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Named: four of Anglo's 'golden circle'
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22-02-2009 12:25pmthis is a link to The Times article published on the 22nd of February which names four of the Anglo 'Golden Circle'
http://www.timesonline.co.uk/tol/news/world/ireland/article5781014.ece
Can anyone tell me why no journalists have bothered to go down the Registrar of Companies and simply go and look like at the list of shareholders. I would have thought this information was freely available for the minimum of price.
For those of you who dont trust the link here is the story as published by The Times newspaper, the journalist who wrote the article was Tom Lyons.
Named: four of Anglo’s ‘golden circle’
Gerry Gannon, Joe O’Reilly, Seamus Ross and Jerry Conlan are four of the businessmen who secretly bought 10% of Anglo Irish Bank with the bank’s own cash
The businessmen who bought 10% of Anglo Irish Bank last summer, using funds supplied by the bank, include the co-owner of the K Club and the builder behind the Dundrum Shopping Centre. The “golden circle” also includes the country’s biggest housebuilder and the founder of a private hospital group.
Four of the 10-strong group of investors assembled by David Drumm, Anglo Irish’s former chief executive, are: Gerry Gannon, Joe O’Reilly, Seamus Ross and Jerry Conlan. Either they or some of their companies now owe several billion to Anglo. All four declined to comment last week.
Gannon co-owns the K Club, which hosted the 2006 Ryder Cup, with Michael Smurfit. He is the founder of Gannon Homes and owns a large amount of land in north and south Dublin.
O’Reilly is best known for developing the €1 billion Dundrum Shopping Centre. His company, Castlethorn, plans to build a €1.2 billion new town in Adamstown, west Dublin. He also plans a mixed-use development on O’Connell Street in Dublin.
Longford-born Ross runs Menolly Homes, the country’s biggest housebuilder. He owns Dunboyne Castle in Co Meath and recently ended a dispute over profits made on the development of houses in the K Club. He lost millions when the International Securities Trading Corporation (ISTC), a finance company set up by Tiernan O’Mahony, a former Anglo executive, came close to collapsing.
Conlan is the least well-known of the four. He sold 400 acres of land he co-owned in Naas, Co Kildare, known as Millennium Park, for €340m. He used much of the proceeds to found the Mount Carmel Medical Group which owns a maternity hospital in Rathfarnham, south Dublin. Mount Carmel has been appointed by the Health Service Executive to build private hospitals on the grounds of public hospitals as part of the co-location strategy.
The Sunday Times has been able to ascertain that the following businessmen, some of whom have had dealings with Anglo, are not among the 10 investors: Sean Mulryan, Patrick Doherty, Sean Dunne, Derek Quinlan, Denis O’Brien, JP McManus, John Magnier, Noel Smyth, Michael Whelan, Jim Mansfield, Richard Barrett, Johnny Ronan and Fintan Drury.
Patrick Kearney, a founder of PBN Property in Belfast, did not return repeated calls made last week. He was variously “in a meeting”, “in another meeting” and then “flying to Gibraltar”. Kearney is Anglo’s largest client in Northern Ireland and a close friend of Drumm. His business partner, Neil Adair, established Anglo’s Belfast branch.
John McCabe, the founder of McCabe Builders, also refused to comment last week. He was said to be “out of the office”, then “not at home” and finally The Sunday Times was told “he will call you back if he wants to”.
McCabe is an important Anglo client who lives on a stud farm in Meath formerly owned by Charles Haughey, the late taoiseach.
Last week Ulick McEvaddy, (his quote was removed as he is a muppet and it is not worth the publishing his comments)
In total, Anglo Irish Bank lent €451m to a group it has described as “10 long-standing clients”, to buy 10% of the bank. The shares are believed to have been acquired through nominee companies.
The transaction was agreed to prevent the stake acquired through contracts for difference (CFDs) by businessman Sean Quinn coming to the market last summer. It was feared that this would result in a sharp fall in Anglo’s share price.
Three-quarters of the loans were secured against the shares themselves, with the remaining 25% secured on the participants’ “personal assets”.
