BREAKING NEWS: Dublin: CAB Now Investigating T. D. Michael Lowry’s Finances

29 Mar

 The CAB has begun an investigation into the financial affairs of the Independent TD Michael Lowry following the report of the Moriarty Tribunal.

Michael Lowry - CAB is investigating TD's financial transactions
Michael Lowry – CAB is investigating TD’s financial transactions

The Criminal Assets Bureau has begun an investigation into the financial affairs of the Independent TD Michael Lowry following the report of the Moriarty Tribunal.

The investigation began after the report was last week referred by the Government to the Garda Commissioner and the Director of Public Prosecutions.

It is centred on cash transfers and a loan guarantee totalling £867,000, which the tribunal says businessman Denis O’Brien gave to Mr Lowry.

The Independent TD was Minister for Communications when the mobile phone licence was awarded in 1995.

A team of 15 officers from the bureau has so far been assigned to the inquiry team, but that number is expected to increase due to the complexity of the inquiry.

CAB is investigating the background to the financial transactions and whether they are connected to the awarding of the phone licence.

Both Mr Lowry and Mr O’Brien have given their own explanations, but the CAB will have to seek its own answers and carry out its own interviews.

Officers will also have to seek information from financial institutions in Ireland and abroad.

It will have to gather and present evidence in a way that it can be forwarded to the Director of Public Prosecutions for use in court if necessary.

CAB is also investigating the circumstances whereby the Independent TD availed of the 1993 tax amnesty and then publicly admitted three years later his tax obligations remained outstanding.

Former Minister for Justice Ray Burke was jailed for furnishing incorrect information under that tax amnesty.

Mr Lowry made a settlement in 2005 with Revenue for €1.4m, but this settlement does not grant him immunity from prosecution.

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