Norbrook Laboratories received €8.55m insurance pay-out following Haughey death

The late Eddie Haughey RIP

Newry-based Norbrook Laboratories has received an insurance pay-out of £6.12m (€8.55m) arising from the death of its founder and CEO Edward Haughey.

The former Seanad member and chairman of the group, Lord Ballyedmond died in March of last year in a helicopter crash in thick fog in Norfolk along with three others.

At the time of the crash, Dundalk native Lord Ballyedmond (70) was Northern Ireland’s richest man with his personal wealth estimated to be around £650m.

Now, new accounts filed by Norbrook Holdings Ltd to Companies House in the UK disclose that the group received the exceptional gain of £6.12m through its ‘keyman insurance policy’.

Businesses take out ‘keyman’ insurance policies to compensate for any financial losses that may arise from the death of a key member of business.

The £6.12m gain contributed to profits increasing at the group last year by 7pc to £22m.

The group – which employs 2,045 people – recorded the increase in profits in spite of revenues decreasing by 2pc from £202.49m to £198.7m in the 12 months to the end of August 1, 2014.

The accounts show that Mr Haughey last year received emoluments from Norbrook Laboratories totalling £2.7m.

Lord Ballyedmond was born in Kilcurry, north of Dundalk and was educated by the Christian Brothers in Dundalk.

According to the directors’ report since Lord Ballyedmond’s death, the company has taken steps to strengthen its board and management team and has appointed to the board Lady Ballyedmond, Prof James Haughey and Edward Haughey.

Liam Nagle – who previously served as CEO of the Sisk group – was appointed Norbrook Laboratories chief executive in February of this year.

Louth IFA express concern at increase in number of cattle raids

At the farm gate where the cattle were stolen was farmer Anthony Duffy (left) and Matthew McGreehan, Louth IFA Chairman

The Louth Branch of the Irish Farmers’ Association have expressed concern at the increase in the number of cattle raids in the county at present.

The IFA have released a statement encouraging people in rural areas to be vigilant to deal with what they describe as a “serious problem”.

Local farmer Anthony Duffy of Doolargy, Ravensdale had five bullocks stolen from him, between the late hours of Tuesday July 8^th and the early hours of the Wednesday July 9^th. The bullocks had consisted of two Charolais, two Aberdeen Angus and one black Hereford. The cattle were valued at approximately €7,500.

Anthony had checked the cattle at 10.30pm on Tuesday night and also 8am on Wednesday morning. When he arrived that morning the cattle were gone. The cattle were due to go to the factory the coming Friday.

Anthony said: “The thieves had prised the gate open and put it back so people wouldn’t notice. It’s becoming a major problem all over the country but especially in the border counties. They suspect that my cattle were brought to illegal abattoirs and are more than likely slaughtered by now.

“It is a huge loss to any farmer to lose cattle after looking after them for two years,” he said.

The farmer had no insurance that covered the theft – up until recently no insurance company offered this – but FBD are now offering an insurance policy which covers theft of livestock.

Louth IFA Chairman Matthew McGreehan said in a statement: “The Garda, PSNI and departments on each side of the border are going to have to cooperate more to deal with this serious problem.

“I hope to also meet with the local Superintendent to discuss this matter. I also ask for local people especially in rural areas to be vigilant and to raise an alarm if they see or suspect suspicious activity. If anyone in the area had seen anything please report it to the Gardaí or County Chairman.”

Drumcar tractor run this Sunday

The annual Drumcar tractor and car run will take place this Sunday from 11am at IFM, Mullins Cross, Dunleer.

The event will also feature a model plant and farm machinery display at O’Reilly’s Farm, Drumcar, at 4pm. All tractors must have valid insurance and passengers are only allowed if the appropriate seating is in place.

Funds go towards the Clogherhead RNLI and the Special Baby Care Unit at Our Lady of Lourdes Hospital in Drogheda.

All are welcome to attend.

Glenmuir Academy registration day this Saturday

The Glenmuir Academy are holding a registration day this Saturday 1st March from 10:30am to 1:30pm at the club’s grounds on Hoey’s Lane in Dundalk.

Parents who are interested in getting their children involved are asked to come along on the day to fill out the registration forms and pay the €30 fee which covers insurance, jerseys, shorts and socks.

Academy Age groups for 2014 are as follows:

• U6 – born in 2008/9
• U7 – born in 2007
• U8 – born in 2006
• U9 – born on 2005 (starting at a later date)

The academy is open to all boys and girls regardless of ability. Weather permitting, it is hoped to commence training on Saturday March 8^th.

