The two owners of the Submarine Bar in Crumlin, Dublin, made tax settlements of more than €5 million arising out of the Revenue's bogus non-resident accounts inquiry.

Mr Frank Smith (57), of Hazelhatch, Newcastle, Co Dublin, and Mr John Smith (60), of Kilmashogue Lane, Rathfarnham, Dublin 16, made the settlements arising from underdeclared income tax.

Mr John Smith made a settlement of €3.7 million, of which €2.6 million was interest and penalties. Mr Frank Smith made a settlement of €1.6 million, of which €1 million was interest and penalties.

Neither man could be contacted yesterday.

An employee at the Submarine Bar said he believed the brothers had gone to or were about to go to Spain.

The brothers run a number of businesses including the Submarine pub, a building supplies firm, and property rental and property development companies. A few years ago they were behind a €25 million shopping centre in Crumlin.

The businesses are owned by a holding company, Arrenbole Investments Ltd.

Accounts for the year to March 31st, 2003 for Arrenbole show it had fixed assets worth €18 million and net assets of €12 million. Accumulated profits were €1.2 million.

The company's registered office is at Smith's Building Supplies, Greenhills Road, Dublin 12.

The company that owns the Submarine Bar made a loss of €907,95 in the year to end March 2003, according to the accounts.

Primeview Company, a property development company, made a profit of €529,581, after posting a profit of €1.7 million the previous year.

Herbert Holdings Ltd, a builders' providers, made a profit of €307,107.