A little-known Co Galway-based plant and machinery firm that made a tax settlement totalling €106.6 million withRevenue earlier this year has cash funds of just €17,478.50 in two bank accounts.
In June, LPS International Plant Ltd, which has listed 41 year-old Michael Leonard as its sole director since 2016, appeared on the list of Revenue defaulters for the first quarter of this year and agreed the settlement of €106.6 million. As of June 16th, a sum of €106.2 million remained unpaid.
The settlement related to a Revenue investigation over underdeclaration of VAT.
The business owed €46.2 million for the underdeclaration of VAT plus an additional €14.1 million in interest and€46.2 million in penalties.
Nicholas O’Dwyer of…