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• Deutsche Post liquidates €1.2bn in Irish assets

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  Helena Deane    Group moderator

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  Deutsche Post liquidates €1.2bn in Irish assets

  Deutsche Post, the German logistics and finance firm, is transferring almost $1.2 billion in cash assets from its treasury operations in Ireland and repatriating it to Germany.
  
  The company is in the process of closing two treasury operations in Dublin. Kieran Wallace, a partner with KPMG in Dublin, has been appointed to oversee the winding up process of the two Irish incorporated companies, Wombleton and Vetchlane.
  
  Declarations of solvency drafted for the two firms in recent days show they expect to liquidate assets of $1.15 billion.
  
  The majority of the assets are in cash and the companies have no Irish creditors, so the cash can be repatriated back to the balance sheet of its parent company.
  
  Deutsche Post is part-owned by the German government and is one of the largest finance and logistics companies in Europe.
  
  It has a 50 per cent shareholding in Deutsche Postbank and is also the owner of DHL, the worldwide delivery company. The conglomerate has taken the decision to transfer assets out of Ireland after a dramatic weakening in its business.
  
  Deutsche Postbank said in recent weeks that it required €1 billion in fresh capital on the back of a €364 million exposure to Lehman Brothers, the collapsed investment bank.
  
  The company has also announced the closure of its American express delivery service, with the loss of 9,500 jobs.
  
  The move was a reversal of an earlier plan to build DHL into a dominant force in the US. Deutsche Post is the latest international company to liquidate Irish assets and transfer assets overseas. Time Warner, Coca-Cola Hellenic Bottling, Cable & Wireless and Pfizer have all wound up Irish subsidiaries in recent months.
  
  Last month, Pepsi moved to realise almost €338 million from the voluntary liquidation of an Irish holding company.
  
  (Sunday Business Post)
  
  • 23 Nov 2008, 9:40 pm
  Helena Deane wrote: > Deutsche Post, the German logistics and finance firm, is transferring > almost $1.2 billion in cash assets from its treasury operations in > Ireland and repatriating it to Germany. > > The company is in the process of closing two treasury operations in > Dublin. Kieran Wallace, a partner with KPMG in Dublin, has been > appointed to oversee the winding up process of the two Irish > incorporated companies, Wombleton and Vetchlane. > > Declarations of solvency drafted for the two firms in recent days > show they expect to liquidate assets of $1.15 billion. > > The majority of the assets are in cash and the companies have no > Irish creditors, so the cash can be repatriated back to the balance > sheet of its parent company. > > Deutsche Post is part-owned by the German government and is one of > the largest finance and logistics companies in Europe. > > It has a 50 per cent shareholding in Deutsche Postbank and is also > the owner of DHL, the worldwide delivery company. The conglomerate > has taken the decision to transfer assets out of Ireland after a > dramatic weakening in its business. > > Deutsche Postbank said in recent weeks that it required €1 billion in > fresh capital on the back of a €364 million exposure to Lehman > Brothers, the collapsed investment bank. > > The company has also announced the closure of its American express > delivery service, with the loss of 9,500 jobs. > > The move was a reversal of an earlier plan to build DHL into a > dominant force in the US. Deutsche Post is the latest international > company to liquidate Irish assets and transfer assets overseas. Time > Warner, Coca-Cola Hellenic Bottling, Cable & Wireless and Pfizer have > all wound up Irish subsidiaries in recent months. > > Last month, Pepsi moved to realise almost €338 million from the > voluntary liquidation of an Irish holding company. > > (Sunday Business Post)