“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,” Dara Doyle and Peter Flanagan report for Bloomberg.

“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,” Doyle and Flanagan report. “The government hasn’t yet named an investment manager for the funds.”

“While Apple and Ireland appeal the decision, regulators demanded that Ireland hold the money in escrow until the process is complete,” Doyle and Flanagan report. “The appeal may take as long as five years.”

Read more in the full article here.

MacDailyNews Take: The farce is with EU.

What the Commission is doing here is a disgrace for European citizens, it should be ashamed.Apple CFO Luca Maestri, December 2016

Anyone who decides to set up a business in a European Union vassal state today is insane. — MacDailyNews, December 2016

SEE ALSO:
EU says Ireland’s Apple complaint will only be dropped if it takes the full $16 billion in tax clawbacks – February 27, 2018
Ireland expects final disputed Apple bill remaining around $16 billion – February 22, 2018
EU court rejects U.S. government intervention in Apple’s Irish $15 billion tax case – December 15, 2017
EU sues Ireland over $15.3 billion tax clawback from Apple – October 4, 2017
Ireland opposes EU’s 13 billion euro Apple tax grab, calls it unjustified – August 17, 2017
Apple close to deal protecting Ireland in fight over EU tax grab – August 11, 2017
Ireland seeks custodian for Apple $15.2 billion in back taxes as collection nears – July 22, 2017
EU Commissioner Vestager: Ireland ‘taking too long’ to recover Apple tax – May 19, 2017
EU’s hypocritical Margrethe Vestager going after Apple while backing Madeira tax avoidance scheme – February 14, 2017
Apple has missed the deadline to pay $13.9 billion to Ireland in illegal tax benefits – January 31, 2017
Apple CFO Maestri: What the EC is doing here is a disgrace for European citizens, it should be ashamed’ – December 19, 2016
Apple’s EU tax nemesis Margrethe Vestager takes aim at other U.S. companies’ offshore profits – September 19, 2016
The ‘Brexit-Apple’ connection: What in the world was Margrethe Vestager thinking? – September 12, 2016
EU ministers line up to take tax bites out of Apple – September 12, 2016
Former EU competition commissioner: Vestager claim that Apple owes back taxes an incorrect use of EU law – September 2, 2016
Irish government to fight EU on Apple tax – September 2, 2016
Treasury accuses EU of trying to steal U.S. tax revenues with Apple decision – September 1, 2016
Irish residents opposed to EU’s tax demand of Apple – September 1, 2016
Apple Inc. pushes back against EU tax grab – September 1, 2016
Apple may repatriate billions of dollars next year after new U.S. President takes office – September 1, 2016
U.S. tax code allows for dramatic retaliation against EU overreach in Apple case – September 1, 2016
Apple CEO Tim Cook on EU tax demand: ‘No one did anything wrong here and Ireland is being picked on… It is total political crap’ – September 1, 2016
U.S. Treasury: The European Commission’s retroactive tax demands on Apple are unfair – August 30, 2016
EU demands Apple pay massive $14.5 billion in taxes plus interest – August 30, 2016