Alleged €2m fraud at Dr Quirkey’s Good Time Emporium firm

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An alleged €2m fraud has been uncovered on the firm that operates arcade and on line casino enterprise, Dr Quirkey’s Good Time Emporium on Dublin’s O’Connell Avenue.

he shock disclosure is contained in new consolidated accounts for Dublin Pool and Juke Field Ltd which present that the alleged misappropriation of funds on the arcade and on line casino operator totalled €1.017m in 2019 and €1.009m in 2018.

The enterprise is owned by businessman, Richard Quirke who’s Rosanna Davison’s father in legislation and has been lengthy related to €480m plans for a serious growth, together with a on line casino, at Two Mile Borris in Co Tipperary.

The 75-year- previous has constructed up a sizeable fortune from his Dublin primarily based on line casino enterprise with shareholder funds totalling €33.6m. A lot of the firm’s wealth is concentrated in property with a guide worth of €34.3m on the finish of June 2019.

Nevertheless within the newly filed 2019 accounts, the administrators of their report reveal that “in December 2020, the corporate found that it was the topic of a fraud within the enterprise”.

The corporate calculates the price of the alleged fraud at €1.017m in 2019 and €1.009m in 2018 and has written off the quantities.

The breakdown of the alleged fraud in 2019 is made up of €887,000 in alleged ‘misappropriation of money’ and alleged ‘misappropriated financial institution funds’ of €130,190.

Underneath the heading of ‘distinctive objects’ the breakdown of the price of the alleged fraud in 2018 is €912,000 beneath alleged ‘misappropriation of money’ and €97,203 beneath alleged ‘misappropriated financial institution funds’.

A observe hooked up to the ‘distinctive merchandise’ states that “in December 2020, the administrators uncovered a monetary fraud perpetrated on the corporate by fraudulent financial institution funds. The funds have been written off within the monetary statements as an distinctive merchandise”.

In regards to the alleged misappropriation of money, the administrators state that “in December 2020, administrators additionally uncovered actions involving money misappropriation”.

Outlining the corporate response to the alleged fraud, the administrators state that after the alleged fraud was found “a radical and complete forensic investigation led by exterior monetary consultants into the corporate’s techniques and processes was carried out”.

The administrators state that “this led to the identification of unpaid taxation and curiosity liabilities which have been totally accrued within the firm’s accounts”.

The accounts disclose €296,813 curiosity was paid on overdue tax in 2019 and €154,784 was paid out beneath the identical heading in 2018.

The administrators state that following the investigation by the exterior monetary consultants “the corporate has carried out an intensive and vast ranging programme of governance and operational enhancements in any respect ranges inside the organisation”.

The administrators state that these embody new handbook and digital techniques to handle money dealing with within the enterprise; new safety measures round money dealing with and money assortment and new administration management techniques.

Different enhancements embody new stringent recruitment processes and enhanced coaching programmes for workers in all roles and in any respect ranges inside the firm and new employment and administration appointments in key areas akin to human assets, accounts and operations.

The administrators state enhancements additionally embody new administrators being appointed to the board and on February 4th of this 12 months, Debbie Lawrence, Andrew Quirke and Austin Kenny have been appointed to the board.

The agency’s annual return lists Ms Lawrence as CEO  and Mr Kenny as an accountant.

They ar eon the board together with director, Andrew Quirke be part of Richard Quirke and Anne Quirke.

In a separate growth beneath the heading of ‘contingent liabilities’, a observe states that the corporate “is presently the topic of a Income investigation, the end result of which is unsure at current”.

The observe states that “the administrators have supplied for extra liabilities and curiosity within the monetary statements however haven’t supplied for potential penalties which can come up”.

The top of June 2019 accounts have been on account of be filed in 2020 however have been solely signed off on March eighth this 12 months.

The alleged fraud contributed to the agency recording pre-tax losses of €1.27m ultimately 12 months to the tip of June 2019 and this adopted pre-tax losses of €1.03m in fiscal 2018.

The corporate’s publish tax loss in 2019 was €1.45m and in 2018 was €1.26m. The 2019 loss additionally takes account of mixed non-cash depreciation and amortisation prices of €1.2m and and a €117,558 loss on the sale of tangible mounted belongings.

This agency’s pre-Covid efficiency present that its revenues elevated by 33pc from €7.57m to €10.106m in 2019 because the enterprise expanded.

The 2019 loss additionally takes account of a non-cash €700,000 write down within the agency’s funding property portfolio.

Numbers employed elevated from 57 to 86 as employees prices rose by 40.5pc from €4.3m to €6.04m. Administrators’ pay totalled €213,000 for 2019.

Throughout 2019, the enterprise’s money funds elevated from €2.37m to €3.99m.

On the Covid-19 influence, the administrators state that the pandemic had a extreme influence on the corporate and in consequence, the enterprise was unable to generate revenues.

They state: “Now that Covid-19 restrictions have been lifted, the administrators are assured that the enterprise will totally get better and lead to robust liquidity.” The administrators state that the corporate promotes accountable playing.

A Garda spokesman stated on Sunday that “An Garda Síochána doesn’t touch upon named entities” when requested if a criticism has been acquired regarding the alleged fraud.

Dr Quirkey’s Good Time Emporium didn’t reply to request for touch upon Sunday.

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