Morrogh hits compo firm for 8m

THE Investor Compensation Company is to take a hit of almost 8 million following the collapse of Cork stockbroking firm W&R Morrogh and the meter is still ticking.

However, despite Morrogh going into liquidation with a shortfall of more than 10m on April 27, 2001, just 2.6m in compensation has been paid out to clients of the firm.

The Central Bank-run Investor Compensation Company’s annual report shows the company has made a provision for compensation payments of 7.3m, up from 5.2m, and set aside a further 400,000 to cover a portion of the 3 million in costs run up by the administrator of the “hammered” stockbroking firm.