him in a series of undeclared bank accounts in a CMI personal portfolio after being put in touch with Ms Beverley Cooper-Flynn by National Irish Bank.
Mr Sean Roe (44) from Shercock, Co Cavan, said he had made "a fair bit of money" dealing in old cars and engines from the time he left school up to the early 1990s. He had put this undeclared money in different accounts with several financial institutions.
Mr Roe was giving evidence on the 13th day of the action by Ms Cooper-Flynn against RTE; journalist Charlie Bird; and a retired farmer, Mr James Howard, of Wheaton Hall, Drogheda, Co Louth.
The Co Mayo Fianna Fail TD claims she was libelled in RTE broadcasts in June/July 1998 and that the words used meant she had instigated a scheme intended as a means to evade the lawful payment of tax. The defence denies the claims.
In court yesterday, Mr Roe said he lodged money in seven accounts with five financial institutions. He told the management of the NIB branch in Shercock that he wanted his situation "tidied up" and they put him in touch with Ms Cooper-Flynn.
In a number of meetings with Ms Cooper-Flynn in 1992 and 1993 he told her of his "problem" and she suggested the money be invested in a CMI offshore investment. He said she told him the Revenue would never find out about it, that his investment would be safe. He said she also told him politicians and judges had been involved and there was no reason to worry.
The tax amnesty was going on at the time and he thought of clearing things up properly, but he was so happy with what Ms Cooper-Flynn was going to do for him that he did not go for the amnesty, Mr Roe said.
He had mentioned the amnesty but she remarked that he worked so hard for his money there was no point in giving it away, he said. Mr Roe told Mr Maurice Collins, for RTE, safety was his main concern, that the taxman would not get his money.
He did not recall being urged to seek tax advice by Ms Cooper-Flynn. If he was, it would have gone in one ear and out the other because he was not interested in paying tax, he said.
He said she told him that in the event of his death there would be no tax implications and his money would go directly to his family. The most important thing to him was that his money would go to the Isle of Man into an offshore account and, when it was reinvested in NIB, it would go into a numbered account and would not be in his name.
He has settled his affairs with the Revenue Commissioners in regard to his CMI investment. This settlement in July 1999 was for a substantial sum of money and came after he made a voluntary declaration.
Earlier, Ms Joy Hawe, a retired boutique owner who said she participated in an offshore investment policy arranged by Ms Cooper-Flynn, said she had settled her tax affairs with the Revenue for almost £37,000.
Ms Hawe, of Dublin Road, Monaghan, had owned boutiques in Monaghan and Enniskillen for 35 years. She said she first met Ms Cooper-Flynn in 1992 and she told her about an investment, the CMI Personal Portfolio.
She said Ms Cooper-Flynn said it would be in the Isle of Man, was completely watertight and not even the Revenue would gain access to it.
The hearing continues today.