Stories
Statistics can often be deceiving and can be skewed by little things. For example, we sent a tweet in November outlining how a Goldman Sachs subsidiary in Ireland had made a net gain of €153.7 million in less than seven months, but through complex accounting, it turned the profit into a loss of €295 and paid no tax. The initial tweet received about 4,000 impressions. When we retweeted it again later in the week, it went viral and received 160,000 impressions. A number of influencers rowed in behind it and sent it worldwide.
In the same way, figures around the most-read stories are equally tricky. Just because they are the most read does not necessarily mean they are the best, or the most impactful. Likewise, it does not reflect how long people stayed reading each story. Nonetheless, it does give a guide towards member behaviour.
Below is a list of 20 of our most-read stories that we published during the year. I have taken out some of the smaller articles, such as when we broke a news story or revealed a company been bought, sold, or if it had fallen into insolvency. I have also taken out duplication – two stories on Maximum Media, for example, made the top 20. Instead, I have narrowed it to piece what I believe will provide you with a decent long read over the Christmas period.
The list is imperfect, but it is also interesting.
*****
Inside Kinahan Crime Inc: The rise and rise of a global €1bn family business
When we think of the country’s biggest businesses, we normally look to the stock exchange, published results or valuations. Sadly, however, the Kinahan crime cartel is one of Ireland’s most significant enterprises, with substantial interests in commercial property and holiday resorts across Europe, South Africa and South America. The organisation has been linked with dealing in weapons, and trading in huge shipments of drugs from South America – it has also become a specialist in fraud and money laundering. The EU’s security services have described Christy Kinahan as the chief executive of Kinahan Crime Inc, a global business, international property and criminal organisation valued at upwards of €1 billion. In this fascinating piece, Barry Cummins unravelled the Kinahan business empire.
U2 and me: Paul McGuinness on oligarchs in the Riviera, cutting deals with Steve Jobs and taking financial advice from Bono
Six years ago, Paul McGuinness retired as manager of U2, and since then, he has been largely consumed with his successful TV show Riviera. However, beyond promoting the show, he has shied away from interviews and kept his counsel. On The Currency‘s podcast in October, however, he opened up to Sam Smyth, a man he has known for 40 years. Sam had been looking for the interview for more than a year, but when it came, it was worth the wait. From cutting deals with Steve Jobs to dealing with oligarchs and taking financial advice from Bono, McGuiness was frank and honest.
Things fall apart – Champagne Football and the calamitous reign of John Delaney
Towards the end of the year, as we continued to expand the offering of The Currency, we started publishing in-depth reads every Saturday. Many related to sport. Other to national controversies. Some related to business. This essay, by Dion Fanning, covered all three. The piece was in part a book review of Champagne Football, the brilliant expose of John Delaney’s tenure at the helm of the FAI by Mark Tighe and Paul Rowan. But in the column, Dion also reflected on his own relationship with Delaney, and placed Delaney’s dictatorial regime within a wider cultural space – of how Ireland operates and, more precisely, how Ireland can be operated.
Human stories wrapped up in the meaning of words: The full story of FBD’s battle with Ireland’s publicans
One of the highlights of the year was the resilience of so many people and businesses in the teeth of so much adversity. On the other side of the equation was FBD’s stance in relation to business interruption cover for Ireland’s army of publicans. FBD’s reason for not paying out changed so many times I lost count, but the firm was steadfast in its refusal to pay. It was a story covered extensively over the course of the year through multiple stories, features and insights. This feature was not the most read of the batch, but it is the best, and one that brings together the threads of a three-week court battle between the Irish insurer and a handful of pubs in a bitter test case.
Debt, a click-farm scandal and Covid-19: The rise and fall of Maximum Media
Over the course of the year, Tom Lyons led the way with his covering of Maximum Media, the owner of the Joe website. From revealing how it had gone into examinership to telling Niall McGarrry’s side of the story to ultimately revealing the new owners, Tom chronicled the ebbs and flows of the Irish media business. This particular piece was published in the aftermath of the company’s collapse into examinership, and revealed how financial problems had been mounting with the group before Covid-19, and how tensions were emerging with its main financial backer.
Fights, provocation and high fashion: The bitter dispute that almost tore the Kavanagh property empire apart
On March 7, 2020, Wales suffered its third successive defeat in the Six Nations, losing 33-30 to England at Twickenham. Later that night, Hugh Kavanagh, brother of the well-known developer Greg Kavanagh, Hugh went into Dublin city centre to meet up with friends. He says his brother Greg arrived having brought a large number of staff members from the start-up Bezzu out to dinner. According to Hugh, his younger brother Greg allegedly spent the night in town trying to provoke him. Over what, he doesn’t say. But he claimed they ultimately ended up in a late-night physical altercation. Two months later, the brothers wound up in what looked set to be a seriously contentious High Court family face-off. It was settled, but not before Francesca Comyn told the inside story of the dispute.
An essential service shorn of revenue: Why Dublin Bus could need €200m from the state this year
In May, as the full extent of the crisis was beginning to crystalise, Tom spoke with Ray Coyne, the chief executive of Dublin Bus. He explained how revenues had collapsed 90 per cent after the lockdown, and how a two-metre restriction would reduce bus capacity by 75 per cent. But he also spoke about the effort of his team during the crisis to keep buses on the road, ferrying essential workers to hospitals and food stores. He took Tom through the strategy for keeping the business and buses going and outlined the need for state support – something that many semi-states can empathise with.
Pursuing paradise: the life and times of Johnny Ronan
This piece was first published in September 2019 during our first week in business. Yet, it still made its way to the most read stories of 2020. This is hardly surprising – Ronan is one of Ireland’s most intriguing business figures, and this was his first major interview in decades. In it, he talked about family, fortune, feuds and his vision for Ireland.
