A court has heard that a total of €66m was transferred from the firm behind the Nuremore Hotel in Monaghan to related entities. The revelation came during legal proceedings involving the hotel and its parent company. It is alleged that the transfers were carried out over a period of six years without proper approval from shareholders. The case highlights the importance of transparency in corporate financial transactions and the potential risks of opaque ownership structures.
Huawen Foundation Ltd, the parent company of the Nuremore Hotel & Country Club in Co Monaghan, has been ordered by the High Court to appoint a liquidator. Insolvency practitioner Declan DeLacy has been confirmed as the liquidator, following claims that a total of €66m had been transferred out of the company to related entities. Over €85m was said to have been deposited into the company’s bank account during its lifetime, with almost the same amount paid out by August 2019. The Nuremore Hotel & Country Club, owned by Nuremore Hotel Management, has been closed for renovations since December 2019.
In conclusion, the €66m transfer from the firm behind Nuremore Hotel to related entities has provoked many questions and concerns. While there is no indication of wrongdoing at this point, the case continues to unfold in court. As always, it’s important to stay informed and look forward to more updates on this developing story.
