Supertrawler owner denies 'Veronica' is up for sale

Atlantic Dawn Ltd, the company owned by Donegal fisherman Kevin McHugh, has denied that its second supertrawler, Veronica, is up for sale.

The 106-metre vessel is fishing off west Africa with its sister ship, the 145-metre Atlantic Dawn.

Veronica appeared recently on an Icelandic shipbrokers' website and its sale was reported in the British fishing industry trade press. However, a spokesman for the firm said this was an error.

The Veronica was taken off the Irish fishing vessel register to allow for registration and licensing of the Atlantic Dawn under a deal approved between the Government and the European Commission.

The vessel was given a major refit and the owners established a business partnership in Australia with a view to deploying the vessel in Australian waters. However, this was opposed by Australian fishing industry interests.

The Australian government is drawing up a management plan for pelagic (mackerel/herring) fisheries, which may mean that there is still a chance for the vessel to be licenced there, a spokesman for Atlantic said.

Atlantic has also confirmed that it has applied to re-register as an unlimited company. This would release it from having to disclose full details of profits, assets and liabilities in its annual accounts.

The company lost its auditors, PricewaterhouseCoopers last year. It made an undisclosed settlement with the Revenue due to an error which it said it had discovered in its accounts.

Figures for 2003 showed that it made profits of just under €26 million and turnover was €38 million, compared with €30.5 million in 2002. Gross profits of €15.6 million were boosted by operating income from unspecified sources of €18.7 million, and profits after tax amounted to €25.78 million.

The company was known to have profited from the sale of fishing vessel tonnage to other pelagic vessel owners in Donegal.

It has rejected claims that it benefited from indirect State subsidies of around €100 million through the original licensing and registration deal done with the European Commission.