Ganley management firm posts €2.5m loss

COLM KEENA Public Affairs Correspondent

GANLEY CORPORATE Management Ltd, a company associated with anti-Lisbon Treaty campaigner Declan Ganley, had €209,557 in cash on December 31st, 2008, according to accounts filed recently.

The abridged accounts show the company’s accumulated losses at year’s end were €2.57 million, down from €2.59 million the previous year. No profit figure is given in the accounts.

The cash balance at year’s end compared with €14,851 at the previous year’s end. However, creditors due to be paid within one year also increased substantially, to €135,408 at December 31st, 2008, from €16,248 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 two issued €2 shares are owned by Golden Bay Holdings Ltd, Charlestown, Nevis, West Indies, the company’s ultimate parent, according to the accounts. The Ganley brothers have no interest in the shares of the parent 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, in May 2006. By the end of that year, Rivada Networks was the subsidiary of a US company, Rivada Networks LLC, which has telecommunications contracts in the US.