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In 1992 , the same year that Mr Charles Haughey was forced to resign ( Feburary)over the bugging of the journalist and author , Mr Bruce Arnold as well as journalist Geraldine Kennedy , and a VESTING ORDER( 10th September ) was placed on 373 Clontarf Road …

Mr. Niall Crowley , the late brother of Judge Timothy Halpin Crowley and Lawrence Gunning Crowley , Governor of The BANK OF IRELAND LTD became a director of :

J. ROTHSCHILD INTERNATIONAL ASSURANCE

In 1993 , Mr Niall Crowley received an honorary C.B.E.

Page 2 SIR WILLIAM FRY , Deputy- Lieutenant of Eire

William Oliver Houghton Fry , director of :

SMURFIT FINANCE LTD

William Fry - solicitors Page 3

MAN of the GUBUYEAR...

WOULD YOU BUY A USED-CAR

FROM

THIS

Lawyer ? SMURFIT FINANCE LTD

Company Number : 65808

Registered Office : 94 St. Stephen's Green , Dublin 2

Date Incorporated : 21st November 1978

On the 12th of January 1979 , SHARE ALLOTMENTS in STRONGBOW TRUST LTD , were made. [ Document Registered : 17th Feburary 1979 ]

The said Document was presented by :

Wm. FRY & SONS , solicitors , ' FITZWILTON HOUSE ' , Wilton Place , Dublin 2

The ALLOTTMENTS were as follows :

SHARE TYPE VALUE - Nominal NAME - of Share Allottee (% Capital) ADDRESS OCCUPATION

998 A £1 SMURFIT INVESTMENTS(IRELAND) LTD, Ballymount Road , Limited Company (90.1% ) Walkinstown ,

Dublin 12

1000 B 1 p SMURFIT INVESTMENTS(IRELAND) LTD, Ballymount Road, Limited Company (0.9 % ) Walkinstown ,

Dublin 12

10 C £5 I.B.I. LTD , Pembroke Road , Bankers * (4.5 % ) Ballsbridge ,

Dublin 4

10D £5 A. H. MASSER LTD , Kylemore Road , Limited Company (4.5 % ) Dublin 12 Total £1,108 Nominal Value of Share Capital Allotted

{ * I.B.I. LTD , sometimes called INVESTMENT BANK OF IRELAND LTD , is a subsidiary of the BANK OF IRELAND LTD . John O'Connor , solicitor , is at 168 Pembroke Road , Ballsbridge , Dublin 4 }

In a document received by the Companies Registration Office on the 12th of Feburary 1979 ( registered on the 13th of Feburary 1979 ) , and and presented by the said Wm. FRY & SONS , solicitors [ Their Reference : 3608-001- NMcG ] , Mr Howard Edward Kilroy , of :

' Epernay ' , Killegar Road , Enniskerry , Co. Wicklow is appointed a director of the Company along with Leo J. Martin , and , on the 15th of January 1979 , William Oliver Houghton Fry resigns as a director...

In a document received by the Companies Registration Office on the 12th of Feburary 1979 , and presented by the said Wm. FRY & SONS , solicitors [ Their Reference : 3511-001-NMcG ] , one of the directors of the Company was named as :

Mr Oliver Houghton FRY ,solicitor,{ See Moriarty Tribunal : Legal Representation granted by the Tribunal of Inquiry : 25th July 2000 , Mr Michael Smurfit } of :

' Lindos ' , Gordon Avenue , Foxrock , Co. Dublin

The other director listed was Mr McCarthy , of : ' Villa Alta ' , Killiney , Co. Dublin

The document was signed , on behalf of , the Secretary ,

FRYMOUNT LTD , of 1st. Floor , ' FITZWILTON HOUSE ' , Wilton Place , Dublin 2

On the 25th day of August 1980 , FRYMOUNT LTD , resigned as Secretary of the Company , and ,

John James Faller , of 274 Clontarf Road , Dublin 3 , Tel : 833 7510 was appointed Secretary of the Company [ Document Registered on the 8th of September 1980 ]

From 1983 ( Annual Return made up to 23rd of Feburary 1983 ) up until 1993( Annual Return made up to 22nd of December 1993 ) there were NO ACCOUNTS included with the Annual return ...

