| 7.9°C Dublin

Tax cheat Wallace sees his wine bar business lose e284k

Close

Mick Wallace

Mick Wallace

Mick Wallace

TAX cheat TD Mick Wallace is facing further woes after his wine bar business recorded losses of over €284,000 last year.

Wallace Calcio Ltd, one of a number of companies owned by the Wexford TD, has amassed debts of over €510,000.

The firm recorded losses of €284,194 for the year ending August 31, 2012, up almost €90,000 in just 12 months.

Wallace Calcio was set up to run a string of wine bars, restaurants and cafes, several of which are located in the capital. Mr Wallace is a director of the company, along with his son Sasha.

Calcio is the Italian for soccer – one of Wallace's passions.

The company is one of eight owned by the controversial politician, who sparked outrage last year after it emerged that he deliberately underpaid VAT to the tune of €1.4m on a separate firm, M&J Wallace Limited.

Accounts also published this week for Wallace's clothing business show that it also going through financial difficulty.

Wallace Imago Ltd recorded a loss of €23,096 for the year ending August 31, 2012 and owes creditors over €159,000.

Wallace's business empire was worth €70m at the height of the boom. It is now estimated that its value has plummeted to below €20m.

There were calls for his resignation last October after he spoke about hiring a hitman to recover an unpaid debt.

The disgraced developer joked on radio about his intentions to employ someone who used a gun to intimidate the owner of a construction firm.

"So I knew of a guy made a living out of a gun ... I made contact with him and said: 'Listen, there's a guy owes me €20,000: will you get it for me?'," Wallace said.

Last June, Wallace shocked fellow TDs when he revealed that he falsified VAT documents relating to his construction company to the tune of €1.4m.

He is repaying the bill, which now stands at close to €2m, through his Oireachtas salary.

Mr Wallace is still a member of the Dail's Technical Group, despite a number of calls for his resignation.

 

attack

A number of members of the group are planning to form a breakaway faction amid fears that the leadership will fall to Mr Wallace.

Many of the deputies are no longer on speaking terms with Mr Wallace, who has launched an extraordinary attack on the media in months.

Wallace did not respond to a request for comment.

noconnor@herald.ie


Privacy