National Broadband Ireland investors extracted €50 million from group last year as debt burden soared

Tens of millions of euro were paid out to David McCourt, the US businessman heading the plan, and other shareholders, according to records filed with the CRO

NBI Management Ltd is jointly owned by Tetrad Corporation, controlled by Walter Scott, who died in September, and Granahan McCourt Capital LLC, controlled by David McCourt, above. Picture: Julien Behal

Investors in National Broadband Ireland extracted €50 million from the group last year as the firm’s debt burden soared 35 times higher due to loans advanced to it by many of the same investors, the Business Post can reveal.

Records filed with the Companies Registration Office (CRO) show that Metallah Ltd, a parent company of the two frontline NBI companies established to deliver the project, paid out tens of millions of euro to David McCourt, ...