Mars Capital – the company that bought the mortgages of Irish families from IBRC at a 58% discount – is owned by a children’s charity.
From Leaders Questions:
“Last week I showed how a U.S. vulture fund structured its Irish subsidiary, Mars Capital, to avoid paying taxes in Ireland on its Irish profits. I now believe that these vulture funds are about to pull off the largest avoidance of tax on Irish profits in the history of the State.
Irish charities are being used to play a key part in this tax avoidance. Mars Capital is owned by a registered charity called the Matheson Foundation. The stated mission of the charity is ‘helping Irish children to fulfil their potential.’ It contributes to causes including ISPCC, Barnardos and the Temple Street Children’s Hospital. The Charity does not mention its ownership of Mars Capital. One reporter I spoke with believes the charity may own more than two hundred companies. So at a time when public faith in the charity sector has been rocked yet again, a children’s charity is being used by a vulture fund to avoid paying tax.”
The full video: