Four former directors of AIB Bank have been named on the Revenue's latest quarterly list of tax defaulters.
The four were the subject of Revenue investigations into offshore investment company Faldor. They are listed as having made settlements of between €13,000 and €206,010 in tax, interest and penalties between the start of October and the end of December last year.
The four are former AIB chief executive Gerry Scanlan, who settled for €206,010, Roy Douglas who settled for €53,259.43, Diarmuid Moore who paid €51,044 and Patrick Dowling, now deceased, who is listed as settling for €13,000.
The bank discovered in 2003 that a number of senior executives in the early 1990s had an investment account with AIB investment managers (AIBIM) by way of a British Virgin Islands company called Faldor Ltd.
Revenue investigations yielded a total of more than €125 million in tax, interest and penalties during the three-month period. Details of 148 defaulters who settled liabilities worth €28.11 million were published.
This figure is broken down by 64 settlements totalling €11.83 million relating to bogus non-resident account holders, one settlement totalling €0.30 million relating to an Ansbacher account holder, 31 settlements totalling €10.10 million relating to offshore funds, three settlements totalling €1.64 million relating to NIB investigations and one settlement totalling €0.02 million relating to Revenue's single-premium insurance product investigation.
Sixty settlements were for amounts exceeding €100,000, 13 exceeded €500,000 and five exceeded €1,000,000.
These included retired company director Michael J. Costello from Piltown Road, Bettystown, Co Meath, who settled for €2,235,530. He was on the list for under-declaration of income tax and Vat, and as part of Revenue investigations into offshore assets and bogus non-resident accounts.
Another company director, Richard Strang, of Waterford Road, Clonmel, settled for €1,950,000 in tax and penalties, while Strang Motors made a separate €400,000 settlement.
Patrick Walsh of 173, Charlotte Quay, Dublin, a retired director and landlord, settled with Revenue for €1,859,921.90, while farmer Christopher Murtagh (deceased) from Mullingar made a payment of 1,303,000 to Revenue. Peter Henry, of Riverside, Sligo, a company director, made a settlement of €1,265,520.
The published settlements reflect only a portion of Revenue audits and investigations concluded in the three-month period to December 31st last. The total yield from Revenue audit and investigation programmes in the period was €125.26 million.
