Apple's Irish Tax Billions Said Guarded by Bank of New York
- EU ruled Apple must pay about $16 billion in tax to Ireland
- Money said to be held in escrow while Ireland and Apple appeal
Photographer: Daniel Acker/Bloomberg
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Bank of New York Mellon Corp. won a contract to be custodian for as much as 13 billion euros ($16 billion) in back taxes that Apple Inc. will pay to Ireland, according to a person familiar with the matter.
The Irish government chose Bank of New York Mellon as custodian while the money is held in escrow pending an appeal by Apple and Ireland against a European Union tax ruling, the person said, asking not to be identified because the information isn’t public. The government hasn’t yet named an investment manager for the funds.