Apple Makes Part Payment of EU State Aid Recovery Into Escrow

Apple has reported its best June quarterly results ever, in the week when it became the first public company in the world to reach the $1 trillion market valuation. In its third quarter report published on 31 July, Apple has also confirmed that the company had funded into escrow the amount of EUR 4.5 billion by 30 June and had doubled that amount since. The Irish Department of Finance announced earlier this year that various investment management groups and the asset management division of Goldman Sachs have been appointed to manage the escrow account as per EU Commission's decision. The establishment of an escrow fund in compliance with all relevant Irish and European Union law has been a unique administrative operation, over which the Commission had taken the Irish government to Court for failure to establish this complex fund according to Commission's timescale. The European Commission had initially instructed the Irish government that it had until January 2017 to recover the assessed back taxes in the Apple case.

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