Controversial loan
Seán Gallagher, the President candidate has refused to answer about news that his €82,829 company loan which breached company law. Mr Gallagher referred the questions toRichard Moore, his press agent approached yesterday. He said “If you have any question e-mail it to Richard then I will be happy to deal with it.” He then got into his car and he was driven away. While Mr Moore over recent days concerning the loan, Mr Gallagher was not responded to questions submitted to him. He did not respond to questions that submitted to Mr Moore yesterday afternoon.
The company directors are restricted from taking the loans from their companies. They exceed 10 per cent of the value of their company’s assets. The law is designed to protect the creditors. Mr Gallagher’s interest-free loan from his company named the Beach House Training and Consulting Ltd. It was for in excess of 70 per cent of its assets.
Mr. Gallagher repaid the director’s loan upon being advised of this by his accountants. The cheque is lodged to an incorrect account by his bookkeeper because the name on the cheque is incorrect, Mr Gallagher said on RTEs Frontline on Monday night. The cheque has lodged to the account of a company that he had with a “very similar” name, he said yesterday on the Last Word on Today FM.
