CYPRIOT FIRM SEEKS SOME PAYMENT FROM SALE OF SEÁN DUNNE’S FORMER HOME – The Irish Times reports that a company which sold a house on Dublin’s Shrewsbury Road for €14 million – now at the centre of disputes arising from developer Seán Dunne’s bankruptcy – want some payments out of an account where most of the sale proceeds are being held pending determination of those disputes, the High Court heard.
The payments out are required for legal fees, it was stated.
Cypriot-registered Yesreb Holdings says it acquired Walford, Shrewsbury Road, in 2013 from a trust set up by Mr Dunne for his wife Gayle Killilea in 2006.
Yesreb says its only assets now are some €12 million of €14.25 million derived from selling the property on in 2016 to another company.
That €12 million is held in a Swiss third-party "escrow" account and cannot be touched until legal proceedings are determined.
US COMPANY WANTS TO BUILD LNG TERMINAL IN CORK – Port authorities in Cork have signed a deal aimed at developing a new terminal to land gas from ships, according to the Irish Independent.
Texas-based NextDecade, a liquid natural gas company (LNG), has signed a memorandum of understanding with the Port of Cork to develop an LNG import terminal at the port.
In a statement the company said that the memorandum was "to advance a joint business development opportunity in Ireland for a new floating storage and re-gasification unit and associated LNG import terminal infrastructure".
The Port of Cork would receive liquid natural gas shipped from NextDecade's planned Rio Grande LNG project in South Texas.
LIMERICK TUNNEL FIRM POSTS €6.4M LOSS – The Irish Examiner writes that the firm behind the Limerick Tunnel, which is backed by guaranteed payments from the Government, has posted a pre-tax loss of €6.4m.
Transport Infrastructure Ireland provided payments in so-called traffic guarantees of €4.4m to Directroute (Limerick) Ltd in 2016, as well as €5.4m in so-called operational payments.
New accounts show the firm’s operating profits climbed 38% to €9.4m, as revenues increased 11% to €23.7m.
The pre-tax loss of €6.4m was down 23% on the 2015 loss of €8.3m. The loss was due in large part to non-cash depreciation cost of €13.48m, and finance payments of €15.8m.
The operator of the tunnel, which opened seven years ago, includes investors from Lagan, Roadbridge, Sisk, Strabag, as well as AIB and Meridiam.
MAY PROMISES TO AVOID BREXIT CLIFF EDGE FOR BUSINESS – UK Prime Minister Theresa May has promised business leaders that she will not let companies fall over a Brexit "cliff edge", according to the Financial Times.
It comes amid warnings that jobs could haemorrhage from the City of London unless she delivers clarity on her exit strategy soon.
Mrs May told the first meeting of a new Downing St business council that she aimed to negotiate a transition deal – or what she calls an "implementation phase" – to smooth the exit process from the EU in March 2019.