Dermot Desmond's investment vehicle reports a loss

International Investment and Underwriting (IIU), the investment vehicle owned by Dermot Desmond, reported a loss of €3.66m during 2002.

Accounts filed recently show it had investments listed on quoted stock exchanges worth €10m as of December 31, 2002, and the company had a further €6m in cash. The company's profit and loss account stood at a €2.9m loss, having been €691,805 in profit the previous year.

The accounts, reported in the Irish Times this morning, show that during the year, a €5.1m capital contribution was made to the company, which is owned by Desmond. A €5.94m debt owed to Desmond at the end of 2001 was paid by the end of 2002.

Last year the global equity markets took a fall due to economic slowdown, the September 11 terrorist attacks and big corporate scandals.