Guernsey based trust management company College Trusts has refused to cooperate with a request from Irish investigators to assist with their enquiries into the Ansbacher deposits tax evasion scheme.
College Trustees is one of a number of companies being looked into as part of the investigation into the "Ansbacher deposits", and is believed to have managed funds for a number of prominent Irish investors during the 1980s and 1990s. It is thought that in some cases the money may have been hidden from Irish tax authorities.
The investigators' interest in College Trusts stems from the DIRT report released in July this year by Irish Comptroller and Auditor General, Mr John Purcell, which claimed that a number of companies associated with Guinness & Mahon Bank placed deposits with Guinness & Mahon Dublin bank in a way similar to the Cayman Islands based "Ansbacher deposits" scheme. College Trustees is owned by Crédit Suisse Trust Holdings and is a former subsidiary of Guinness & Mahon bank which was at the centre of the "Ansbacher Deposits" affair.
The Irish investigators will now probably focus their efforts on convincing Channel Island authorities to appoint a local investigator to make inquires on behalf of the Irish tax authorities.
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