Seen and heard: what the Sunday papers reported
Kerry Co-op gets tax demand, Ronan wants to build a hotel and May clamps down on pay
Kerry Co-op tax demand
Revenue has issued letters to 400 Kerry milk farmers notifying them of a tax demand on so-called patronage shares in Kerry Co-op, the Sunday Independent reports. The shares were issued based on the volumes of milk supplied and Revenue has decided they should be counted as trading income and subject to income tax, PRSI and USC. Traditionally co-op shares have just had a nominal value, but unofficial trading in Kerry Co-op has resulted in significant prices for the shares. The co-op owns just under 14 per cent of Kerry Group plc, which is worth more than €1.6 billion.
Ronan seeks permission for Wicklow hotel
Property developer Johnny Ronan has sought planning permission for a 141-bedroom hotel at Enniskerry, Co Wicklow, according to the Sunday Times. The proposed hotel is close to where his former business Treasury Holdings developed the Ritz-Carlton hotel. After Treasury was broken up by Nama the Powerscourt hotel was bought out of liquidation in 2013 by Tetrarch Capital.
May cracks down on executive pay
UK prime minister Theresa May will this week announced a crackdown on executive pay, said the Sunday Telegraph. It reports that Ms May will, on Tuesday, reveal plans that include making firms publish pay ratios between executives and employees, while also giving shareholders the power to veto pay packages.
Central Bank inquiry
The first public hearings of the Central Bank’s inquiry into the collapse of Irish Nationwide will take place this week. Both the Sunday Business Post and Sunday Times report the inquiry, set up in July 2015, has scheduled hearings for Wednesday and Thursday. However, these public sessions are billed as management meetings, designed to deal with procedural issues rather than take evidence from witnesses. Former executives, including former managing director Michael Fingleton, are expected to attend.
Businessman Barry O’Callaghan is reportedly planning to open an international school in Leopardstown, Dublin, for children of executives and diplomats. The Sunday Times says the founder of e-learning group Riverdeep aims to launch it next year. It would teach the International Baccalaureate (IB) and is in line with Government ambitions to open a school to teach the IB as part of efforts to lure banking executives after Brexit.