Peter Sutherland, Completed his evidence to Tribunal
The former Attorney General and European Union Commissioner, Peter Sutherland, has completed his evidence to the Moriarty Tribunal. Mr Sutherland was answering questions concerning a bridging loan he secured from Guinness and Mahon Dublin in 1976. A deposit account with Guinness and Mahon in the Channel Islands is said to have related to the loan file, but bears no name except a reference "P3". Mr. Sutherland told the Tribunal that he had no idea why this is connected with his loan.
Despite the fact that the loan started off as bridging finance it was not settled for another four years. Mr Sutherland said that this was because he was "less than attentive to my own financial affairs". Earlier, Mr Sutherland denied ever having placed funds offshore with Guinness and Mahon Cayman trust or any of their subsidiaries.
Over 19 documents from his loan file in Guinness and Mahon have been examined and almost all contain the term "suitably secured". Within the bank this reference meant having funds offshore to back up a loan. Mr Sutherland said that he never knew of this term until contacted by the Tribunal.
He has said that his Spanish father- in- law set up a family trust with Guinness and Mahon Channel Islands, also in 1976, when he introduced him to personnel from the Dublin bank. However he said that he never gave permission for the trust to be used as security in his loan and if this was the case it was done without his consent. This trust fund eventually "settled" with Guinness and Mahon in the Cayman Islands. Mr Sutherland said that he was in no way connected with it nor was he a beneficiary of the trust. He also said he had sent his solicitor to Guernsey to make enquiries, but he was told that documents relating to the 1970's had been destroyed. He has now completed his evidence.
The Tribunal has adjourned until Thursday next. Before rising, lawyers indicated that they needed time to examine new documentation given to them this week, which is pertinent to the current sitting. They said they needed some time to examine this documentation in detail, and to put people on notice, before sitting in public again.
