Tuesday 30 May 2017

McNamaras transferred ownership of profitable firm

Laura Noonan

Laura Noonan

A PROFITABLE firm owned by Bernard McNamara and his wife Moira was transferred to the embattled developer's main trading company last March.

News of the transfer comes as Mr McNamara insists his trading company, Michael McNamara & Co, is "ring-fenced" from the €1.5bn he personally owes.

Documents just filed with the Companies' House showed the "ring-fenced" trading company became the sole owner of Cornus Investments on March 19, 2009. Up to that point, Cornus's ownership was split 50/50 between Mr McNamara, who recently described himself as "broke", and his wife.

Following the change in ownership, Cornus applied to be re-registered as a "single member company", submitting documents to the companies' registrar two weeks ago.

Separate documents showed that Cornus turned a marginal profit during the year ended March 2009 and continued to enjoy the support of its bankers.

The property holding company, which values its assets at about €16m, closed the 2009 year with retained earnings of €255,000, up from €195,000 a year earlier, implying net earnings of about €60,000.

lMeanwhile, Mr McNamara has agreed to provide a sworn statement of his assets and liabilities to investors pursuing him for €62.5m after he decided not to insist that any such statement should include an agreement that the information should be subject to a "non-disclosure"

Irish Independent

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