Former Altada co-founder agrees tax settlement with Revenue

Allan Beechinor, the former co-chief executive of Irish tech company Altada, has agreed a €130,000 tax settlement with the Revenue Commissioners for undeclared income.

The entrepreneur is listed in Revenue’s latest list of tax defaulters, covering the second quarter of the year.

Beechinor, who is named in the list as an IT consultant, agreed to pay €130,365 to revenue, which includes interest and penalties of €49,000.

Altada, the technology company that Beechinor co-founded and which he co-led with his wife Niamh Parker, is currently subject to an ongoing Garda investigation over allegations of company law and fraud offences.

The company ran into difficulties last year after a planned funding round to raise up to $100 million was delayed, and amid a number of serious allegations against the company’s founders that were first revealed in the Business Post.

The firm previously predicted it would become a tech unicorn with a $1 billion-plus valuation, and even boasted of achieving decacorn status with a valuation of at least $10 billion.. Its assets were acquired out of liquidation however for just €2.5 million in January.

Total losses from the company’s collapse are likely to exceed €20 million, according to John Healy of Kirby Healy Chartered Accountants, who was appointed to wind up the firm in January.

Its creditors included Revenue, which was owed nearly €2 million.