Galway Bay fm newsroom - The Irish arm of Galway businessman Declan Ganley’s communications technology company, Rivada Networks, increased its accumulated losses last year by €300,000 to €1.3 million
The company owned by the Abbeyknockmoy based businessman sells patented technology to make telecommunications infrastructure, such as mobile networks, operate more efficiently.
A source close to the company suggested to The Irish Times that Rivada, in conjunction with financial partners in various consortiums, is involved in projects that will involve capital expenditure of up to 1.85 billion dollars next year.
It's believed to have raised up to $100 million in financing in recent years.
A note to the accounts says Rivada spent €280,000 last year entertaining “potential investors” through another of Mr Ganley’s companies, Lough Cutra Shoot, which has shooting rights on an estate in South Galway.
A source close to the company suggested, however, that this figure includes a broad range of company entertainment expenses for staff, clients and investors, and is not linked solely to a bill for going shooting.
