MR Ben Dunne's solicitor told the tribunal that he set up a company in the Isle of Man on Mr Dunne's instructions, but that Mr Michael Lowry was the beneficial owner.
Mr Noel Smyth said Badgeworth was set up as a result of a telephone call he received from Mr Dunne in July 1991. He believed Mr Lowry was with Mr Dunne when he made the call.
"He told me he would like to set up a company in the Isle of Man and transfer some funds," said Mr Smyth. He wrote immediately to Mr Albert Dudgeon of Rae Brothers Bank asking him to set up the account.
In August 1991, £40,000 was transferred into Badgeworth from another Isle of Man company, Tutbury, which was operated by Mr Dunne.
Asked by counsel for the tribunal, Mr Michael Collins SC, who he would have accepted instructions from to operate the account, Mr Smyth said in the first instance Mr Lowry.
Further asked if he would have carried out any of Mr Lowry's instructions in relation to the account, Mr Smyth said: "Yes".
He would have done this even if he got conflicting instructions from Mr Dunne. "I didn't have any choice. I considered it to be Mr Lowry's money."