Property development companies show losses over €12m

A NUMBER of property development companies co-owned by well-known Limerick businessmen, Joe Hanrahan and John Shee recorded combined losses of over €12 million in 2009, new accounts show.

The two men jointly hold a majority shareholding in the country’s largest nursing home provider, Mowlam Healthcare, which is profitable.

However, returns by property companies co-owned by the two show aggregate losses of €12.8m in the 12 months to the end of December 2009.