Goodman loses €1.4m as legal saga ends

BEEF baron Larry Goodman will not get back the €1.4 million premium he paid the State for his cancelled export credit insurance cover that led to the marathon legal battle settled yesterday.

The fee, paid to the Department of Industry and Commerce in 1989 for insurance on a €127m beef export contract, almost offsets the €1.5m legal bill facing the taxpayer as a result of the 14-year-long proceedings. Mr Goodman's company, Allied Irish Beef Processors (AIBP), will pay its own legal costs.

Under the terms of the settlement, AIBP agreed to withdraw a claim against the State for €100m plus damages and costs. The figure of €100m equated to the 80% of the contract value which the department had undertaken to insure.