Saturday 10 December 2016

Larkin brothers were paid €254,000 from Twinlite firm

Published 15/03/2016 | 02:30

Photo: PA
Photo: PA

Developers Michael and Richard Larkin paid themselves €254,633 from the company that is now seeking to remove residents from their rented homes in Tyrellstown.

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Between 2013 and 2014, the developers doubled the directors' remuneration at Twinlite, the property management company that informed residents their leases would not be renewed.

The only two listed directors of the company were the brothers.

The payment package included pension contributions and, if split evenly, equated to around €127,316 each.

The latest annual accounts for the company revealed how the two Larkin directors shared a remuneration package of €125,358 in 2013, before the hike in the following year.

The increase came despite the company's accountants noting that its survival as a going concern was dependant on continued support from shareholders, group companies and financial institutions.

The accounts also showed that staff numbers remained the same in the two years, but staff costs for 10 employees increased over that period from €319,606 to €562,824.

The developers came into the spotlight after it emerged over the weekend that houses in the Cruise Park estate in west Dublin were to be sold.

At first, it was thought that more than 200 houses with tenants were to be vacated.

Over the weekend, Twinlite said in a statement that a company called European Property Fund (EPF) was planning to "exit the residential property market" and had 103 properties in Tyrellstown that would be sold. However, yesterday, a spokesman for the Larkins said that 40 people would be asked to leave.

Shares

The Larkins and Twinlite have attempted to distance themselves from the move, claiming that they sold the properties to EPF in 2008, which then rented them out.

However, High Court records from as recently as December 2014 show that the brothers were the ultimate beneficiaries of shares in EPF. The information was in an affidavit sworn by Richard Larkin on October 7, 2014.

It was part of a failed case taken by the developers to stop Ulster Bank from selling on €89m in development loans to a Goldman Sachs vulture fund.

Irish Independent

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