Anglo convict bets on property recovery
Bernard Daly, the former Anglo Irish Bank company secretary who last week was jailed for hiding accounts from Revenue, has taken a substantial punt on the recovery of the property market.
Daly has taken a €45,000 stake in a company that is snapping up prime Dublin commercial properties, Green REIT. The share register for Green REIT Plc shows that Daly, who was sentenced to two years in prison on Friday, owns 30,000 shares, worth €45,000 at close of business on Friday.
The company, listed on the Dublin and London stock exchange, was set up to "capture the recovery in the Irish economy and commercial property market with the purchase of prime or good secondary office, retail and warehouse properties".
It controls Irish properties worth an estimated €882m and has a rent-roll of €55.5m per year. Properties in its portfolio include Block A of the George's Quay Plaza development, which houses CitiBank and others.
Daly and two co-accused former colleagues at Anglo, Tiarnan O'Mahoney and Aoife Maguire, were found guilty of conspiring to destroy, mutilate or falsify documents relating to the brother-in-law of Sean FitzPatrick.
Sunday Indo Business