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25-Sep-08 10:15 [Europe, Middle East and Africa]
Arrest warrant issued against Limestone The director of Irish building firm Limestone Construction Ltd has had an arrest warrant issued against him after failing to show up in court over alleged pension deductions.
It was reported that Colm McNulty, who heads up the construction company, was set to stand at Dublin district court after being accused of deducting pension contributions worth 80,000 euros (£63,000) and not putting them into a company scheme.
After failing to appear in the courtroom, the warrant was issued to arrest Mr McNulty in order to bring him in front of the judge.
Remy Farrell, prosecuting, noted that deductions made from nearly 200 employee pay packets were not passed on to the Construction Workers Pension Scheme over an extended period of 14 months.
Mr McNulty will face up to a year in prison, a 5,000 euro fine or both if convicted of the allegations.
It was reported this week that Irish pensions had lost 18 million euros over the past year due to global equity prices.
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