YEAR DSN DATE Annual Return REGISTERED ACCOUNTS INCLUDED ? STATUS ? 1983 572831 1st July 1983 No Accounts Registered

{ On the 12th of December 1983 , an Alteration to the MEMORANDUM and Articles of Association was received by the Companies Registration Office in Dublin presented again by Wm. FRY & Sons [ Document Sequence Number : 31 ]

The original Memorandum and Articles of Association of SMURFIT FINANCE LTD - then called STRONGBOW TRUST LTD - listed the original subscriber to the shares on the 15th of November 1978 , prior to incorporation as :

FRYMOUNT LTD , ( Company Number : 43581) One ' FITZWILTON HOUSE ' , Wilton Place , Dublin 2 Limited Company

AND

LOWER MOUNT NOMINEES LTD , ( Changed its name to LOWER MOUNT LTD ) One ' FITZWILTON HOUSE ' , Wilton Place , Dublin 2 Limited Company

Shares TWO

The MEMORANDUM and ARTICLES of ASSOCIATION were signed on behalf of BOTH SUBSCRIBERS by...

W. O. H. FRY , solicitor ... ( William Oliver Houghton Fry – See WILLIAM FRY , solicitors ,

The signature of the said W. O. H. FRY , solicitor was WITNESSED by :

A. J. McGovern , of ' FITZWILTON HOUSE ' , Wilton Place , Dublin 2 Limited Company

All the directors of FRYMOUNT LTD are the same peoples as all the directors of LOWER MOUNT NOMINEES LTD . They are also ALL SOLICITORS..., with one living in Clontarf , Dublin 3

Mr Martin Cahill , (d.o.b. 3rd August 1962 ) Clontarf , Dublin 3 , Tel : 853 1035

{ On the 24th of January 1984 , STRONGBOW TRUST LIMITED changed its name to SMURFIT FINANCE LTD. }

YEAR DSN DATE Annual Return REGISTERED ? ACCOUNTS INCLUDED ? STATUS 1984 572835 22nd May 1990 No Accounts Registered 1985 572836 22nd May 1990 No Accounts Registered

{ The MEMORANDUM and ARTICLES of ASSOCIATION were ALTERED on the 14th of November 1985 [ Document Sequence Number : 572832 ] and , again ALTERED on the 23rd of December 1985 [ Document Sequence Number : 572833 ]. B17 Amended MEMORANDUM and ARTICLES of ASSOCIATION [ Document Sequence Number : 1970630 ] }

YEAR DSN DATE Annual Return REGISTERED ? ACCOUNTS INCLUDED ? STATUS 1986 572837 22nd May 1990 No Accounts Registered 1987 572838 22nd May 1990 No Accounts Registered 1988 572839 22nd May 1990 No Accounts Registered 1989 572840 15th May 1990 No Accounts Registered

1990 572841 30th June 1992 No Accounts Scanned Only 1991 572842 30th June 1992 No Accounts Scanned Only 1992 572843 15th Feb. 1993 No Accounts Scanned Only 1993 572845 18th May 1994 No Accounts Scanned Only

{ The MEMORANDUM and ARTICLES of ASSOCIATION were ALTERED again on the 9th of March 1994 [ Document Sequence Number : 572844 ]

1994 572849 9th July 1996 Accounts Annexed Scanned Only 1995 572850 9th July 1996 Accounts Annexed Scanned Only 1996 572851 3rd Feb. 1997 Accounts Annexed Scanned Only

From 1990( Annual Return made up to 26th December 1990 ) till 1993 ( Annual Return made up to 22nd December 1993 ) there were NO ACCOUNTS included with the Annual Returns which were SCANNED BUT NOT REGISTERED.

From 1994 ( Annual Return made up to 22nd December 1994 ) till 1996 (Annual Return made up to 11th October 1996 ) , three Annual Return with Accounts Annexed were SCANNED BUT NOT REGISTERED by the Companies Registration Office in Dublin .

The Annual Return for the year 1997( Annual Return made up to 14th October 1997 ) was received on the 13th of July 1998 - but it was the ' SHORT VERSION '... and was NOT REGISTERED ( at date of writing , the 5th. of August 1998) [ Document Sequence Number : 2058849 ]

Ten days later , on the 23rd of July 1998 , Mr Gerard Delaney , the Secretary of SMURFIT FINANCE LTD - who had signed the Charges due to SMURFIT FINANCE LTD by G. SAUNDERS & COMPANY LIMITED and the corresponding Charge of the same date ( 15th of July 1993 ) due to the company by Mr Alan Costello's company ,COURTHAMPTON WAREHOUSING LTD - resigned...

