Losses at Ganley Management €2.6m

GANLEY CORPORATE Management Ltd, a company associated with businessman Declan Ganley, had accumulated losses of almost €2.6 million in 2010, up slightly on the year before, according to accounts filed recently.

Documents lodged at the Companies Office show that the company owed €159,736 to creditors due to be paid within one year, up from €155,870 on 2009, while debtors of the company also rose fractionally to €192,369.

Net current assets of the company amounted to €33,616, down from €36,007 in the previous year.

The directors of the company, which is based at Mr Ganley’s home at Moyne Park, Tuam, Co Galway, are Mr Ganley and his brother Seán.

The company’s ultimate parent is Golden Bay Holdings Ltd, Charlestown, Nevis, West Indies. The Ganley brothers have no interest in the shares of this company, the accounts state.

Mr Ganley previously told The Irish Times he uses Ganley Corporate Management for the development of business projects. He owned the company’s shares up to December 31st, 2005.

Ganley Corporate Management was the owner of another Tuam company, Rivada Networks Ltd, up until 2006, when it became a subsidiary of a US company, Rivada Networks LLC, which has telecommunications contracts in the US.

Mr Ganley, who is listed as chairman, chief executive and founder of Rivada Networks LLC, no longer has any shares in the company.

The other director of the Irish subsidiary is New York-based trader Ken Fields, who holds 5 per cent of the parent company.