Assets at Garuda Ltd, independent TD Michael Lowry’s refrigeration business, fell 13 per cent to €1.74 million last year, according to the latest accounts filed by the company.

Garuda, which supplies and fits refrigeration units to retailers and other businesses, saw accumulated profits drop €150,000 to €1.08 million. The company was the subject of an investigation following the 1997 McCracken tribunal, which inquired into into payments made by Ben Dunne to politicians.

The Moriarty tribunal subsequently investigated Mr Lowry’s role in the granting of a mobile network licence to Denis O’Brien’s Esat group.