Former Fine Gael minister Mr Hugh Coveney held an Ansbacher account in the 1970s through Guinness & Mahon and also received venture capital from the bank for a disastrous business venture in the 1980s, the tribunal heard yesterday.
The late TD's solicitor, Mr Frank O'Flynn, said Mr Coveney's Ansbacher deposits probably began with the sale of a yacht for around $125,000 in the late 1970s. Guinness & Mahon Cayman Trust traded in gilts for Mr Coveney between February 1976 and April 1978, when Mr Coveney opened an Ansbacher account, at which point his funds had increased to £193,508.03 sterling.
The account remained open until December 13th, 1979, but the only other money lodged was $100,503, two days before the account was closed.
The tribunal also heard of Mr Coveney's involvement in the development of a 90-acre caravan park near Phoenix, Arizona. Guinness & Mahon bank provided him with venture capital for the project. The venture ended up with Mr Coveney paying out $500,000 as part of a settlement with AIB. He also had to pay £50,000 to Guinness & Mahon.
