Gardaí investigate peer-to-peer lending aspect of closure of Tralee company

Gardaí are investigating the peer-to-peer lending aspect of the closure of a Tralee company.

Premier Irish Golf Tours Ltd company director David McMahon emailed customers on the 7th of July last, to say the business was closing, blaming the failure of a promised investment to materialise.

The closure left Irish and foreign holiday makers tens of thousands of euro out of pocket; gardaí in Kerry are continuing to investigate this and believe Mr McMahon is abroad.

Reporter with the Irish Times, Jack Horgan-Jones says David McMahon took out two loans of €100,000 each before the company closed by way of online peer-to-peer lending – this is where businesses wishing to borrow are matched with investors willing to lend.

Mr Horgan-Jones says these two lending companies, Grid Finance and Linked Finance, are now working with gardaí.