Saturday 10 December 2016

Media Bites: Sunday Independent - Garda investigate money transfer scam

Published 18/05/2015 | 02:30

Special Garda financial and online investigators are probing an elaborate money transfer scam that hit the Central Bank last year
Special Garda financial and online investigators are probing an elaborate money transfer scam that hit the Central Bank last year

Special Garda financial and online investigators are probing an elaborate money transfer scam that hit the Central Bank last year. The Dame Street institution, which is tasked with maintaining the integrity of the Irish banking system, was duped into transferring up to €1.4m to a bogus online account believing it was a standard invoice payable to Danske Bank. However, the money was actually sent to a bogus bank account in Galway. Up to €32,000 is still missing.

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Sunday Telegraph

HMV is to launch a website within weeks that will give music fans their first chance to buy CDs and games from the retailer online since it collapsed two years ago. The chain's digital comeback is the next stage of the retailer's revival after its purchase by restructuring experts Hilco in 2013.

HMV collapsed under £170m (€233m) of debts in 2013, threatening more than 4,000 jobs across Ireland and Britain. Hilco's management team has led an overhaul that has seen HMV return to profit and unveil plans to open 10 new Irish stores.

Sunday Times

Chinese Investment Corporation (CIC), the sovereign wealth fund of the People's Republic of China, is part of a new commercial property debt fund which is backing the purchase of projects out of Nama.

CIC is a significant investor in the WLR Cardinal Mezzanine Fund, a €350m real estate debt fund managed by a partnership between Wilbur Ross and Dublin investment company Cardinal. CIC's investment is thought to be more than €50m.

Sunday Business Post

Facebook is planning to build a €200m data centre in Meath. The social networking giant will announce its intention to file for planning permission to build the project in Clonee in the next couple of weeks.

If granted, the data centre will take up 200,000 square feet and employ about 100 people. Facebook has already begun to advertise a number of positions for the data centre, which would only be its second outside of the US.

Financial Times

Carl Icahn, the activist investor best known for shaking up sleepy boards and under-performing companies, has made a rare foray into the Silicon Valley start-up world with a $100m investment in ride-sharing service Lyft.

The deal is part of a $150m (€137m) extension of a funding round that first closed in March, when Japanese e-commerce giant Rakuten led a $530m investment that valued San Francisco-based Lyft at $2.5bn.

Mr Icahn is making a bold bet that Lyft can succeed against its larger and better-financed rival Uber, which has raised more than $5bn and is looking to raise up to $2bn more.

Irish Independent

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