A NUMBER of prominent local business people have lost a total of almost €1 million in share investments following the collapse of an insurance company, The Echo can reveal.

Dublin-based but Malta-registered Setanta Insurances, made up of Setanta Holdings Ltd. and Setanta Insurance, provided motor insurance primarily for the commercial sector. It was established on May 31, 2007, with the backing of individual investors. In January of this year, Setanta stopped accepting new policies, prompting speculation over the future of the company.

Following a meeting in Malta on Wednesday, the company made the announcement on Thursday that it was to be put into liquidation, sparking fear among 75,000 Irish drivers that their policies would be null and void.

However, for eight Enniscorthy district business people, the losses are far greater as this newspaper can reveal that they held fully-paid up shares in the company and, between them, have lost almost €1 million.

Figures obtained by The Echo from the Malta Financial Services Agency’s Registry of Companies show that a total of €8,425,733 had been pumped into the company by 22 shareholders, eight of whom were from Enniscorthy. The local investors owned almost 10% of the company with a total financial investment of €815,400.

Various amounts were lost by this group, with sums ranging from €22,000 up to €227,000.

[Full, exclusive report in this week’s Echo]