Saturday 3 December 2016

Tony O'Reilly ends 44-year Fitzwilton role

Published 28/12/2015 | 02:30

Tony O'Reilly. Photo: Eamonn Farrell/Photocall Ireland
Tony O'Reilly. Photo: Eamonn Farrell/Photocall Ireland

Tony O'Reilly, the former billionaire who was declared bankrupt in the Bahamas in November, has resigned as a director of his Fitzwilton investment vehicle.

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New company filings show that Mr O'Reilly resigned as a director of Dublin-based Fitzwilton on November 19 - just a day before a Bahamas court approved his application for bankruptcy. Mr O'Reilly, formerly the major shareholder in Independent News & Media, is tax resident in the Bahamas and has kept a home there since the 1990s. The Bahamas court approved the bankruptcy application despite opposition from AIB.

Mr O'Reilly established Fitzwilton in 1971. His brother-in-law, Peter Goulandris, resigned as a Fitzwilton director in 2014. Mr Goulandris and Mr O'Reilly pumped hundreds of millions of euro into Waterford Wedgwood in a doomed effort to keep it afloat before it collapsed in 2009.

Irish Independent

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