February 26, 2020

Increase in values drives [Cayman Islands] Carlisle Trust

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2016-02-01_bus_16530284_I1From Irish Independent

By Gordon Deegan

The property group established by one of Ireland’s largest developers, the late , recorded a gain of €7.6m in 2014, new figures show.
The Co Kerry native died in October 2013 aged 93, and figures for his show that the gain in equity in 2014 arose from an increase of €8.17m in value in its investment property portfolio.
The company’s ultimate parent undertaking is , an unlimited Cayman Island company which is controlled by a Cayman trust.
At the end of December 2014, the firm was sitting on shareholder funds of €72.5m compared to €64.8m at the end of 2013.
featured in the Moriarty Tribunal where he stated that he never gave Charlie Haughey “a penny in his life, or a pound” after he was asked to explain how more than £300,000 of his money found its way into bank accounts which were used by Mr Haughey.
Accumulated profits at Carlisle Trust Ltd dipped by €494,697 to €49.05m in 2014.
The jump in value in its investment property portfolio is reflected in its revaluation reserve increasing in value from €15.27m to €23.44m.
The firm and its subsidiaries earn millions of euro each year from leases to Government departments and agencies.

IMAGE:  The late property developer John Byrne, who died in 2013

For more on this story go to:http://www.independent.ie/business/commercial-property/increase-in-values-drives-carlisle-trust-34412341.html

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