Email Food minister Joe Walsh wrote to beef magnate Larry Goodman in September 1989 warning that he was «deeply disappointed» with progress on the much-heralded five-year Beef Development Plan (BDP). Confidential documents revealed mounting tensions between government officials and leading beef industry firm Goodman International and Allied Irish Beef Processors (AIBP).
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On September 19, 1989, Mr Walsh wrote to Mr Goodman outlining his «deep disappointment» with the slow progress.
The plan, signed off on June 17, 1987, involved IDA grants of IR£25m towards a capital investment programme of IR£120m.
The programme also involved IR£120m in currency swap loans under Section 84 of the Corporation Tax Act.
In his report, Mr Walsh pointed out «although no capital investment has been undertaken to date in relation to the IR£120m investment programme, the company (Goodman International) has drawn down an estimated IR£70m of High Coupon Section 84 finance».
The report also warned that the IDA «is not satisfied with the progress to date, nor with the revised timetable and questions the company’s commitment to complete the programme».
In a reply, dated October 9, Goodman International executive Brian Britton warned that the beef firm had achieved many of the targets set out — and those that were not achieved were due to issues totally outside its control.
«In our view, Ireland still needs a ‘lead processor’ to fight for market share in the unrestricted and unprotected markets of 1992.
«Our group is not willing to continue to fight Ireland’s cause internationally while at the same time being subjected to relentless, remorseless and unjustified political attacks at home.
»Mr Britton said State agencies, including the IDA, had «done little to show us why we should continue to invest in Ireland and much to vindicate a policy of overseas investment».
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