Courts / Meath / Report
Housing firms funded through Immigrant Investment Programme given court protection
Summary
Two building firms, Trinity Homes Ltd (THL) and Yeronga Ltd, both mainly funded through the Immigrant Investment Programme, were granted court protection from creditors. The firms, established in 2014, have become insolvent and cannot meet debt repayments. They attribute their difficulties to Covid‑19 site shutdowns, rising material costs, and an inability to meet scheduled loan repayments. An additional issue is a €3 million share purchase from a former THL director, during which over €900,000 of THL's funds were paid to that director, a transaction the court said breached company law and will be investigated. The companies had been profitable from 2015 to 2019 and had borrowed over €11 million through the programme, which allows non‑EEA citizens to invest over €1 million for three years in exchange for residency and eventual citizenship. THL's directors are Stephen Mahon (75 % shareholder), Ecaterina Olaru, and Ben Reid, while Mahon and Olaru also direct Yeronga.
Who, what, where, when and why
What: Report matter: Housing firms funded through Immigrant Investment Programme given court protection. Procedural stage: hearing_or_decision
When:
- 2015 and 2019 Other
- 2021-11-10 Publication
Why: The court heard that THL accepts that this payment, which was made because THL did not have sufficient distributable reserves, breached company law and will have to be investigated. Court evidence reported by CNI
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