An investigation has raised serious concerns into the company behind a multi-million euro art house cinema in Galway.
The Charities Regulator found it recorded "no income" over a ten year period, despite receiving state money and donations from the public.
Solas - Galway Picture Palace Company CLG transferred its ownership of the cinema to a private company and has since gone into liquidation.
Inspectors found the transfer to Element Pictures took place without conducting an independent valuation of the building.
CEO of the Charities Regulator John Farrelly said: "While there now is an art house cinema in Galway and we welcome this, the lack of oversight and sufficient competence to manage a capital project of this size, really does undermine public trust and confidence in the management administration of other Irish charities."