Haughey-linked helicopter hire business ‘lost €230,000’

THE helicopter hire business part-owned by Ciaran Haughey lost close to €230,000 last year, according to recently filed accounts.

Accounts for Celtic Helicopters, which is jointly-owned by the son of the former Taoiseach Charles Haughey and John Barnicle, show accumulated losses had risen to €387,672 in the year to 31 March 2004.

The company had net assets of just €82,529 at the end of its financial year and cash balances of €129,455.

The directors said that the accounts have been examined by the McCracken Tribunal into payments from Dunnes Stores and the Moriarty Tribunal, which is investigating payments to Charles Haughey and former Fine Gael communications minister Michael Lowry.

Celtic’s books have also been examined by an authorised officer appointed by the then trade minister Mary Harney.

“In February 1998, the Revenue Commissioners commenced enquiries into the taxation affairs of the company. In the course of those enquiries, assessments have been raised by the Revenue Commissioners and are under appeal by the company.

“As yet, the financial implications of these matters for the company cannot be ascertained with certainty. The directors believe that adequate provision has been made for all of the company’s taxation liabilities.”

The accounts also disclose that Medeva Properties, a company controlled by Ciaran Haughey and Mr Barnicle, charged 167,640 during the year for three helicopters leased to Celtic Helicopters, along with an administration fee of 12,000. Celtic Helicopters owed Medeva Properties €26,343 at the end of the year.

The accounts for Celtic also show that a 100%-owned subsidiary, Celtic Helicopters Maintenance and Services, owed its parent €200,000. It said in return it received free use of a helicopter.

The company has two Augusta six seater helicopters and four Bell 206 Jetrangers.

Celtic Helicopters has been in business for 20 years.