Finance Minister Paschal Donohoe plans to slap energy suppliers with windfall tax bills to the tune of 60 million euros to help pay government aid to households struggling with soaring electricity and gas bills arrow, reported the Sunday Times.
Mr Donohoe said in a parliamentary question last week that officials in his department are “assessing the potential for such a proposal”, following the European Commission’s approval of temporary tax measures on utility companies energy to help relieve consumers of high prices. A 10% tax would generate 60 million euros, based on energy suppliers’ 2020 tax returns, according to the report.
Jay Bourke pledges to fight against a debt of 12 million euros
The Business Post reported that bar and restaurant entrepreneur Jay Bourke, who faces bankruptcy from more than €558,000 in debt to Revenue, insisted he will fight the source of his financial troubles: a debt of 12 million euros resulting from its joint purchase at the time of the boom. from Co Meath Bellinter House Hotel.
The hotel loans are now owed to Goldman Sachs and come from loans taken out by the businessman, the late music promoter John Reynolds and father and son property developers, Paddy and Simon Kelly.
Mr Bourke insists the liability was settled in 2015 in a deal in which the co-owners sold the property for £3million.
He spoke less than a week after the withdrawal of a High Court request for approval of a financial restructuring plan which would write off Mr Bourke’s 13.7million euro debts, the manager of the 12 million euro loan, Pepper Finance, having opposed the arrangement.
“It’s like something out of Merchant of Venice,” the businessman quoted the newspaper as saying, referring to William Shakespeare’s play where a creditor asks for a pound of flesh in repayment of a loan. “I live quite modestly; I like sailing, gardening and art… I don’t want to go broke.
Gan, backed by Smurfit family, finds ‘errors’ in preliminary results
The Sunday Independent reported that Gan, the game and gaming technology company run by Dermot Smurfit jr and backed by members of the wider Smurfit packaging family, has disclosed to investors that it has discovered errors in its preliminary results for 2021, which could force it to revise its losses upwards to 5.7 million dollars (5.2 million euros).
The company disclosed in a filing with the U.S. Securities Exchange Commission that it may have to increase its previously reported, unaudited net loss from $24.9 million to $30.6 million. Gan said management concluded that a “material weakness” existed in its internal control over financial reporting at the end of the three quarterly periods last year. She added that she needed more time to complete her annual report.
Ban on selling O’Devaney Gardens homes to funds lifted
An Bord Pleanála has lifted a ban on selling more than 500 homes under development on public land at Dublin’s former O’Devaney Gardens site to institutional investment funds, according to the Business Post.
The planning authority initially stipulated in September 2021 that homes being developed by property group Bartra on the site, close to Phoenix Park, could not be sold to a “legal person”. Half of the 1,047 units had already been reserved for social and affordable housing.
Bartra then filed an application for judicial review in the High Court seeking the removal of the clause – and the case remains pending. However, An Bord Pleanála changed its decision, clarifying that the apartments in the development can be sold to an institutional investor.