Sepam: Clonmel company has operations worldwide

Firm founded by Gus Kearney in 1976 and is an engineering and construction business

Khalifa Stadium in Doha which is undergoing complete renovation in preparation to host some of the matches for the 2022 World Cup in Qatar. Photograph: AFP/Getty Images

Khalifa Stadium in Doha which is undergoing complete renovation in preparation to host some of the matches for the 2022 World Cup in Qatar. Photograph: AFP/Getty Images

 

Sepam, which was founded by Gus Kearney in 1976, is a Clonmel, Co Tipperary-based engineering, procurement, management and construction business that, according to its website, operates in the US, Europe, the Middle East, Asia, Africa, Australia and the former Soviet Union.

Mr Kearney (60), who was involved with the Kent Group prior to setting up Sepam, uses an address in Bahrain in his filings to the Companies Registration Office.

A number of his children are now involved with the group, which is owned by Mr Kearney.

Shareholders’ funds

Sepam Group

There are no publicly available consolidated accounts or accounts showing the combined profit of the company and its subsidiaries. Shareholders’ funds at year end were $38.5 million.

Subsidiary companies listed in the accounts are in Ireland, Jersey, the UK, Australia, Kazakhstan, India, the Netherlands, the US, the British Virgin Islands, Saudi Arabia, Bahrain, Qatar, the UAE, Mongolia, Colombia and Canada.

The company’s immediate parents are two companies based in the Isle of Man, Sepam (IOM) One Ltd and Sepam (IOM) Three Ltd, with Sepam Holdings, an unlimited company based in Ireland, being the ultimate parent.

Loans

At year end Sepam Specialist Ltd, an Irish subsidiary, had loans totalling $4.7 million to related parties. This exceeded 10 per cent of it relevant assets, which is a breach of the Companies Act.

The Sepam Group accounts say that on becoming aware of this, the directors put in place arrangements to remedy the breach.