Monday 16 September 2019

Coulson among high-profile names sitting on $10m investment losses


Ardagh chairman Paul Coulson
Ardagh chairman Paul Coulson
Gavin McLoughlin

Gavin McLoughlin

An investment partnership that included Ardagh chairman Paul Coulson and some of the most high-profile names in Irish business is sitting on over $10m of retained losses.

The figure is contained in the latest accounts for the partnership, which is called Anglo Irish JCF 1 Limited Liability Partnership (LLP).

Other members included developer Bernard McNamara, former Anglo Irish Bank chairman Sean FitzPatrick and Aryzta chairman and former Anglo non-executive director Gary McGann, according to documents filed at Companies House in the UK.

The documents state that the partnership's principal activity is to invest in a Cayman Islands-registered fund entitled JC Flowers II Limited Partnership. The vast bulk of the $10.3m (€8.9m) loss was accrued in the partnership's early years on foot of large impairment charges taken on the $16m of initial capital invested.

The partnership was incorporated four weeks after the blanket bank guarantee in October 2008.

A Davy Stockbrokers nominee account is also listed as a member of the partnership.

The accounts state that the partnership was owed a sum of $484,495 from the IBRC as of December 31, 2016. This was described as deposits held for the partnership at the time of the IBRC entering special liquidation.

The accounts, filed last autumn, state that recovery of the sum was "still under discussion" with the NTMA in its role as operator of the eligible liabilities guarantee (ELG) scheme, a successor scheme to the blanket bank guarantee, which covered certain liabilities of Irish banks.

The ELG scheme is operated by the NTMA and was closed to new liabilities in 2013.

The accounts state that the LLP also made a claim as a creditor in the special liquidation of IBRC "as a precautionary step in the event of the ELG Scheme operator failing to make a payment".

"It is anticipated (that) recovery of this amount should occur in the next 12 months and discussions are still ongoing with the joint special liquidators of IBRC," the accounts state.

These discussions have been ongoing for a number of years, according to a series of accounts.

Sunday Indo Business

Also in Business