CAB gets control of IRA man's assets over €2.5m debt
Published 01/03/2011 | 05:00
THE Criminal Assets Bureau (CAB) is to take control of the finances of a convicted IRA terrorist who owes the agency more than €2.5m.
The bank accounts and property portfolio of John Noonan, who acted as a bodyguard for U2, will now fall under the control of CAB after the former Provo was made bankrupt.
Noonan, a former adjutant officer of the Provisional IRA's Dublin brigade in the 1980s, asked the High Court to make him a bankrupt last year after a failed tax appeal against CAB.
But Mr Noonan "refused to engage in a meaningful manner" with a court-appointed bankruptcy official about his CAB debts and yesterday lawyer Frank Cassidy, the bureau's legal officer, was appointed as trustee over Mr Noonan's estate.
All of Mr Noonan's property and assets will now be taken over by Mr Cassidy and may be sold to recoup money for the CAB and other creditors.
Mr Cassidy said in court filings that Mr Noonan admitted during his failed tax appeal that he was a senior member of the republican movement until 2004 and had a bank account under the name of Peter Simpson which was operated for the republican movement.
Tax assessments for the years 1996 to 2005 were raised against Mr Noonan, with debts owed to Cab of some €2.55m.
Another €500,000 is owed to creditors, including Bank of Scotland and Tallaght West Credit Union.
Mr Noonan's tax debts related to tax from illegal sources or sources unknown to the tax inspector, according to the CAB.
Mr Noonan, who attended the High Court yesterday, appealed his assessments and his challenge was heard by the Appeal Commissioners in July 2008.
During the appeal, Mr Noonan, previously jailed for five years for firearms offences at the Maze Prison, confirmed he operated a bank account for the republican movement.
The security company he works for -- Strand Security Services Limited (SSS) -- has been highly successful in the film and music industry.