#SwissLeaks: Irish businessman fined by Revenue after bank account details leaked
A businessman in Co Kerry had a “preoccupation” with the risk of his Swiss bank account being detected by the Revenue Commissioners.
But office supply business owner John Cashell was reassured by HSBC there was no risk of this happening.
As a result of the leak of the Swiss bank account details, Mr Cashell was prosecuted by Revenue when he was found to have almost €800,000 in foreign bank accounts.
The Swiss leaks reveals an HSBC employee wrote a note in the file of Mr Cashell saying: “His preoccupation is with the risk of disclosure to the Irish authorities. Once again I endeavoured to reassure him that there is no risk of that happening.”
But Mr Cashell’s accounts were uncovered on foot of a Revenue investigation and a European tip-off.
In 2010, as part of mutual legal assistance from the French authorities, Revenue became aware of a Swiss bank account held by Mr Cashell and a search under warrant unearthed Isle of Man accounts.
Mr Cashell was not available for comment last night.
The businessman, 59, of Stacks Mountain, Kilflynn, Co Kerry, had been a director of Radley Cashell Business Systems Ltd at Rock Street, Tralee.
Last year at the Circuit Court in Tralee, he pleaded guilty in relation to three counts of incorrect income tax returns, in 2001, 2002 and 2003, with regard to undeclared interest on these accounts.
He was fined €25,000. He also made a €102,000 tax settlement – €29,000 was tax and the rest interest and penalties.
The case centred on the Isle of Man and subsequently in Switzerland and the banks included the former Close Bank, AIB and Irish Permanent.
In May 2003, €529,000 had been transferred from the Isle of Man to a Swiss bank when Close Bank closed.
Revenue had conducted investigations in the Isle of Man, as well as at Mr Cashell’s home, under warrant in 2011.
The court heard Mr Cashell had already been found to have six domestic “bogus non-resident accounts” in AIB in October of 2002 following a previous an investigation by Revenue.
He had not availed of the amnesty offered in 2001 in relation to these kind of accounts and had paid €250,000 in settlement. He had his name published on foot of a Revenue investigation.
Mr Cashell’s returns made no reference to the €798,000 in foreign banks in his returns of income.