KPMG was paid €770k in fees after sale of Lough Erne

Auditing firm KPMG was paid fees and expenses of over €770,000 concerning the administration of the five-star Lough Erne resort, new documents show.

The resort, which hosted the G8 summit of world leaders in 2013, was put into administration in 2011 by Bank of Scotland and was sold to a group of US investors headed by financier Michael Saliba, in 2015.

Now, the KPMG administrators, John Hansen and Stuart Irwin in their new report lodged with Companies House in the UK state their fees and expenses total £656,847 (€773,060), including £648,562 in fees and expenses of £8,285.

Following the £8.26m sale, the administrators immediately paid the Bank of Scotland £5m. That amount fell far short of the £26.4m owed to the bank.

The five-star, 600-acre property sits on a peninsula between the shorelines of Lough Erne and Castle Hume Lough, close to Enniskillen.

Businessman Jim Treacy developed the hotel and golf course with the aid of a £26.4m loan from the bank.

Unsecured creditors who were owed £3.5m were left empty handed.