An­glo in­vest­ment part­ner­ship has re­tained losses over $10m

Irish Independent - Business Week - - Front Page - Gavin McLough­lin BLOOMBERG

AN in­vest­ment part­ner­ship fea­tur­ing some of the big­gest names in Ir­ish busi­ness, in­clud­ing Sean Fitz­patrick and Gary McGann, was sit­ting on more than $10m (€8.6m) of re­tained losses as of the end of 2017, ac­cord­ing to new ac­counts.

The part­ner­ship is also try­ing to re­cover $500,000 from the IBRC.

The en­tity – known as An­glo Ir­ish JCF 1 LLP – is an in­vestor in a Cay­man Is­lands-reg­is­tered fund called JC Flow­ers II Lim­ited Part­ner­ship. JC Flow­ers is a large Amer­i­can pri­vate eq­uity firm.

Ac­cord­ing to Com­pa­nies House doc­u­ments in the UK, mem­bers in­clude for­mer An­glo CEO and chair­man Mr Fitz­patrick, for­mer An­glo non-ex­ec­u­tive di­rec­tor Gary McGann, de­vel­oper Bernard McNa­mara and John Olan Sisk of the Sisk fam­ily.

Paul Coul­son, the chair­man of US-listed Ardagh, is listed as hav­ing re­signed as a member last year.

The UK’s of­fi­cial state gazette – the equiv­a­lent to Ire­land’s Iris Oi­figiúil, lists him as hav­ing as­signed his in­ter­est to a com­pany called Kelvoda.

An­glo Ir­ish JCF 1 LLP’s ac­counts state it made a profit of $264,284 last year based on an in­crease in the value of its in­vest­ments, and dis­tri­bu­tions re­ceived from the fund.

How­ever, re­tained losses re­mained in ex­cess of $10m – at $10,290,322.

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

The ac­counts state it was owed a sum of $484,495 from the IBRC as of De­cem­ber 31, 2017.

The ac­counts state that re­cov­ery of the sum was “still un­der dis­cus­sion” with the NTMA in its role as op­er­a­tor of the El­i­gi­ble Li­a­bil­i­ties Guar­an­tee scheme – a suc­ces­sor scheme to the blan­ket bank guar­an­tee.

The ac­counts state 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 re­cov­ery of this amount should oc­cur in the next 12 months and dis­cus­sions are still on­go­ing with the joint spe­cial liq­uida­tors of the IBRC,” the ac­counts, which are dated Au­gust 7 2018, state.

The joint spe­cial liq­uida­tors of IBRC are Kieran Wal­lace and Ea­monn Richard­son of ac­coun­tancy firm KPMG.

In May, Fi­nance Min­is­ter Paschal Dono­hoe said they had “in­di­cated their ex­pec­ta­tion that the liq­ui­da­tion of IBRC should be sub­stan­tially com­pleted by the end of 2022 at a to­tal es­ti­mated liq­ui­da­tion cost of be­tween €291m-€306m”. How­ever, he said this was sub­ject to change.

For­mer An­glo Ir­ish Bank chair­man Sean Fitz­patrick

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