Sean Gallagher defends €82,000 loan as accounting “error”

Presidential candidate Sean Gallagher says that an €82,829 interest free loan taken in 2009 was an accounting error - it was just resting in his account!

The loan, which he received from Beach House Training and Consulting Ltd, would be in breach of company law, as it was greater than 10% of the company's assets. However, the Independent presidential candidate has claimed that it was an honest mistake.

“It was an accounting procedure in terms of which account the money went into and the money was put into the wrong account,” Gallagher said on RTE's Morning Ireland today. “It was moved back within four weeks and doesn’t constitute a loan:

“It was an accounting procedure in terms of which account the money went into and the money was put into the wrong account. It was moved back within four weeks and doesn’t constitute a loan,” he said.

“Most people who know company law know that there are 15 pieces of legislation in relation to this. Accounts are not always up to date. As soon as my accountants spotted the error they brought it to my attention,” he added.

Mr Gallagher also addressed recent controversy over an invitation to Louth business people to attend a 'secret' Fianna Fail fundraiser, in which guests were asked to donate up to €5,000 to the party.

“It wasn’t a secret event. It was an event organised by Fianna Fail headquarters, not by me. I was asked if I would mention it to local business people, which I did. I sought no money or received no money from anyone,” he said.