The bank admits it is likely to have to write off €300m of the money it loaned the 10 investors. Because Anglo has since been nationalised, this loss now passes to the Irish taxpayer.
The Financial Regulator has “categorically” denied knowing the terms of the deal or the identity of the investors beforehand.
It said it knew “steps” to unwind the Quinn shareholding were being put in place, but has not explained why it did not seek further information on the final structure of the deal.
The emergence of four of the 10 names will put further pressure on the government to disclose the others.
Brian Cowen, the taoiseach, said last week that his advice from the attorney general was that he could not disclose the names.
Donal O’Connor, the Anglo chairman, said last week it “would be wrong for the bank to refer to any transactions or dealings with any specific customer of the bank”.
Eamon Gilmore, the Labour party leader, yesterday called on the government to appoint a High Court inspector to investigate various activities at Anglo.
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Comments
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anyone see any connection?
Fianna Fáil has received a large amount of donations from the construction industry in the last few years. Since 2000, Fianna Fáil has received ?301,299 from property and construction companies. A majority of the donations they receive each year are from construction and property-related companies. In 2005, 11 out of the 13 companies that made donations were from this industry. In 2004, five out of the eight companies that gave money were involved in property development.
The donations made to Fianna Fáil from companies
involved in the property and construction industry
2005
Ascon Limited: ?5,750
Ballymore Properties Limited: ?5,380
Durkan New Homes Limited: ?6,348
John J Fleming Construction Limited: ?6,348
Kilmacraddock Homes Limited: ?5,450
Maplewood Developments Limited: ?6,348
P Elliot & Co Limited: ?5,750
P Rogers & Sons Limited: ?5,250
Roadbridge Limited, Co Limerick: ?5,750
Sepam Specialist Limited: ?6,348
William Neville & Sons Limited: ?5,080
2004
Durkan New Homes Limited: ?6,348
Maplewood Developments Limited: ?6,348
Sepam Specialists: ?6,300
2003
Airscape Ltd c/o Harcourt Developments: ?8,579
2002
Bovale Developments: ?6,000
Keogh McConnell: ?5,150
Lyncourt Developments: ?6,348
Airscape c/o Harcourt Developments: ?7,639
Murnane & O'Shea Limited: ?5,828
Treasury Holdings: ?6,349
PJ McGrath & Company: ?5,780
Spencer Dock: ?6,349
Mercury Engineering Limited: ?10,079
Dunloe Ewart Plc: ?750
Dunloe Management Services: ?900
2001
Airscape Ltd: ?7,618
Ballymore Properties: ?10,767
Treasury Holdings: ?762
Spencer Dock Developments: ?7,618
Cosgrave Developments: ?6,200
Durkan New Homes: ?9,828
MW Homes: ?5,079
Maplewood Developments: ?3,911
P Elliot and Co Limited: ?5,206
PJ Hegarty and Sons: ?5,508
JJ Rhatigan and Co: ?5,047
Arlum: ?2,5080 -
this is the CSR Report as per the Anglo website
http://www.angloirishbank.com/AboutUs/CSR_Statement/CSR_Statement.html
CSR Statement
Anglo Irish Bank recognises the growing importance of good corporate citizenship. In its widest sense this reflects our awareness of the communities around us and in which we operate. As with our relationship, or partnership approach to banking, we believe in the relevance and importance of working with a number of community based organisations and being alert to environmental, social and ethical issues. Through our membership of 'Business in the Community' we have an employee volunteer mentoring programme, working, initially, with an inner city secondary school in Dublin. The Bank also provides assistance to a number of community projects where the emphasis is on helping the less fortunate in society.
Obviously the directors never wrote this. Hmmm maybe it was someone from Fianna Fail.0 -
I'm not sure what, if anything, this has to do with the remit of the forum (specifically advice about banking/insurance/pension products and services).
If you want to start throwing comments about dodgy political connections, you're well able (as I see from your other posts) to do that in Politics.0
This discussion has been closed.
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