Ansbacher clients object to disclosure

One or more Irish clients of Ansbacher bank in the Cayman Islands are objecting to the disclosure of information to the inspectors investigating the Ansbacher deposits, court documents indicate.

The identity of the person or persons making the objection may not be known to the inspectors.

Everyone involved in the case is represented by a legal team and it is understood the team representing the client or clients making the objection has not revealed to the inspectors who it is taking instructions from.

The inspectors are currently investigating the affairs of more than 100 residents who have or had funds in the deposits, basing their inquiries on information obtained in this jurisdiction.

Legal teams representing three separate objectors took part in in camera hearings in the Cayman Islands earlier this month. The bank is seeking the permission of the court to disclose information to the inspectors.

The Chief Justice of the Cayman Islands, Mr Justice Anthony Smellie, is in the process of writing up his decision, which is expected some time in the next two weeks.

Two of the objectors were Cayman companies which were formerly part of the Ansbacher deposits and managed funds for Irish and foreign residents. These are Hamilton Ross Co Ltd and Poinciana Fund Ltd.

An ex parte originating summons calling various parties to attend before the Cayman courts in relation to the case, issued in February, lists all the parties involved.

They are: Ansbacher Cayman; the inspectors; Hamilton Ross; Poinciana Fund; and "the relevant principals who are existing clients (as defined) of the bank".

A schedule included with the summons said clients should include: any person who maintains or maintained an account with the bank; who is or was a beneficial owner of shares of a company which had or has an account with the bank, or is or was maintained by the bank; the settlor of any trust of which the bank is or was a trustee; or any person who had an account relationship with Hamilton Ross or Poinciana.

"The expression `account' shall include deposit accounts, loan accounts, securities accounts and custodian accounts and the expression `settlor' shall mean the person or persons who funded or caused the trust to be funded."

The Cayman bank is seeking permission under the Cayman confidentiality law for permission to divulge the information described in the schedule to the inspectors, or for permission to give the information in evidence to the inspectors.

The schedule describes the information to be given in evidence to be: "Certified true copies of such documents in the possession of the bank as may be reasonably necessary to establish the identity of the Irish resident persons who are or were clients of the bank and to describe the nature of the client relationship."

The late Mr Des Traynor played a central role in the establishment of the Ansbacher deposits in the early 1970s and the system remained in operation up to its discovery by the McCracken (Dunnes Payments) Tribunal in 1997. The persons who had funds in the deposits include some of the most senior business figures in the State during the period.