Covanta to use $100m offshore cash for Poolbeg
The Poolbeg incinerator developer plans to use more than $100 million of offshore cash to help fund construction of the controversial project.
The US firm contracted to develop the Poolbeg incinerator plans to use more than $100 million of offshore cash to help fund construction of the controversial project, a move that will allow it to minimise its US tax bill.
Covanta, a publicly quoted US energy company, has briefed financial analysts that using the offshore money on the €500 million Irish project was “logical” and tax efficient.
The disclosure comes amid growing pressures from national...
Subscribe from just €1 for the first month!
With any subscription you will have access to
Unlimited multi-device access to our iPad, iPhone and Android Apps
Unlimited access to our eReader library
Exclusive daily insight and opinion seven days a week
Create alerts to never miss a subject that matters to you
Get access to exclusive offers for subscribers on gifts and experiences
Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine