Sunday 25 June 2017

Mulryan's Ballymore paid directors average of €729,000 each last year

Nick Webb

Nick Webb

Property developer Sean Mulryan's debt-laden Ballymore Properties Ireland paid its directors a total of close to €2.92m last year, or an average of €729,000 for each of the four directors listed.

The company reported a €51m loss for the year.

Apart from Mr Mulryan, one of Nama's top developers, company documents list former Irish Nationwide board member David Brophy, Brian Fagan and Barry Hickey as the company's directors last year.

The development company was paying its key executives top dollar in 2009 as well, despite the collapse of the property market and the nationalisation of Anglo Irish Bank. Directors were paid almost €4.8m that year, or an average of nearly €1.2m for the four board members.

The company documents also show that Ballymore continued to bankroll politicians despite the catastrophic downturn. It has made donations of almost €19,900 to politicians over the last three years. However, just €600 worth of political donations were made in the 12 months to March 2010.

Mr Mulryan was one of the most high-profile developers during the boom, owning a string of well-fancied racehorses, a stud farm and a flash helicopter. Apart from its Irish interests, Ballymore is a major developer in the East End of London and in Central Europe. Mr Mulryan's UK holding company recently reported losses of €265m.

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