Dr Quirkey’s Good Time Emporium, an operator of an arcade and casino enterprise on O’Connell Street in Dublin, has fallen victim to an alleged fraud.
The business is currently owned by Richard Quirke, who has long been linked to plans for a major €480-million development at Co Tipperary’s Two Mile Borris. Mr Quirke, 75, has managed to build up a considerable fortune from his casino business in Dublin, with his shareholder funds in the operation with more than €33.5 million. Most of the company’s wealth is concentrated mostly in property with a total book value of €34.3 million reported at the end of June 2019.
Reportedly, in the newly-filed accounts, the company’s directors revealed that in December 2020, the operator found that it had been subject to fraud.
Some new consolidated accounts for Dublin Pool and Juke Box Ltd have been associated with the disclosure involving an alleged funds misappropriation at the casino and arcade operator and has been estimated at €1.009 million in 2018 and €1.017 million in 2019. The company has written off the aforementioned amounts.
A note included under the heading of contingent liabilities states that the operator is currently subject to a Revenue investigation, which outcome remains unclear at present times. The note further states that Dr Quirkey’s Good Time Emporium’s directors have provided for additional interest and liabilities in the financial statements of the firm but have not provided for potential penalties that may occur as a result of the investigation.
Cash Misappropriation and Bank Payments Misappropriation Involved in the Alleged Fraud
According to the breakdown figures of the alleged fraud that the operator provided, a total of €887,000 have been marked under the alleged misappropriation of cash tag, while another €130,190 were categorised as alleged misappropriated bank payments in 2019. In the previous year, a total of €912,000 were marked as alleged misappropriation of cash, while the allegedly misappropriated bank payments amounted to over €97,200.
In a note attached to the exceptional items list, directors state that in December 2020 they revealed a financial fraud committed by fraudulent bank payments within the company. At the time, the company also noted that these payments have been written off in the operator’s financial statements as an exceptional item.
The directors further stated that the alleged fraud was unveiled as a result of a thorough and comprehensive forensic probe into the company’s processes and systems that was carried out by third-party financial consultants. The investigation led to the identification of unpaid interest and tax liabilities that had already been fully accumulated in the company’s accounts.
According to accounts, €154,784 and €296,813 worth of interest were paid out in 2018 and 2019, respectively.
Casino and Arcade Operator Reports Implementation of Improvements Following the Fraud
As revealed by Dr Quirkey’s Good Time Emporium’s directors, the company has implemented a wide-ranging programme of governance and some operational improvements at all levels following the revelations of the external financial consultants’ investigation.
As part of the improvements, new management control, manual and electronic cash handling systems were installed, along with new security measures regarding cash collections and cash handling. Apart from that, tougher recruitment processes have been implemented at all levels within the company, along with enhanced training programmes for the casino and arcade operator’s staff members. New employment and management appointments in some major areas, such as accounts and operations, as well as human resources, were made.
The directors of the company explained that the unveiled changes also include the appointment of new directors to the board. On February 4th, 2022, Andrew Quirke, Debbie Lawrence and Austin Kenny became the newest additions to Dr Quirkey’s Good Time Emporium’s board of directors. According to the company’s annual return list, Ms Lawrence serves as the Chief Executive Officer, and Mr Kenny serves as an accountant.
- Author
Olivia Cole
