McKILLEN LOSES US LEGAL BID TO SUE FORMER ANGLO OVER 'MAPLE 10' LOAN - Property developer Paddy McKillen and his business partner Tony Leonard have lost a bid to sue the former Anglo Irish Bank in the US courts over Mr McKillen’s Maple 10 loan.
Delaware bankruptcy court judge Christopher Sontchi rejected a motion by Mr McKillen, Mr Leonard and their company Clarendon Properties seeking clearance from the US court to take a legal action against the Dublin-based liquidators of Irish Bank Resolution Corporation, into which Anglo was merged. The two businessman and their property company sued IBRC’s liquidators, Kieran Wallace and Eamonn Richardson, alleging in the Delaware bankruptcy court - where the bank’s US subsidiary is being wound up - fraud, misrepresentation and breach of duties of care to Mr McKillen over the €45 million loan, says the Irish Times. IBRC sued Mr McKillen in the Irish courts in July 2014 to recover a quarter of the loan extended by the bank to the businessman who, with nine other long-standing borrowers of Anglo, took a 10% stake in the bank with the loans from the institution, helping Anglo unwind Seán Quinn’s investment in July 2008. Mr McKillen and his business partner turned to the US court to fight the case, prompting the liquidators to argue that it was an attempt to "end-run" the bank’s action to recover the loan in the Irish courts.
NTR RENEWABLES IN €60m SWOOP FOR UK SOLAR FARMS - NTR Renewable Energy Income Fund (II) has acquired nine operational solar assets in the UK for a total of €61.3m.
Included in the price is a deferred consideration amount of €2.6m, which will be paid on the completion of certain conditions. This is the first transaction for the Irish investor, which has been set up to invest in onshore wind and solar assets across a number of European markets, writes the Irish Independent. An earlier renewable energy infrastructure fund that was launched in 2015 is now fully invested. The assets now being bought are so-called ground-mounted panels that have a total capacity of 38.4 megawatts. "Our strategy for fund is to acquire both pre-construction and operational European onshore wind and solar assets, with the operational assets providing immediate yield on investment while the pre-construction assets are being built out," said NTR CEO Rosheen McGuckian. "We are very pleased with this, our first acquisition for the fund, which consists of a well-diversified portfolio of attractive cash-yielding solar assets, providing long-term contracted revenues for our investors from the get-go," she added. The assets were developed by Plus Renewable Technologies, a global renewable energy and technology company that delivers renewable energy projects and asset management services. Plus Renewables CEO Paul Cheng, said that the transaction was a "testament to the quality of the group's projects".
PLANS FOR €40m DEVELOPMENT AT TRUMP INTERNATIONAL DOONBEG TO CREATE 100 CONSTRUCTION JOBS - Plans have been lodged for a €40m development at the Donald Trump-owned Trump International Doonbeg golf resort in west Clare.
The new plan includes 53 holiday homes, a ballroom/function room, a leisure centre and a new restaurant, says the Irish Examiner. The construction phase of the project is to employ up to 100 people at its peak and General Manager of Trump Doonbeg, Joe Russell said on Thursday that the application is "a further vote of confidence in Trump Doonbeg, west Clare and Ireland and a continuation of the Trump Organisation’s initial plans for the resort when they purchased it in 2014". Putting a value of €40m on the planned development, Mr Russell said that the resort is enjoying its "best year so far since the resort commenced full operations back in 2006". He said that "economic growth has led to a strong domestic market but the USA business has been terrific this year" adding that the resort being on the Wild Atlantic Way has also added to business. Trump Doonbeg is the 16th in the Trump International portfolio and the hotel accommodates 45,000 guests each year with over 50% coming from North America. Currently, 30% to 40% of hotel visitors are principally interested in golf with other guests attracted by the location and setting with most staying for leisure purposes.
BEST BREXIT TAX BREAKS FOR BANKERS OFFERED BY PARIS AND ROME - France and Italy are offering the most generous tax breaks to London bankers moving to the European continent after Brexit, research compiled for the Financial Times shows.
The findings shed light on how aggressively EU countries are seeking to grab a share of the few thousands of banking jobs that will shift to the EU when the UK leaves the bloc next year. While France's tax gifts are part of wider efforts in recent years to fix its reputation as a hostile fiscal environment for wealthy individuals, Germany is not dangling any tax carrots. Some relocations have already begun: Goldman Sachs has moved 60% of the investment bankers and financing experts it intends to ship from London to Milan, Frankfurt and Paris. Bank of America's post-Brexit EU operations will be headquartered in Dublin and over the summer it announced a new Paris office likely to house around 400 staff. In total, the Bank of England predicts the City of London could lose about 5,000 financial services jobs as Brexit unfolds. Bankers heading to the continent could pay less in income tax and social security than they would in the UK by taking advantage of juicy tax cuts, according to simulations prepared by consultancy firm PwC for the FT. In terms of net take-home pay, the most beneficial locations for expats are Italy and France, while the least beneficial country is Germany, as a result of no additional expatriate or travel deductions. A UK expat in France with an income of €1m including allowances could take home more than €180,000 extra than that person would at home. A move to Italy could mean an extra €200,000 in net pay.