Michael Lowry, Unable to explain two-year gap in accounts
The Moriarty tribunal adjourned early today when members of the Tribunal legal team said that new information had come to light which they wish to consider. This new evidence will also be served on Michael Lowry and AIB's legal representatives for consideration.
Michael Lowry has told the Tribunal that he still cannot explain where he kept £55,000 sterling, which he received from Dunnes Stores and which eventually ended up in an AIB account in the Channel Islands. There is a two-year gap between the payments and the lodgement.
Earlier today, a representative of a financial company told the Tribunal how he introduced Michael Lowry to the assistant manager of AIB in Dublin's O'Connell Street. Last week, Mr. Lowry told the tribunal he never heard of the company, JC Financial Management. Seamus O'Neill contacted the Tribunal this week. He worked with JC Financial management in 1991 and met Mr. Lowry twice, once in Tipperary and once when he took him into AIB O'Connell Street. It was from here that Michael Lowry managed to open an account with AIB in Jersey.
The then assistant manager of the O'Connell Street Branch, Liam O'Connell, said that, despite another trawl of their records, they still cannot find any exchange control forms for the transaction, which saw Michael Lowry lodge £55,000 in AIB in the Channel Islands. He confirmed that he personally signed a letter that led to the opening of the Jersey account, but said that it appears the exchange control forms, which are a legal requirement for such a transaction, appear to have been destroyed.
Property developer, Patrick Doherty, appeared before the Tribunal and confirmed that he gave Mr. Lowry £35,000 in cash in exchange for antiques, at Mr. Lowry's request. Mr. Doherty said that, aside from Mr. Lowry tendering for refrigeration business with him, which he said was unsuccessful, he has had no other business dealings with him.
Ben Dunne has said that a £15,000 payment to Michael Lowry from Dunnes Stores Marino account was probably for refrigeration business done by Mr. Lowry. The money was sent to Mr. Lowry by bank giro, although he said that the signature "B. Dunne" on the transfer was not his. He speculated that the money might have been sent by giro, if he was out of the country and could not sign a cheque.
