independent

Thursday 17 October 2019

Wallace to 'clarify' prosecution details

Mick Wallace, T.D., with his arm in a sling outside the Dail today. Picture credit; Damien Eagers 12/10/2010
Mick Wallace, T.D., with his arm in a sling outside the Dail today. Picture credit; Damien Eagers 12/10/2010

WEXFORD TD Mick Wallace has moved to 'clarify' the details surrounding prosecution being taken against him and his company, M&J Wallace Ltd, by the Pensions Board.

Mr Wallace, in a statement, said that all employee contributions have been paid to the Pensions Board.

'For the period 2008 to 2010, M&J Wallace Ltd had a total pension liability of €136,322.90 – employee contribution was €54,529.18 and employer contribution was €81,793.76,' said Mr Wallace.

'We have paid €112,284.50 to date, leaving the amount of €24,038.44 outstanding, which will be paid in full before December 5 as part of an agreement with the Pensions Board,' he said.

Mr Wallace said there had been a discrepancy regarding the amount due, but that matter has now been settled.

Meanwhile, the threat to Mr Wallace's personal assets, should ACC Bank continue to pursue him aggressively for the €19million it is owed by him, will not extend to his home in Dublin or the vineyard that he formerly owned in Italy.

The Sunday Independent reported last weekend that the mortgage Mr Wallace took out on his Clontarf home in 2004 is with AIB – one of the other banks to which he owes a substantial amount, but who have yet to initiate a court action against him – and not ACC.

Mr Wallace has also sold the Italian vineyard to one of his brothers, whom he said, in an interview earlier this year, he owed €550,000 for material he had bought from him for construction work.

The Independent TD said none of his other creditors had any interest in the vineyard and that the deal's validity has been accepted by the Revenue Commissioners. ACC last week secured summary judgement in the High Court for €19 million that Mr Wallace owes him. He also has outstanding loans totalling some €21 million with AIB, Ulster Bank and Bank

of Scotland

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