Posted by The most lucrative homeless contracts are awarded to Madloch & Framewell Limited The interesting thing about these companies is that they are owned by a fund, “New Vision Strategies Alternatives ICAV”. Contracts: €55,567,599.60 + €53,640,400.00 Beds: 173 + 167 Term: 10 years ≈ €90 per bed per night ≈ €2,750 per bed per month or €32,200 per year. Because they are owned by an ICAV/Fund: Have no employees Pay no corporation tax Pay no tax on rental income All profits flow to the ICAV/Fund which itself is owned by a company in Cayman Islands, RJM Limited. So highly likely that almost no Irish tax will be paid whatsoever. Using these structures for taxpayer-funded homeless accommodation is like hiring a hedge fund to run a soup kitchen.
Eddie Punch
@EddiePunch
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17h
Replying to @Nick_Delehanty
There must be a mistake – if they gave every single homeless person €45k/ annum and every homeless family €90k/ annum it would be more effective.
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15.1K Views
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