The former director of SMURFIT FINANCE LTD , Mr Ray Curran did well for himself in 1998... In an article in the Irish Independent in May 1999 , it stated :

“ Mr Ray Curran , the former Finance Director of the JEFFERSON SMURFIT GROUP PLC was paid almost £1 ($1.5 ) to relocate to the United States last year and head up SMURFIT STONE CONTAINER CORP (SSCC) in Chicago.'

He ' also had his pension fund beefed up by £912,000…’ " to provide pension benefits in respect of past service ...prior to him talking up his position in the US ".

SMURFIT OWNS 33% OF SSCC WHICH WAS FORMED BY THE MERGER OF STONE CON TAINER AND JEFERSON SMURFIT CORP. LAST YEAR “

{ NOTE : The above Document Sequence Numbers were valid as at 5th of August 1998 }

In May 1999 , SMURFIT FINANCE LTD was sold to EQUITY BANK LTD , a director of which is Mr Joseph Patrick Lyons…

In a Business Opinion article by Brendan McGrath in the IRISH TIMES ,on Monday , the 8th of June 1998 , page 14 , (under Business & Finance , Edited by Cliff taylor , Tel : 679 2022 , Fax : 679 8874 ) , it states :

' Shareholders in Fitzwilton set to accept offer '

“ A month ago we wrote that Dr Tony O'Reilly and Mr Peter Gouldandris's 50p a share offer to buy out Fitzwilton would be snapped up by Fitzwilton's long-suffering shareholders.

The events since then have done nothing to change that con clusion and bar an uncharacteristic show of resistance from institutional shareholders , Fitzwilton is destined to be taken PRIVATE at a knockdown price.

A look at the Fitzwilton share register shows large number of Bahamas-based shareholders who , it must be assumed are favourably disposed to the offer tabled by their Bahamas neighbours , Dr. O'Reilly and Mr Goulandris.

Many smaller shareholders - and there are many of them judging by the 500-plus pages of Computer paper it takes to list them all - can be forgiven for accepting the paltry sum on offer from the O'Reilly-Goulandris takeover vehicle , Stoneworth. Those shareholders have suffered for so long that any amount of hard cash - even 50p a share - may be enough to take them out of their misery. - To put that misery in con text , ten years ago Fitzwilton shares were trading at over three times the 50p offer from Stoneworth. This was of course , the period when Fitzwilton embarked on a riot of acquisitions in the British motor trade and cash and carries, most of which were sold off a few years later.

All that is left of that acquisionitis is the 74 per cent of road sign maker RENNICKS , and even that stake seems to be assigned nil value in the Stoneworth offer, even though analysts in Dublin believe that RENNICKS is a healthy and profitable company which could be worth in the order of £15 million to £20 million.

Even after its share price fell to 110p in the past week , Fitzwilton 's stake in Waterford Wedgewood covers the Stoneworth offer , meaning that nil value is apparently also ascribed to the 50 per cent stake in the Wellworth supermarket joint venture with Safeway. This joint venture may have had a sticky beginning - £9 million losses in the first year . However , if it does manage to find good sites in the Republic, admittedly a difficult job given the determination of Tesco and Dunnes to safeguard their market position , it will be in a position to capitalise on the retailing boom in the Republic. The apparent zero value on the 50 per cent stake held by Fitzwilton is difficult to comprehend...

Stoneworth has , of course , used a bit of a carrot and stick approach when it comes to addressing Fitzwilton sharehoders. The carrot is the cash on offer and the recommendation from the independent directors and advisors that the offer is reasonable… The STICK is the blunt warning that if shareholders prevent the move to take Fitzwilton PRIVATE , they face a dividend-free future. The hefty dividend paid in recent years was the ONLY con solation that Fitzwilton share- holders had as they have seen the value of their shares plummet through one of the strongest bull markets that the Irish market has ever experienced .

To put that share price performance in con text , over the past five years Fitzwilton shares have underperformed the ISEQ Overall Index by almost 62 per cent. There seems little doubt that the O'Reilly-Goulandris vehicle will get an ovewheming response from Fitzwilton shareholders. Most shareholders feel that they have little option. However , will Dunnes Stores , an organisation that has always prided itself on value for money , be con tent to take to a loss on the investment it made two years ago for a 10 per cent stake in Fitzwilton ? Given that Stoneworth has to get acceptances 80 per cent in terms of the value of the outstanding shares and 75 per cent in terms of the number of shareholders , its ability to get sufficient acceptances to compulsorily acquire the remaining shares is not necessarily a foregone con clusion.

