The cost to scandal hit charity, Bóthar, of identified alleged fraud and related legal and other costs totals €713,058 over a three-year period.
The first set of accounts to be approved by the directors of the County Limerick based Bóthar in almost four years,document the financial cost to the charity of the identified alleged fraud perpetrated.
The newly filed accounts for 2020 and 2019 approved by directors on Monday show that the cost of the identified alleged fraud over 2020, 2019 and 2018 totals €365,558.
The directors caution that these amounts do not reflect the full extent of what the directors believe to be the value of the alleged fraud.
The accounts also reveal the legal and other costs bill totals €347,500 which was incurred in the 12 months to the end of June 2020.
The directors estimate the cost of identified alleged fraud in 2020 was €52,354, €187,768 in 2019 and €125,436 in 2018.
The accounts also reveal that in January 2022it realised a net €552,280 from the sale of a former office premises in Dublin.
The doard has also disposed of shares held, to help fund the legal and other costs “and thereby secure the continuance of the company”.
In addition, the board has undertaken remedial action including a reduction in Bóthar staff, payroll , overhead and running costs.
Bóthar’s activities include aiding poor farmers in developing nations through donations of livestock and in his report, independent auditor, Damian Gleeson of Grant Thornton has provided a “disclaimer of opinion” on the financial statements.
Mr Gleeson explained that “despite full co-operation from the current Board members and the new CEO, it has not been possible to furnish us with all the information and explanations, which we consider necessary for the purposes of our audit”.
In his report Mr Gleeson said that “the actions of the former CEOs remain the subject of both criminal [Garda] investigation and civil litigation whereby the outcomes of these investigations are not known at this point”.
The alleged misappropriation of funds at Bóthar first came to public attention in 2021 through Bóthar taking High Court injunction proceedings against its former chief executive officer (CEO), David Moloney.
In the High Court, David Moloney, who resigned as CEO in February 2021, said he and the former chief executive, the late Peter Ireton, misappropriated hundreds of thousands of euro in cash
Mr Ireton, one of the founders of Bóthar died in his home in April 2021. Mr Ireton had denied any impropriety.
Bóthar today has a revamped board recording seven resignations since October 2020 and five new appointments in 2022.
The charity recorded a loss of €149,028 in the 12 months to the end of June 2020 after its income slumped by 25 per cent from €4.6 million to €3.44 million.
