| 5.3°C Dublin

Firms owned by Lying Eyes' ex €18m in the red

Close

Sharon Collins

Sharon Collins

PJ Howard

PJ Howard

/

Sharon Collins

Two of the firms at the centre of the property empire owned by the purported main target of murder plotter Sharon 'Lying Eyes' Collins have plunged €18.54m into the red.

Accounts filed by two of PJ Howard's investment firms show they were sitting on combined accumulated losses of €15.92m at the end of last year.

This is in contrast to Downes & Howard Ltd and Waymill Ltd having combined accumulated profits of €3m at the end of December 2011.

massive

The two firms are heavily indebted, owing a combined €22.87m in bank loans.

The massive losses arise from large write-downs reducing the value of properties owned by Mr Howard's two Ennis-based firms from €37.2m to €8m in 2012.

However, the write-downs were incorrectly inserted into the firms' revaluation reserve, and as a result have no impact on the firms' profit account.

That has now been corrected along with a series of other errors in the companies' 2012 filings in the 2013 accounts, with the result that the firms are more than €1m worse off than originally thought.

Instead of a combined shareholders' deficit of €13.83m at the end of 2012 as originally reported by the directors last year, it should have been a combined shareholders' deficit of €14.87m - a difference of €1.042m.

Combined trading profits at the firms in 2013 of €49,739 put a small dent in the shareholders' deficit and accumulated losses.

In 2012, Mr Howard's former partner Sharon Collins (49) was freed from prison after serving time for soliciting Essam Eid to kill Mr Howard (65) and his two sons, Robert (35) and Niall (31).

Collins, formerly of Kildysart Road, Ennis, Co Clare, was jailed for six years in July 2008 following a 32-day trial.

During the trial, the prosecution maintained that Collins was motivated by money and was trying to inherit Mr Howard's multi-million-euro fortune.

She was accused of using the cyber name "lyingeyes98" to investigate the possibility of hiring of a hitman via the internet.

The series of errors in the companies' 2012 accounts show that the spend on administrative expenses was €1.41m instead of €566,901.

The amount owed to the firms by debtors was €100,962 instead of €1.16m as originally reported.

Explaining the errors, a note states that in 2014 the directors identified a number of items that were incorrectly stated. These included the omission of a bad debt provision on unrecoverable amounts.

hnews@herald.ie


Privacy