If Mr Frank Dunne and Mrs Margaret Heffernan decide that they want a realistic price for their shares they do not need to secure the support of that many more shareholders to frustrate a compulsory purchase of the remaining shares. One ally that Dunnes might have if it decides to capitalise on its nuisance value as a 10 per cent shareholder is Scottish Provident's Mr john Lawrie , who holds just under 1 per cent. The ScotProv fund manager has historically been a fierce critic of what he has believed as undervalued takeover bids , and the 50p a share offer for Fitzwilton CERTAINLY falls into that category.

But it will need support from the likes of BANK OF IRELAND ASSET MANAGE- MENT , with its 10 per cent , and ULSTER BANK INVESTMENT MANAGERS , with its 3 per cent , to prevent this takeover becoming a done deal. Dr. O'Reilly and Mr Goulandris are absolutely correct when they state that it is no longer appropriate for Fitzwilton to be a public company . Nevertheless , that DOES NOT MEAN... that the company should be taken PRIVATE at such a PALTRY price. The BIDDERS should be told to think again. “

RE : FLOOD TRIBUNAL - P.P.S. – don’t mention the... Fitzwilton payment...to Mr Ray Burke..

{ Its O.K. - its NOT EVEN MENTIONED in the so-called amended Terms of Reference ( Just try Find(-ing)it... ) on the FLOOD TRIBUNAL webpage… Link : http://www.planningtribunal.ie\asp\Detail.asp_ObjectID=310&Mode=0&RecordID=357.htm

On the 1st. of July 1998 , the Terms of Reference of the FLOOD TRIBUNAL of Inquiry into corrupt payments to politicians involved in the Planning process were expanded to include the payments made by RENNICKS (U.K.) LTD , a subsidiary of Sir Anthony J. F. O' Reilly's holding company , FITZWILTON PLC { formerly known as W. & H. M. GOULDING LTD - manure manufacturers ...} ,to Mr Ray Burke , former Minister for the Environment under Mr Charles Haughey in 1982 ( GUBU years...) and also Minister for Justice under Mr Charles Haughey’s coalition … ‘ Government ‘… with the Progressive Democrats in 1990 , when the DERLICT SITES ACT , 1990 , No. 14 was brought into law…

Ten days later , on the 23rd of July 1998 , Mr Gerard Delaney , the Secretary of SMURFIT FINANCE LTD - who had signed the Charges due to SMURFIT FINANCE LTD by G. SAUNDERS & COMPANY LIMITED and the corresponding Charge of the same date ( 15th of July 1993 ) due to the company by ex-detective , and used-car dealer Mr Alan Costello's company , COURTHAMPTON WAREHOUSING LTD - resigned...

The former director of SMURFIT FINANCE LTD , Mr Ray Curran did well for himself in 1998...moving to the U.S. of A…. In an article in the Irish Independent in May 1999 , it stated :

“ Mr Ray Curran , the former Finance Director of the JEFFERSON SMURFIT GROUP PLC was paid almost £1 ($1.5 ) to relocate to the United States last year and head up SMURFIT STONE CONTAINER CORP (SSCC) in Chicago. “

He…

“ …also had his pension fund beefed up by £912,000 " to provide pension benefits in respect of past service ...prior to him talking up his position in the US .

SMURFIT OWNS 33%. OF SSCC WHICH WAS FORMED BY THE MERGER OF STONE CON TAINER AND JEFERSON SMURFIT CORP. LAST YEAR. . “

REFERENCES :

COMPANIES REGISTRATION OFFICE , Dublin (5th August 1998 ) IRISH INDEPENDENT , Wednesday , 12th May 1999 , Business ( Ray Curran ) IRISH TIMES , Monday , 8th of June 1998 , page 14 ( FITZWILTON PLC – taken PRIVATE…) WHO WAS WHO 1996-2000 Volume X©2001 A & C Black (publishers) Ltd ISBN : 0 7136 5439 2 , page 134 ( Niall Crowley )

Figure 1 …EQUITY BANK LTD Figure 2 ... Tony O'Reilly circa 1992 ...before the knight...hood... Willia m Fry , solicit ors

G. SAUNDERS & COMPANY LIMITED – Charge 2 - Coolock and North Strand - 15 th . of July 1993