Monday 26 June 2017

Ganley's telecoms firm is sitting on losses of €700,000

COMPANIES

Donal O'Donovan

Donal O'Donovan

BUSINESSMAN Declan Ganley's Rivada Networks Ltd has losses of €700,000, according to accounts filed with the Companies Registration Office.

Irish company Rivada Networks Ltd is a subsidiary of a US-based business owned by Mr Ganley's Ganley Group.

Telecoms firm Rivada specialises in communication equipment for military and disaster organisation and operates mainly in the US. The losses at the Irish Rivada entity are unlikely to give a full picture of that company's operations.

The Rivada parent is based in Arlington Virginia, close to Washington DC, and the US company's activities are not reflected in the abridged accounts for the Irish subsidiary.

The Irish unit's accounts show assets of €224,000 and liabilities of €930,000 -- but it is not clear if the company debts are to related businesses or outside creditors.

Irish Independent

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