Thursday 21 June 2018

Accountant says Lowry told him payment date was wrong by four years

Michael Lowry denies four charges of filing incorrect tax returns. Picture: Collins
Michael Lowry denies four charges of filing incorrect tax returns. Picture: Collins

Tim Healy

The accountant who was in charge of a 2007 audit on Michael Lowry's company has said the TD informed him in 2013 that a 2006 payment should actually have been processed four years earlier.

Neale O'Hanlon, who was working for BBT, told Dublin Circuit Criminal Court that he received a letter signed by Mr Lowry in January 2007 instructing him to account for €372,000, a commission received from a Finnish refrigeration firm, in the 2006 accounts.

The letter stated that while the money was paid directly to Mr Lowry, it was properly due to the company and therefore should be reflected in the 2006 accounts. It instructed Mr O'Hanlon to set the payment against the director's loan.

Mr O'Hanlon said the firm adjusted the accounts.

Mr O'Hanlon was referred to a prepayments lead schedule and agreed that a figure of €372,000 written into the document was in his handwriting. "It looks like it, yes," Mr O'Hanlon said.

He agreed that he met with Mr Lowry in 2013 after an investigation had been launched that March and said the TD informed him that the €372,000 was a 2002 transaction.

Mr Lowry (64), of Glenreigh, Holycross, Co Tipperary, has denied four charges of filing incorrect tax returns between August 2002 and August 2007 in relation to £248,624 received by his company, Garuda Ltd, and one charge in relation to failing to keep a proper set of accounts between August 28, 2002 and August 3, 2007.

He further denied on behalf of Garuda Ltd three similar charges over the company's tax affairs and one charge of failing to keep a proper set of accounts.

The trial continues.

Irish Independent

Editor's Choice

Also in Irish News