Thursday 27 October 2016

Anglo partnership seeks $500,000 back from IBRC

Published 04/09/2016 | 02:30

Paddy Power Betfair chairman Gary McGann. Photo: Collins
Paddy Power Betfair chairman Gary McGann. Photo: Collins

An investment partnership including some of the most high-profile names in Irish business has held discussions with the NTMA about recovering almost $500,000 from the IBRC under the Eligible Liabilities Guarantee (ELG) scheme introduced in the wake of the blanket bank guarantee.

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Members of the partnership include Paddy Power Betfair chairman and former Anglo non-executive director Gary McGann, property developer Bernard McNamara, Ardagh chairman Paul Coulson and John Olan Sisk, according to UK companies office documents.

The partnership - entitled Anglo Irish JCF 1 Limited Liability Partnership (LLP) - was incorporated in October 2008, four weeks after the blanket bank guarantee.

The partnership's latest accounts state it was owed a sum of $484,495 from the IBRC as of December 31, 2014. The accounts - filed last autumn - state that recovery of the sum was "still under discussion" with the NTMA in its role as operator of the ELG scheme.

The accounts state the LLP also made a claim as a creditor in the special liquidation of IBRC "as a precautionary step in the event of the ELG Scheme operator failing to make a payment".

"It is anticipated recovery of this amount should occur in late 2015 or early 2016," the accounts state.

Both the NTMA and the special liquidators of IBRC declined to comment on whether the sum had been paid.

Members of the partnership contacted by the Sunday Independent also declined to comment.

The accounts state the partnership's principal activity is to invest in a Cayman Islands-registered fund entitled JC Flowers II Limited Partnership. The value of its investments stood at $4,416,492 at December 31, 2014, down from $4,190,877 at December 31 2015.

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