Harrington and Desmond “lose £16m” – report 30/11/2009 |
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Golfer Padraig Harrington and Dermot Desmond, the major shareholder of Celtic Football Club, have reportedly lost £16m following the collapse of a technology company.
Irish newspaper the Sunday Business Post claimed at the weekend that the two men had invested almost £22m in U4EA Technologies, which went into administration in the summer. The paper reports that court documents show that Desmond’s investment company IIU and Harrington will lose approximately £16m.
The three-time major winner was forced to respond to speculation earlier this year about how badly his investments had been hit by the credit crunch.
He said: “Nasty things have been said about me and I really don’t want to lend credence to them by making any comment. For instance, one of the tabloids wanted to know if it was true that I had lost 20 million in investments with [Bernie] Madoff, [Allen] Stanford and a few others. They were obviously keen to cover all the bases.
“The answer is that I haven’t lost greatly in any ventures. I will not suggest that I was immune from everything but nothing has happened that has had any material effect on me, financially.”
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