It emerged this week that following Allied Irish Banks' disclosure that it operated what it called 'inappropriate' share transactions routed via the British Virgin Islands between 1989 and 1996, the Revenue Commission has launched a probe into the bank's tax affairs.
The 8-month investigation which explored the share transactions was prompted by the Irish Financial Services Regulatory Authority, and uncovered the use of a BVI company called Faldor by AIB's Investment Managers fund management unit (AIBIM) to channel trading profits from share allocations in IPOs and other share issues.
The bank said it appeared that AIBIM had 'favoured' Faldor at the expense of other in-house accounts, mentioning 'unacceptable deal allocation practices relating to nine transactions from 1991 to 1993 amounting to Euros 174,000'.
According to reports in the Irish media, the tax authority's probe will be conducted by its Investigations and Prosecutions Division, in conjunction with the Large Cases Division, and is expected to take several months.
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