THE Garda and the Revenue Commissioners are to be called in to investigate the affairs of the Dublin investment firm, Taylor Asset Managers (TAM), from which more than £1.5 million in investors' funds has gone missing.
Yesterday a provisional liquidator was also appointed to the company, which is insolvent, and the whereabouts of its managing director and chairman, Mr Tony Taylor, are unknown.
There are fears that the £1.5 million figure could rise to £3 million to £4 million. A leading Dublin charity is said to be among the investors in the group, with a substantial six-figure investment at risk. Some individuals have lost £200,000 or more and others their entire life savings. Two brothers who run a Dublin business are understood to have lost almost £400,000.
The provisional liquidator, accountant Mr Paddy McSwiney, was appointed to the company last night, following a report by Department of Enterprise and Employment staff, who said the company was insolvent. The matter is to come before the High Court again next Wednesday.
A High Court hearing yesterday was told that client files had been deleted at Mr Taylor's request involving monies of more than £800,000, and that a cheque for £93,000, which was due to a client, was diverted into another company. A further £700,000 of clients' money had not been entered on the books and money had been withdrawn from company accounts.
It did not appear to be "a well-run company", the court was told. The departmental investigation into its affairs is to continue. The Minister of State for commerce, science and technology, Mr Pat Rabbitte, said the details were now being sent to the Garda authorities and the Revenue Commissioners.
The move follows days of intense speculation about the future of the company. It emerged last Monday that the inspectors from Enterprise and Employment were examining files at the company's Ballsbridge headquarters and that Mr Taylor was out of the country.
His whereabouts are unknown, his wife is also out of the country and his Anglesea Road home is unoccupied. The court was told he appeared to have gone abroad for an unspecified period. This information is understood to relate to a fax message sent by Mr Taylor early this week.
The liquidator, Mr McSwiney, said last night he had been informed by management at Taylor that three parties had expressed an interest in buying the business, which is said to have a very good client base. However, he said he had not yet spoken to the parties concerned. Mr McSwiney's first priority is to secure the assets of the company and protect investors' funds.
Mr McSwiney, a well-known insolvency expert with BDO Simpson Xavier, a firm of accountants in Dublin, will have to make his first report to the High Court next Wednesday.
The 12 staff at the company's Dublin headquarters said they felt let down and betrayed by Mr Taylor, who vanished last week.