The accounts also note that Medeva, a company controlled by Ciaran Haughey and shareholder and director John Barnacle, paid 1.7m during the year to acquire Celtic Helicopters' land and buildings, and agreed a "month to month" lease with the air firm.

Celtic became embroiled in controversy a number of years ago when it emerged during the Moriarty Tribunal that Barnacle had approached Ben Dunne seeking investment.

Dunne said he had made out three cheques totalling £180,000 to the firm. These cheques made their way into a trust whose directors included developer John Byrne and Charles Haughey's financial adviser, Des Traynor. The money was later withdrawn from the account, with £100,000 paid to Celtic Helicopters and the remainder made out to cash.

It emerged during the tribunal that a number of highprofile businessmen had invested in Celtic Helicopters, including the late hotelier PV Doyle. At that time, Barnacle said that no investor had ever made money from Celtic Helicopters, which was established in 1985.