An investigation by an authorised officer into the affairs of Celtic Helicopters will be completed within weeks, more than five years after it was was initiated.

As new accounts in the Companies Office state that the company has appealed tax assessments by the Revenue Commissioners on foot of enquiries begun in February 1998, it emerged that the report of the authorised officer appointed by the Tánaiste, Ms Harney, was nearly complete.

The accounts also suggest that the company part-owned by Mr Ciarán Haughey lost money in the year to the end of last March.

While stating that the financial implications for the company arising from the report of the authorised officer and from the report of the McCracken tribunal in 1997 "cannot be ascertained with certainty", the accounts add that its directors believe they have made adequate provision for its taxation liabilities.

"The directors believe that the liabilities, if any, arising from such matters can be financed out of future cash flows and surplus assets," said a note in the accounts.

Ms Harney appointed the authorised officer, Mr Gerry Ryan, in September 1997, a fortnight after the McCracken report was published.

Chaired by Mr Justice McCracken, the tribunal investigated payments by the businessman, Mr Ben Dunne, to the former Taoiseach, Mr Charles Haughey, and the former Fine Gael minister, Mr Michael Lowry.

Mr Charles Haughey is father of Mr Ciarán Haughey, who runs Celtic Helicopters with Mr John Barnicle.

In his report, Mr Justice McCracken detailed loans taken out by Celtic Helicopters from Guinness & Mahon Bank and Irish Intercontinental Bank, which were secretly backed by funds in the Ansbacher deposits. In one instance, a loan was repaid with funds from the deposits.

A spokesman at the Department of Enterprise, Trade and Employment, said Mr Ryan's report would be submitted to Ms Harney, who would decide whether further action was required. He would not speculate about what might happen when the report was furnished.

Under Section 19 of the Companies Acts, the report cannot be published per se. However, parts of a separate report by Mr Ryan into the affairs of Ansbacher (Cayman) Ltd were disclosed when Ms Harney's Department was applying to the High Court to set up a formal inquiry into the secretive Cayman Bank.

The latest abridged accounts show the value of the company's profit and loss account declined to €9,888 at the end of last March from €47,840 a year earlier, suggesting the company lost €37,942 in the year. Separate accounts for the company's subsidiary, Celtic Helicopters Maintenance and Services Ltd, show that its accumulated deficit grew to €116,603 at the end of March last year from €104,548 a year earlier.

The accounts show that Celtic Helicopters had loans of €185,144 and overdrafts of €154,218 falling due within one year and loans of €718,275 falling due after one year.

One of the lenders to the company has a guarantee from Mr Charles Haughey. No one was available for comment at the company yesterday.