Friday 19 October 2018

Revenue at a loss of €5,541, Lowry trial hears

Michael Lowry outside court Photo: Gareth Chaney
Michael Lowry outside court Photo: Gareth Chaney

Sonya McLean

A jury has heard that Revenue was at a loss of €5,541 when a company owned by Independent TD Michael Lowry received a payment in 2002 but only accounted for it in 2006.

Dublin Circuit Criminal Court heard a final figure of €29,000, including penalties and fines, was deemed due by Revenue and this was paid by Mr Lowry's company, Garuda Ltd, in 2013.

The State's alleges Garuda Ltd received stg£248,624 in commission from Norpe OY, a refrigeration company in Finland, in August 2002.

It is alleged Mr Lowry arranged for this payment to be made to a third party, residing in the Isle of Man, and therefore it didn't appear in the company accounts for that year, nor did he declare it as income.

It is further alleged the accounts were then falsified in 2007 to reflect the payment was received in 2006.

The jury has already seen a letter signed by Mr Lowry and addressed to Neale O'Hanlon, a partner in the accounting firm employed by Garuda. It stated that while the payment from Norpe OY was paid directly to Mr Lowry, it was properly due to the company and therefore should be reflected in the 2006 accounts. Mr O'Hanlon was instructed to set the payment against the director's loan.

Mr Lowry (64) of Glenreigh, Holycross, Co Tipperary, has pleaded not guilty to four charges of filing incorrect tax returns and, on behalf of Garuda Ltd, to three similar charges in relation to the company's tax affairs and one of failing to keep a proper set of accounts.

The trial continues.

Irish Independent

Editor's Choice

Also in Irish News