Apple has had to place €15 billion in an Escrow fund after the European Commission ruled that Apple has to pay Ireland the amount in taxes.
Both Apple and Ireland are appealing the ruling from the European Commission and whilst the appeal is taking place the money has to be placed in Escrow.
As Ireland are responsible for the Escrow the have appointed BNY Mellon to manage the €15 billion fund whilst the appeal takes place.
The European Commission originally ordered Ireland to collect €13 billion in back taxes, this has now increased to €15 billion with interest etc. It is expected to take a while for the court case between Apple, Ireland and the European Commission to be resolved.
Source Reuters
Filed Under: Apple