Minister had half share in firm with €218,284 profit

An Irish property company half owned by Minister of State for Justice Frank Fahey had accumulated profits of €218,284 at the end of June 2005, according to its latest filed accounts.

Mr Fahey had one of the com-pany's two issued shares, while Seán Joyce, Turloughmore, Co Galway, had the other. The company's directors were Mr Joyce and Mr Fahey's wife, Ethelle.

Mr Fahey's declaration of interests includes a share in housing development land at Clare- galway, Co Galway, by way of Sage Construction, as well as property in Gort, Co Galway, also by way of the company.

The abridged accounts for Sage Construction show it had stocks and work-in-progress worth €1.4 million and tangible assets of €76,468 in June 2005. The accounts show the com-pany's bank debt was down to €24,877, from €356,932 a year earlier, but directors' loans to the company were up, to €855,304, from €1,971 a year earlier.

While sales to directors were zero in 2005, during 2004 they constituted 17 per cent of the year's turnover, according to the accounts.

In his declaration of interests, Mr Fahey also refers to his involvement in a Boston-based company, Fahey-Higgins LLC.

Private companies in Boston do not have to publish any financial details.

The company's annual report for 2005 gave the company's address as being c/o Louise Fahey, Perthshire Road, Brighton, Massachusetts. Ms Fahey and William Higgins, of Turner Street, Brighton, are listed as the com-pany's managers.

The business of the company is stated as being any lawful business including leasing, rental agreements and discharges or assignments of mortgages.