FORMER PACKAGING king Dr Michael Smurfit was in town on Monday to give his thoughts on the recession and the financial crisis to a Friends First-sponsored gathering of brokers.
He placed some of the blame on “terminally reckless lending” by the banks.
Smurfit, who has retired from Smurfit Kappa but still owns 2 per cent of the business, also recalled the days when the financial system was ruled by prudent bankers. “Whatever happened to them?” he asked.
I wonder if it’s a question he’s put to Smurfit Kappa chief executive Gary McGann, who served on the board of Anglo Irish Bank until the recent scandals emerged.
Or Seán FitzPatrick, who resigned his non-executive directorship at Smurfit Kappa at the same time he took his leave of Anglo.
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IT LOOKS like the Quinlan Private-controlled budget Irish hotel chain Jurys Inns has had to start over in its seven-month search for a new chief executive, which is being led by chairwoman Barbara Cassani.
Reports in the UK suggest Nick Basing, who used to run posh London-based French restaurant Chez Gérard, had been lined up for the post but has had a change of mind, based on the economic climate and Jury Inns’ stated aggressive expansion plan.
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ACCOUNTS JUST filed for the company that owns the “boutique” Residence private members’ club on St Stephen’s Green show it had accumulated losses of €47,149 at the end of 2007 – some six months before it opened for business.
Missford Ltd, owned by twins Christian and Simon Stokes and their father Jeff, had net current liabilities of €384,150 at the end of 2007.
Residence was launched at a cost of €3 million. Before opening, a judge decided that the brothers must open its bar to the public, rather taking away from the cachet of a private club. Given the collapse in corporate spending, he probably did them a favour.
