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The Last Post: Pandemic profits: it seems we are not all in this together | Business Post

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Many companies that received Covid-19 subsidies from the state performed far better during the crisis than they anticipated. Some gave the money back; those who didn’t should do so without delay, writes cooper_m.

Bumper profits: the O’Flaherty family-owned MML Holdings which distributes and sells Mercedes-Benz cars in Ireland enjoyed a 80 per cent rise in profits but still got €1.8m in state pandemic subsidies. Picture: Bloomberg

No laws were broken. That’s the best that can be said about the decision by O’Flaherty Holdings, a third generation and highly successful Irish company, to pay its owners a €1.8 million dividend in 2020, almost exactly the same sum the business took from the state in subsidies to protect against loss of employment by its workers.Subscribe from just €1 for the first month!

 

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