Cayman Islands Trust Firm Opposes Ansbacher's Request To Reveal Depositors' Identities

Amanda Banks, Tax-news.com, London

19 March 2001

Last week we reported that the Ansbacher Cayman bank had applied to the Grand Court of the Caymans for authorisation to name its depositors in an effort to co-operate fully with Irish tax investigators. The move reflected a significant about turn by the bank since investigations into Ansbacher's dealings with its Irish investors began three years ago. At the time the bank refused to co-operate with the investigating tribunal, but the high media profile accorded to the proceedings did not go down well in other major offices of Ansbacher (Cayman) such as London and South Africa who were worried that it might affect the bank's credibility.

It now seems that a Cayman Islands trust company, Hamilton Ross, which has links to Mr Charles Haughey and Fianna Fáil TD Mr Denis Foley, and which has corporate links to Ansbacher itself, is attempting to prevent Ansbacher Cayman from disclosing the identity of its account holders.

The Irish Times reported that Barry Benjamin, who controls Hamilton Ross, said he has instructed his solicitors to object to the handing over of information, if there is any chance of success.

Mr Benjamin says he has seen documents linked to the application from Ansbacher Cayman to the Cayman Islands courts, which indicate that the Cayman bank is claiming it has very little documentation of value to the Irish inspectors. "They are almost saying they had nothing to do with it."

Ansbacher Cayman's application to the Grand Court of the Cayman Islands is due to be heard on 9 April and no doubt a number of high-net-worth investors who have links with the deposits will be taking a great interest in the Court's decision. But Mr Benjamin refused to answer when the Irish Times asked if he had consulted his Irish clients before deciding to lodge the objection. Although he doesn't want Ansbacher (Cayman) to spill the beans, Mr Benjamin said he would like to see an end to the investigation: 'I'm hoping the clients themselves will take steps to end this. . . that they might just go to the government and come clean,' he said.

Although he is trying to prevent this particular piece of international mutual assistance, Mr Benjamin also that said the climate in the Cayman Islands was changing and that co-operation with foreign jurisdictions regarding tax matters is likely to happen sooner rather than later.

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