FRANK DUNLOP Associates, the company owned by the corrupt former Fianna Fáil press officer and lobbyist Frank Dunlop, is receiving ongoing financial support from its owner despite having debts that exceed its assets by €2.5 million, according to accounts just filed.
The abridged accounts were prepared on a going concern basis because of Mr Dunlop’s continuing support when liabilities arise, notes to the accounts state.
Mr Dunlop was released from jail in July after being sentenced in May of last year for corruption. The accounts are signed by Mr Dunlop and his wife Sheila, the directors of the company, and are dated August 4th.
Mr Dunlop was jailed after he pleaded guilty to giving £3,000 to former Fianna Fáil senator Don Lydon at St John of God’s Hospital in Dublin; £2,000 to FF councillor Colm McGrath, and £1,000 to FF councillor Seán Gilbride, all in 1992, in relation to the rezoning of lands at Carrickmines, Co Dublin, for development.
He also pleaded guilty to giving money to former Fine Gael senator Liam Cosgrave at Buswells Hotel in Dublin in 1997, and a further sum of money to Fianna Fáil councillor Tony Fox the same year, also in relation to Carrickmines.
Frank Dunlop Associates is based at 25 Mount Street, Dublin, and featured heavily in the proceedings of the planning tribunal at Dublin Castle. Mr Dunlop and his company were involved in lobbying activities, including campaigns aimed at getting land rezoned for development.
The abridged accounts show assets of approximately €75,000 but liabilities of €2.6 million as of October 31st, 2009. The share capital of the company was €200.
Mr Dunlop is also the owner of Shefran Ltd, which also featured in the proceedings of the planning tribunal. The latest filings for that company do not show any commercial activity or give any figure for assets held. However, Bank of Ireland registered a mortgage against the company in 2000 in relation to a number of commercial units at Citywest Business Campus.
An attempt to contact Mr Dunlop met no response.
