herald

Thursday 14 December 2017

Irish Press boss faces AGM heat

MEDIA

IRISH Press boss Eamon de Valera refused to step down or wind up the company as he came under fire from angry shareholders.

The businessman (inset) was accused of being "pig-headed" and breaching company law when he presented accounts that were more than a year out of date.

The company made an operating loss of €1.25m for the two years up to December 31st 2012, when it had €2m of outstanding loans and €316,000 cash in bank.

Mr de Valera argued the group's medical marketing firm, M+C, would turn a profit by 2015.

But auditors issued a disclaimer as they presented the accounts to shareholders at an annual general meeting in Dublin.

Deloitte's Kevin Sheehan would not confirm that the firm had enough cash reserves to continue, and raised concerns over the valuation of its head office on Clanwilliam Terrace.

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