Larry Goodman profits spark farmers’ call for cattle price inquiry

IFA president says businessman ‘making millions on the backs of beef farmers’

 Irish Farmers’ Association president Joe Healy: it is galling “to see Larry Goodman make such huge profits . . . with an intricate web of transactions designed to avoid tax”. Photograph: Laura Hutton

Irish Farmers’ Association president Joe Healy: it is galling “to see Larry Goodman make such huge profits . . . with an intricate web of transactions designed to avoid tax”. Photograph: Laura Hutton

 

The Irish Farmers’ Association has called for an investigation into the prices being paid to farmers for cattle following a report in The Irish Times about the profits being booked by companies in Luxembourg that form part of the Goodman Group.

IFA president Joe Healy said the revelation that the multinational group established by businessman Larry Goodman had profits of €170 million last year “shows that he’s making millions on the backs of beef farmers and the Government must take action on transparency in the food chain”.

‘Greed and more greed’

“At a time when the ABP group factories have cut beef prices to ridiculous levels for farmers, it is particularly galling for beef farmers to see Larry Goodman make such huge profits and routing them through Luxembourg and Liechtenstein with an intricate web of transactions designed to avoid tax,” he said. “It smacks of greed, greed and more greed.

“It leaves a bitter taste for beef farmers who are on incredibly low incomes, are struggling to cover their bills and who face a very uncertain future.”

The IFA has repeatedly asked the Competition and Consumer Protection Commission (CCPC) to investigate the margins in the beef industry.

“This amount of untaxed profits offshore must prompt a rethink at Government level and within the CCPC. They cannot continue to ignore the facts in front of them,” Mr Healy said.