Losses at company linked to Ganley increase to €2.62m
LOSSES at a company linked to businessman Declan Ganley increased fractionally last year to more than €2.6m.
Accounts filed with the Companies Office show that Ganley Corporate Management Limited incurred a net loss of €19,791 in the year to the end of December 2011, bringing cumulative losses to €2.62m. This is up from €2.6m in 2010.
Mr Ganley, the founder of Libertas and a high-profile campaigner against the Lisbon treaty and the fiscal compact treaty, is a director in the firm along with his brother Sean.
The company is registered at the 44-year-old's home address in Tuam, Co Galway, but its parent company, Golden Bay Holdings Limited, is based in the West Indies.
One of Mr Ganley's other companies, Rivada Networks Limited, also suffered a net loss of €99,686 in the year to the end of December 2011, bringing its cumulative losses to €800,541.
The telecommunications company – a subsidiary of Rivada Networks International based in the US state of Virginia – had debts of €873,127 at the end of last year.
Mr Ganley is chairman and founder of Rivada, which focuses on designing and deploying broadband and public safety communications for networks for governments.
The entrepreneur said he was highly satisfied with the performance of the group and speculated that the role of the Irish subsidiary could expand.
"Rivada Ireland is a cost centre for a small portion of Rivada's business, which is heavily focused on the US public safety market," Mr Ganley said.
"Rivada Ireland provides some research and management activities for the US operations.
"Although the Irish entity's role is currently not significant in terms of the overall business, we aim to see Rivada Ireland's role grow over the course of the next two to three years as and when we expand beyond the US market."
Rivada's board of directors includes a number of former high-ranking officials with the US Department of Homeland Security, General Richard B Myers, a former chairman of the joint chiefs of staff, Admiral James M Loy, the former deputy secretary of the Department of Homeland Security, and General Lord Charles Guthrie, who was chief of the UK's Defence Staff between 1997 and 2001.
Mr Ganley is a director of two other Irish-based firms – the Libertas Institute and finance firm St Columbanus International Advisors Limited.