Losses at developer Mellon's firm increase to €40.5m
Published 08/04/2013 | 07:23
LOSSES at builder and philanthropist Niall Mellon's Knockraboo Developments have increased by €14.2m to €40.5m over the past two years.
Accounts just filed for Knockraboo Developments Ltd to the Companies Office for 2010 and 2011 show the firm's accumulated losses increased from €26.3m to €40.5m.
The filings show that losses at the firm jumped from €26.3m to €38.7m, climbing further to €40.5m in 2011.
Mr Mellon is best known for his work through the Niall Mellon Township Trust and last year he announced that the annual charity blitzes for the trust were to be wound up.
Since 2002, the trust has built about 20,000 homes and housed more than 100,000 people, with around 8,000 Irish people travelling for the various building blitzes, raising €40m for Mr Mellon's housing programme for the poor of South Africa.
The figures show that Knockraboo owed IBRC €43.3m and that the bank held a personal guarantee from Mr Mellon if the loans are not repaid.
A note attached to the accounts states: "The loan was due for repayment on January 31, 2009, but it has not yet been repaid.
"This loan has been transferred to the National Asset Management Agency (NAMA) in 2010 and repayment could be demanded at any time."
"The night the banks collapsed I went to bed a hero and woke up a villain. That's what the Irish state did," Mr Mellon said last year.
The note attached to the accounts adds: "Despite these significant uncertainties, the directors believe that the company will receive the ongoing support of its bankers."