|
GLOBAL ENVIRONMENTAL ENERGY, a controversial alternative energy company formerly known as Life Energy Technology, once chaired by former Taoiseach Albert Reynolds, has said it posted a loss of almost $55m ( 42m) in its last financial year as it generated no sales. The company, whose chief executive is Chris McCormack, said that there is "substantial doubt about our ability to continue as a going concern". It recorded a loss of $26.5m ( 20.27m) in 2005.
The company added that it will need to obtain additional funds in the future and that "plans to deal with this requirement include loans from existing shareholders, raising additional capital from the public or private sale of equity or entering into a strategic arrangement with a third party".
Despite the heavy losses and lack of sales, McCormack was paid a salary of $547,000 ( 418,442) in the last financial year as well as a bonus of $382,000 ( 292,221). He was paid a salary of $521,000 ( 398,475) in 2005 and a bonus of $364,000 ( 278,426).
Reynolds resigned as chairman last year.
|
YOU ARE HERE: 19 March 2007 / tribune.ie / 2006 / 12 / 17
Terms & Conditions 
