Monday, November 29, 2021

Intuition Publishing earns Dermot Desmond a €27.5m windfall

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Dermot Desmond received a €27.5 million cash windfall last year from Intuition Publishing, his Dublin-headquartered e-learning company. It brings to about €42.5 million the amount of cash he has received from the business in dividends and loans over the last two years.

Accounts recently filed for Intuition, which sells web-based training software to companies such as banks, show it paid Mr Desmond a dividend of €15 million in 2020 and the same in 2019. It also paid out more than €12.5 million in cash by way of a loan last year to KnowHow Holdings, the Isle of Man company controlled by Mr Desmond that is also Intuition’s parent.

The accounts also suggest that Intuition, which has offices in Dublin, Hong Kong, Australia, Singapore and the US, paid rent of about €537,000 to Foundation Quay Icav, a tax-efficient investment vehicle owned by Mr Desmond.

Foundation is chaired by Mr Desmond’s close associate, John Bateson, who is managing director of the businessman’s International Investment & Underwriting company.

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