False information as to where £736,145 worth of cheques went in one year was given to the auditors of Bovale Ltd, but was amended to give a truthful account to the tribunal, the Flood tribunal as told yesterday.
Mr Desmond O'Neill SC, for the tribunal, said that for the year ending June 30th, 1997, 64 cheques were listed in the cheque-payments journal.
The document was reviewed by the tribunal following the evidence of the Bovale bookkeeper, Ms Caroline Bailey, the wife of Mr Thomas Bailey, that political donations of £14,100 were made and of that cheques worth £11,500 were disguised in the accounts.
Ms Bailey had also referred to a number of other cheques which had been wrongly described. These inaccuracies had been presented to the Bovale auditor, Mr Joe O'Toole. She was then informed by the directors, the Baileys, that they wished to provide accurate information to the tribunal and she was asked to amend the journal.
Mr O'Neill referred to 56 of the cheques, which totalled £632,054. He said the purpose of the preparation of a second set of books was that the tribunal would receive accurate information. Each of the 56 cheques were matters which required alteration in the accounts in the books provided to the auditors as opposed to the tribunal.
Mr Michael Bailey said: "Well, I've said very clearly, I know they've been analysed wrong and I'm just dumbfounded by it but that's the position that I'm in."
Mr O'Neill then referred to another eight cheques totalling £103,991 dealt with by Ms Bailey. These were cheques the directors described as business expenses. Five of them were under the heading of Dublin County Council. She did not make any reference to the substantial part of these cheques.
Mr O'Neill said alterations in respect of transactions amounting to £736,045 were carried out in that one year. Mr Bailey said he accepted that.
Mr O'Neill said 10 cheques totalling £66,974 were paid to Tattersalls Ltd. Mr Bailey said he bought a horse using company money. He paid for the horse in 10 post-dated cheques.
Asked about a sum of £45,000 paid out in one week, Mr Bailey said he believed these figures represented a possible bonus for employees. Mr O'Neill put it to him this was clearly unreal as the payroll was only about £2,500 to £3,000 per week.
Mr Bailey replied that it was well known in the industry that employees got paid in cash at certain times of the year.
"I'm up here being pilloried on this situation and I have no chance and I've no defence to put up and I keep saying that. You can keep at me until you feel that you have me properly buried, however long that'll take you. Because I have no defence and you're kicking the ball down to your own end all the time and I'm saying to you and the judge, that's the position.
"I'm a one-man band with a whole team beating me down and have no choice only to take the beating."