April 23, 2021

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 John Byrne, 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 Carlisle Trust Ltd 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 Prospect Holdings, 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.
Mr Byrne 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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