The former Taoiseach, Albert Reynolds, has admitted he is the beneficial owner of an off-shore company used in an attempt to buy re-zoned land in north Dublin.
However, he told the Mahon Tribunal that he was not a director or shareholder of Universal Management Consultants - the company that unsuccessfully tried to buy land at Lissenhall near Swords.
Mr Reynolds also said he did not know the details of how the company, which is based in Jersey, was used to repay £300,000 to venture partners in 2001 after the deal fell through.
Patricia Dillon, SC for the tribunal, said funds were transferred from Mr Reynold’s AIB account in London to the Jersey Island registered Uniman Trust then to UMC and back to his solicitor in Dublin.
Mr Reynolds said these ‘bits and pieces’ were taken care of by his lawyers and he did not know the details of the transactions.
He said he did not know who the shareholders of UMC were and under questioning he said he had no objection to the tribunal seeking this information.
Mr Reynolds also said he did not know the identity of the minority shareholder of the Lissenhall lands that UMC and their partners the O'Neill brothers were planning to buy out.
