Anglo investment partnership has retained losses over $10m

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Anglo investment partnership has retained losses over $10m


Former Anglo Irish Bank chairman Sean Fitzpatrick
Former Anglo Irish Bank chairman Sean Fitzpatrick

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.

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