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Ansbacher To Settle Irish Tax Claim

by Robin Pilgrim, LawAndTax-News.com, London

24 December 2003


Ansbacher Cayman's chief executive, Richard Spilg announced last week that the bank is willing to settle claims of tax evasion and fraud out of court, if a suitable agreement can be reached with Ireland's Revenue Commissioners.

A payment of EUR950,000 has already been made by the bank to the Irish Ministry of Justice, in order to cover 25% of the costs of an earlier inquiry into its tax affairs between the 1970s and late 1990s.

Although the bank disputes the fact that such a liability exists, Mr Spilg explained that it would be willing to settle the matter out of the court with the Irish tax authority in order to avoid a protracted legal battle.

"We have consistently said that we do not believe we have a tax liability. The Irish revenue service has a different perspective and we are in consultations with them to resolve the matter," he announced.


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