Redknapp 'named Monaco bank account after pet dog'

HARRY REDKNAPP, the man tipped to become the next England football manager, has gone on trial accused of tax evasion. On the opening day of the case at Southwark Crown Court a jury was told that the current Spurs boss flew to Monaco to open a bank account to hide "bungs" totalling £189,000.
 
The court heard that he set up the account in 2002, when he was manager of Portsmouth, and named it after one of his pet bulldogs, giving it the codename Rosie47.
 
The money is said to have been paid into the account by Milan Mandaric, who was then the chairman of Portsmouth, after the club made a significant profit on the sale of striker Peter Crouch.
 
Prosecuting, John Black QC, said Mandaric and Redknapp "must have known" they were avoiding taxes. "These payments were a bung or offshore bonus that the parties had absolutely no intention of paying taxes for," he said.
 
The Guardian explains: "The charges relate to the transfer of Peter Crouch from Portsmouth to Aston Villa on 27 March 2002 for £4.5m and the transfer bonus Redknapp received from the club for the sale under the terms of his contract."
 
Redknapp, an east Londoner, was described by Black as "a hard-headed businessman with considerable acumen". The Daily Telegraph reports how his contract with Portsmouth gave him a cut of the profit on player transfers. He initially earned a five per cent bonus but believed he was entitled to ten per cent, and used the Monaco account to receive it.
 
The Times notes: "Redknapp never mentioned the Monaco account while he was investigated by HM Revenue and Customs officials over his transfer dealings at West Ham United [a previous club], the court was told. It eventually came to light during an inquiry into illicit payments in football."
 
According to the Guardian: "The case, which is scheduled to run for two weeks, could have an effect on the England football team as Redknapp is widely viewed as the favourite to replace Fabio Capello as manager following the European Championships this summer."
 
The trial continues. ·