THE AIB SHUFFLE

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MR PATRICK QUINN SC for the Tribunal quizzed AIB banker Michael O’Farrell concerning his role, in a transfer of shares to each of two other shareholders in Barkhill Ltd; Tom Gilmartin, a 40% shareholder, gave evidence that this was done without reference to him.

The secret transfer meant that for a brief period of time, AIB had a shareholding in Gilmartin’s company of less than 20% and thus dodged registration with the Companies Registry Office. The bank’s share was subsequently returned to 20%.

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