Northern Ireland Electricity is to pay the Treasury more than £1m sterling after settling a marathon dispute over profits from property sales since its privatisation, it was announced today.
With the row stretching back to 1998 when the company sold off land for apartments at its Danesfort headquarters in south Belfast and four Shop Electric stores, negotiations have led to a final clawback resolution.
After independent arbitration it was agreed with the Department of Enterprise, Trade and Investment that nearly £1.25 million should be handed over. Enterprise Minister Maria Eagle said: "This complex matter has taken an inordinate time to resolve.
"However, I am satisfied that the Department has done all it can, with the benefit of legal and valuation advice, to secure the best possible outcome for taxpayers."
The dispute centred on a legal agreement between the then Department of Economic evelopment and NIE when Northern Ireland's electricity industry went private in 1992.
Under the Deed of Debenture, the authorities were entitled to 50 per cent of any profits from the disposal of property by the firm during the first 10 years of privatisation.
But when it issued its statement for 1997-98, it was felt more cash should have been handed over.
Another two financial years were later included in the dispute: 1999/2000 when a training centre at Nutt's Corner near Antrim was sold; and 2002/03 when property at Granville, Ballymena went.
The total resolution includes £260,000 already paid by NIE in 1998.