SPS International grants and repayment
The IDA paid SPS International £810,323 in grants and has begun discussions to recover amounts due after the company’s closure. The Minister could not say whether the company has sufficient assets to repay the State.
asked the Minister for Industry, Commerce and Energy the total amount of public money invested in SPS International Limited, Galway, by way of grants and so on; and the measures that are being taken to protect this investment.
Comment on this
I am informed by the Industrial Development Authority that grants totalling £810,323 have been paid to SPS International Limited, Galway. In the event of closure the authority will take the usual steps to recover moneys repayable under the terms of the grant agreements with the company.
Comment on this
Are there enough assets in the company to ensure that the £810,000 owing to the State will be recouped?
Comment on this
The IDA have commenced discussions with SPS International Limited, Galway, about the repayment of the grant money which will become due following the closure of the company. I am not sure as to the exact asset situation.