Cllr Dearey calls on Government to show leadership on flooding problems

The scene at the Spirit Store yesterday, with water coming up to the entrance of the premises, as captured by Cllr Dearey

Mark Dearey

Green Party councillor and local businessman Mark Dearey has called on the Government to online their Flood Management Strategy to help businesses and homeowners know where they stand when their property floods.

As owner of The Spirit Store in George’s Quay, Cllr Dearey has had a busy few weeks battling rising tides, with water coming right up to the door of the premises as recently as yesterday.

The father of two, who will run in both the European and local elections in May, will have to be on the defensive again today with further flooding anticipated around 2pm as a flood warning has been issued for Dundalk and Blackrock.

However, while Cllr Dearey accepts that flooding is set to become more commonplace, he wants the government to show leadership and outline how they intend to manage the problem and what they are going to do to help homes and businesses secure flood insurance.

“The impact of decades of underinvestment in our flood defences and an absence of sustainable river management strategies are now being felt by communities the length and breadth of the country. Despite years of warnings that climate change would result in heavier rainfall and rising sea levels, the Government have made no statement about how they intend to manage this crisis in the long-term,” said Cllr Dearey.

“For the second time in three weeks, my business was flooded yesterday. I know what it’s like to see that inexorable rise of water, and I share in the frustration of those who are suffering at this time.

“People across the country are now looking to the Government for help, and they’re looking for leadership in answering how we’re going to face this challenge in the years ahead. All evidence suggests that these storms and floods are going to become more common and more destructive. Government, local authorities and the insurance industry need to work together in figuring out where we go from here.”

Last month’s flooding in the area has already cost in the region of quarter of a million euro while the cost to the local authority if businesses close their doors for good as a result of the inevitable knock-on effect that these floods have on trade in the area.

Louth County Council issued a flood warning for 2.30pm today with an Orange weather warning in place from 3pm today until 9am tomorrow, with flooding likely in Dundalk, Blackrock and Bellurgan during this period.

What’s left of the main Whitestown to Ballagan coast road on the Cooley Peninsula following yesterday’s storm. Monday’s tides were down in terms of height, but the waves were much more powerful, according to Louth Weather, who captured the superb image

The search is on for Ireland’s Safest Young Driver

Mayo GAA star Cillian O’Connor is supporting the Ireland’s Safest Young Driver competition

Young drivers across the country are being urged to sign up to take part in a major road safety challenge which could earn one of them the title of ‘Ireland’s Safest Young Driver’ and the chance to drive free for a year.

The competition, which will put the driving skills of more than 60 young drivers from across Ireland to the test using innovative in-car ‘black box’ technology, is organised by leading accident services provider CRASH and supported by the Hooper Dolan Insurance Group.

Young drivers aged between 17 and 21 who make it to the shortlist – which will include young men and women from every county in Ireland – will have their vehicles fitted with Ingenium Dynamics, an award-winning driver behaviour management system which will monitor and help to improve their driving habits over a 10-week period as part of a wider campaign to promote road safety awareness.

The young driver with the best overall driving score will win a total prize fund worth €4,000 to help keep them driving over the next full year.

This includes €1,500 towards insurance, €1,500 towards fuel costs and €1,000 towards other motoring costs.  Each provincial winner will also receive €500 towards motoring costs.

Tony McKeown, Sales and Marketing Director at CRASH, said: “As one of Ireland’s leading provider of accident services, we know only too well the devastating impact accidents can have on people’s lives.

“Younger drivers in Ireland remain most at risk and in need of guidance on road safety issues. We hope that this competition will help to raise awareness of those issues in an exciting way that will help to focus their attention and allow them to learn along on the way.

“We very much want to promote the use of the telematics systems to monitor and improve overall driver behaviour.  This is being used by some insurers in Ireland to reward young drivers with lower premiums and we think this will only increase in the future.”

Once installed inside the vehicle, the ‘black box’ continuously measures speed, geo-positioning, braking force, rate of acceleration and severity of cornering. The data is transmitted by a SIM card to a central computer where it is processed and assessment is made as to whether the driving behaviour is low, medium or high risk.

The competition is open to eligible young drivers aged between 17 and 21 who meet the required qualifying criteria and have their online applications returned by the closing date of Friday 21^st February 2014.

To find out more about the competition, please visit www.ingeniumdynamics.ie, email info@crashservices.com or call freephone 01 524 5004.