A property firm controlled by Cork developer Michael O’Flynn incurred losses of £99.69 million (€122 million) last year.
Accounts filed in error by Mr O’Flynn’s unlimited company, Tiger Developments, show it incurred the loss after impairments on assets and inter-company loans. The figures show the five people employed directly by the firm received an aggregate £519,944 in salaries.
Tiger Developments has “a major asset portfolio in the UK” and as the firm is unlimited is not required to publish annual accounts. Last night O’Flynn Construction admitted that the accounts had been filed in error with the Companies Office.
The loss at Tiger Developments arises from a write-off of £89.6 million concerning the non-recoverability of inter-company balances and £6.5 million in a property writedown.
A spokesman for the group said yesterday: “The accounts filed represent one small part of the Tiger Development Group which comprises over 60 different entities.”
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