Leo Varadkar on keeping businesses alive, pushing back on public health advice and rebuilding relations with the UK
In early October, I spoke with Tánaiste Leo Varadkar. The interview came at a significant moment – the government was finalising its budget, while tensions were simmering between business and government over the pathway out of the lockdown. Before the interview, I was unsure of just how open the business minister would be. Afterwards, I was astounded by his frankness. In comments that triggered a national debate, Varadkar argued that Covid-19 case numbers might no longer be the best way to determine economic restrictions. He also spoke about his strategy for his new job, political priorities and as well as the vexed issue of Brexit.
Artificial loans, turnover suppression, secret payroll runs: How some firms sought to game the wage subsidy scheme
It was designed to be free money to help the worst-impacted businesses maintain employment during the crisis. If turnover had collapsed by more than 25 per cent in the second quarter, the state, through the Revenue Commissioners, would subsidise the wages of employees up to a certain threshold. Availed of by 66,000 firms, the €2.8 billion wage subsidy scheme has been the cornerstone of the government’s economic response to Covid-19. However, in this piece, I revealed how it was being used by companies to manipulate the system.
Cerberus uncovered: How the hound of hell uses Dutch co-ops to guard Irish profits against tax
Over the course of the year, Thomas has done sterling work exposing the tax tactics used by multinationals and vulture funds to minimise their tax bills. On this occasion, he carried out a major investigation into Cerberus, a private equity giant that was among the biggest purchasers of distressed Irish debt during the last crisis. Thomas tracked a byzantine money trail devised by the fund and revealed how it was using opaque co-op laws in Holland to shield massive profits generated from Ireland from tax. It was a staggering investigation and one that led to multiple debates in the Dail.
Vulture structure: The €18bn debt deals that turned Ireland into CarVal’s bridge to the world
Much as he did with Cerberus, Thomas once again followed the money trail with CarVal, another major vulture fund. A month-long investigation revealed the inner workings of CarVal’s Irish buying spree – the structures, the discounts, the tax tactics and the profits. It also revealed the ongoing use of the Section 110 tax shelter, with the vulture fund now using it to buy assets all over the world.
“Fraud, wrongdoing, deception”: Two wealthy dynasties, a dizzying money trail and one extraordinary court battle
On the June bank holiday weekend, we published a 4,500-word feature into one of the most intriguing Irish court actions in recent years. The story dealt with the Nolan haulage family, the Kenny property developers and various advisors, and included allegations of fraud, deception and wrongdoing and a money trail extending to jurisdictions including Panama, the British Virgin Islands (BVI), Hong Kong, Singapore, the United Arab Emirates (UAE), Germany, France, Switzerland and the Isle of Man, as well as Ireland.
A bitter pill: Behind the scenes at the embattled Cara Pharmacy Group
Ramona Nicholas and her husband Canice wanted to build an international chain of 100 pharmacies. Instead, in September, their Cara Pharmacy Group went into examinership following a petition by their largest backer. Confidential documents reveal the true scale of the company’s financial woes, including a history of losses, debt, and creditor default.
The trouble with stock picking: why the funds that control 90% of assets at Davy GFM underperform their benchmarks
Davy is Ireland’s main financial business and Davy Global Fund Management (DGFM) is its fund management arm. DGFM has €1.8 billion of assets under management, along with €20 billion it supervises on behalf of others. DGFM actively manages 24 funds. The funds cover stocks, bonds and cash; global assets, defensive assets, income, and ethical investing. Sean Keyes ran the numbers on the 24 DGFM funds, and the results were striking: 90 per cent of assets at Davy GFM had underperformed their benchmarks.
Fiscally speaking: When Stephen Kinsella met Paschal Donohoe
Two days after a landmark €17.75bn budget designed to protect the economy from a pandemic, economist Stephen Kinsella spoke with Minister for Finance Paschal Donohoe about budgetary philosophy, the economics of deficits, and the power of the state. It was a fascinating interview, I had interviewed the minister on a number of occasions, and felt it might be interesting to see how a non-journalist would tackle a politician. It was a brilliant discourse between two articulate voices.
“I wasn’t prepared to undervalue the company”: Meet the woman who spurned four British dragons
Noelle O’Connor took investment from an Irish dragon but snubbed four offers on the British version of Dragon’s Den as she refused to cede too much equity in her organic tanning business. Now, celebrating its 10th birthday, she told Cait how she was planning to launch TanOrganic in Poland and Germany.
Alternative lenders fund big, risky deals. Covid-19 is their first real test. Just how will they fare?
Alternative lenders have ten per cent market share in Ireland, with the rest held by the banks. They lend to riskier projects. This might mean lending to smaller companies who are a greater credit risk. Or it might mean high-yielding, unsecured “back of the queue” loans. They fund property deals with 70 per cent loan to value and above. Safer deals, at 60 per cent loan to value or below, are dominated by the banks. In May, Sean asked: Just how will Covid impact their operations?
A Fota opportunity: the Chinese shareholders at war over the luxury resort
Allegations of deceit, fraud, and secret deals with Irish property assets worth around €50 million are at the heart of a High Court row engulfing the five-star Fota Island Resort. Francesca Comyn had the inside story.
A gathering storm: Why hundreds of accountancy firms are facing hefty tax bills
The tax authority has unpicked the corporate structures used by hundreds of accountancy practices to reduce their tax liability by “syphoning” off certain work in their accounts as non-professional services. Following a landmark test case, many are now in line for legacy tax assessments.
