Workday’s corporate headquarters in California.

Intellectually profitable: How an Irish subsidiary with no revenue and no staff made – and then made disappear – a $5bn profit

Using a string of complex corporate transactions, an Irish subsidiary of the software giant Workday managed to pull off quite the feat: it made a $5bn gain, before making it disappear.

22nd May, 2020 - 4 min read

Based in Bermuda, Alison Dyer-Fagundo is a 42-year-old executive with Estera Services, a global provider of corporate, trust, fund and accounting services. Damian Resnik works for Estera’s sister company Ocorian, where he is operations director. One of his roles is sitting on the board of companies on behalf of clients. Like Dyer-Fagundo, he lives in Bermuda. Kimberley Davis is a lawyer and lives in Philadelphia.

All three are directors of Workday International, a Dublin-based subsidiary of the global software giant. Or at least they were. On April 24, as Ireland was stuck in lockdown, they approved the decision to liquidate the company.

With...

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