Tuesday 25 October 2016

Court forces father and son to forfeit hundreds of thousands of euro to the state in CAB case

Tim Healy

Published 15/01/2013 | 16:22

HUNDREDS of thousands of euro held in a father and son's bank accounts which were frozen under proceeds of crime legislation are to go to the State, the High Court heard.

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Myles Connors senior (73) and Myles Connors junior (48), both of Belgard Heights, Tallaght, Dublin, held the accounts in Permanent TSB, Old Bawn, Tallaght, which were frozen following a court application three years ago by the Criminal Assets Bureau (CAB) under the Proceeds of Crime Act 1996.

Mr Justice Kevin Feeney yesterday made orders, on consent between CAB and Mr Connors senior, unfreezing two accounts he held containing more than €171,000.

Mr Connors senior had agreed to the appointment of CAB legal officer Declan O'Reilly as receiver over the monies and to transferring the bulk of them to the Minister for Finance, Grainne O'Neill BL, for CAB, told the court.

A sum of €20,000 is to be paid out to Mr Connors, whose wife Ann died in 2011 and who had been a joint holder of the accounts. Similar proceedings against her were struck out yesterday and it is believed the €20,000 is to go towards her funeral expenses. Another €5,000 is to be used from the monies to pay Mr Connor's accountant's fees under the consent agreement, the court also heard.

Mr Justice Feeney was also told Myles junior, who is believed to be living in England at the moment, held €111,681 in a deposit account in the same bank branch as of July 2010. He had discharged his solicitors and was not present in court although he was aware of yesterday's hearing, Ms O'Neill said.

CAB was seeking similar unfreezing orders in relation to that money so that it could be used to partly discharge a €1.3m tax bill raised against Myles junior, she said.

The tax assessment covered the years 1999 to 2009 and included €734,985 in interest accrued over that ten-year period along with around €225,000 in capital gains tax, the judge was told by a CAB revenue official, whose identity must be kept anonymous by order of the court.

Mr Justice Feeney vacated the freezing order and ordered the money be used towards meeting the tax demand on Myles junior.

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