CRH keeps its counsel after board meeting

Amid almost complete secrecy, the board of CRH met in the US yesterday and discussed for the first time its reaction to the Ansbacher…

Amid almost complete secrecy, the board of CRH met in the US yesterday and discussed for the first time its reaction to the Ansbacher revelations. By late last night, no statement had been issued by the company, nor would a company spokesman say where the meeting took place.

The spokesman has denied that the location of the meeting had been changed since the High Court heard last week that eight of the company's 15 directors in 1987 held money in Ansbacher (Cayman), the secretive unlicensed bank alleged to have been based at CRH's registered offices.

However, it is believed that leading board members who were out of the State last week stayed abroad for longer than planned.

Prior to yesterday's meeting, the board of CRH had not met, formally or informally, to discuss allegations contained in a High Court affidavit on Ansbacher (Cayman).

READ MORE

The affidavit, based on information contained in a confidential report on Ansbacher by a State-appointed authorised officer, claimed that a substantial number of CRH's directors in 1987 "knew an unlicensed bank [Ansbacher (Cayman) Ltd] was operating from its registered office".

CRH has denied that its board ever approved or "knowingly permitted" a banking business to be conducted on its premises. CRH's chairman between 1987 and 1994 was the late Mr Des Traynor, the man who set up and managed the system.

CRH's current chairman, Mr Tony Barry, said last week he had transferred funds into an account with Ansbacher or a related company, but that the money involved had been fully-disclosed after-tax income.

CRH directors in 1987 believed to be cited in the report of the authorised officer, Mr Gerard Ryan, included Mr Jim Culliton, a former CRH chief executive who this week resigned from the boards of insurance company Hibernian Group, Jurys Doyle Hotel Group, and telecoms company Nortel. Mr Culliton has yet to comment on his position.

Other CRH directors understood to be mentioned are: Dr Michael Dargan, a former director of Goffs Bloodstock sales, who has revealed his association with Ansbacher to the Moriarty tribunal; Mr Bob Willis, a former Irish Life chief executive who has made no comment on his position; Mr Gerry Hickey, a former New Ireland Assurance director who has yet to comment; Mr Richard Wood, a farmer and former Irish Times Trust member, who has denied being a depositor; and the late Mr Diarmuid Quirke.

CRH's current board members are: Mr Tony Barry, chairman; Mr Don Godson, chief executive and a director in 1987, who has denied involvement with Ansbacher; Mr Harry Sheridan, finance director and a board member in 1987 who has also denied involvement in Ansbacher; Mr Jack Hayes, a director in 1987 who has denied involvement with Ansbacher; Mr Brian Hill, group managing director of CRH Europe products & distribution; Mr Liam O'Mahony, chief executive of CRH's subsidiary Oldcaste; Mr Brian Griffin, managing director of CRH Europe materials; Mr Kieran McGowan, a former chief executive of IDA Ireland; Mr David Kennedy, a former chief executive of Aer Lingus; Mr Pat Molloy, a former group chief executive of Bank of Ireland; Mr Howard Kilroy, governor of the Court of Bank of Ireland and Jefferson Smurfit Group director; Mr David Dey, a former director of BT; Mr Tony O'Brien, chairman of Anglo Irish Bankcorp; and Mr Wil Roef, a Dutch national and board member since 1995.

Arthur Beesley

Arthur Beesley

Arthur Beesley is Current Affairs Editor of The Irish Times