Excessive directors’ loans jump to €134m

THE value of loans to company directors that exceed legal limits has increased fourfold to €134 million over the past 12 months, according to the state body which polices company law.

The Office of the Director of Corporate Enforcement (ODCE) has said it is concerned at the increase in the value of such funds which, it said, were being used by company directors for personal purposes.

Launching his office’s annual report in Dublin, the director of corporate enforcement, Paul Appleby said 161 new cases ofexcessive director loans totalling €134m were reported last year. It compares with 138 cases totalling €33.7m in 2007.