Sean Gallagher under fire for Fianna Fail fundraiser, illegal loan
Presidential front runner under scrutiny
Gallagher loaned himself approximately $100,000 from his own company in December 2009 which breached company law,’
Illegal loans to company directors have become a major issue in Ireland and are now punishable by fines and even imprisonment.
However, Gallagher made clear to the Times that he had repaid the loan in full and no legal action was taken against him.
Under company law a director can not have a loan from a company that is in excess of 10 per cent of its assets. Gallagher’s loan was for 70 per cent of his company’s assets.
“A director’s loan of €82,829 was made available to Seán Gallagher in 2009,” his spokesman told the Irish Times..
“Upon compiling the accounts for 2009, Mr Gallagher was notified by his accountants that this loan was not in accordance with the Companies Act. Upon being advised of this by his accountants, Mr Gallagher repaid the director’s loan. This will be reflected in the company accounts for 2010.”
In a statement Gallagher slammed the suddenly negative coverage of him. “I’m really sad that we continue to focus on negative campaigning,” he said, stating that he wanted to be an economic ambassador, focusing on tourism, trade and investment.
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