Irish subsidiary of Ganley firm accumulated losses of €¼m
RIVADA NETWORKS, the Irish subsidiary of the US communications company founded by anti-Lisbon Treaty campaigner Declan Ganley, had accumulated losses of €253,819 at the end of 2007, according to abridged accounts filed recently.
The Tuam, Co Galway, subsidiary had accumulated losses of €69,450 a year previously. No profit or loss figures are given in the approved accounts.
The company is a subsidiary of Rivada Networks LLC, a Delaware-registered US company that is part of a joint venture, Rivada Pacific, which has contracts worth at least $35 million with the US military and the US Federal Emergency Management Agency (Fema). The joint venture supplies emergency "first responder" communications technology to US emergency response structures.
The Irish subsidiary was used during a recent unsuccessful bid for a Garda contract.
Mr Ganley is the founder, chairman and chief executive of Rivada Networks LLC, though the accounts of the Irish subsidiary state that neither he nor his fellow director during 2007, James O'Reilly, had any shares in the parent company.
There is no publicly available information on the ownership of the US company, nor are its accounts available. This is normal for Delaware-registered companies. Mr Ganley yesterday did not want to elaborate on the information that is on public record.
The accounts show the Irish company had fixed assets of €11,897 at the end of 2007. It had debtors of €335,822 and cash of €13,364. Creditors were owed €614,902.
The latest return for the company, for the period to the end of September 2008, shows its directors were Mr Ganley and Ken Fields, a trading and investment manager with an address in New York who replaced Mr O'Reilly as a director in February.
Mr Ganley lists three other directorships: the University of Limerick Foundation; Ganley Corporate Management Ltd, and the Libertas Institute Ltd.
The latest accounts for another company, Ganley Corporate Management, show it had accumulated losses of €2.6 million at the end of December 2007. This was only a slight increase on the previous year's figure.
Mr Ganley said the company is used in the development of diversified business projects. The accounts show it had fixed assets of €17,336 at the end of 2007. It had debtors of €112,262 and cash of €14,851. Creditors totalled €2.7 million.
The directors of the company are Mr Ganley and his brother Seán. The accounts state that neither man had an interest in the company during 2007 and that it was owned by Golden Bay Holdings Ltd, with an address at Government Road, Charlestown, Nevis, the West Indies. Mr Ganley held the two issued €2 shares until they were transferred to Golden Bay Holdings in 2005.