The Donegal-owned KN group is reportedly being readied for a sale.The Sunday Times this week reported that KN CEO Donagh Kelly, who hails from Frosses, has hired advisors to work on a sale or a recapitalisation with the company valued at up to €200m.KN are said to have appointed Clearwater to consider its strategic options. The Kn Group are leading providers to the Telecommunications, Transport Infrastructure and Power Sectors in Ireland, UK and internationally. The count the likes of Eir, Vodafone, BT, Virgin, ESB, Sky and the London Underground as customers.KN Group employs over 2,500 people and had sales of €231m in the year ending February 2017. Pre-tax profits in that accounting year stood at €10.4m, a rise of 31 per cent from the previous 12 months.Sources have told the Sunday Times that KN has resisted the possibility of a sale following interest from international private equity groups.Kelly owns 60 per cent of the company which is the main sponsors of Donegal GAA and Finn Harps. Kelly is also one of Ireland’s leading rally drivers. Donegal-owned KN Group, valued at €200m, set to be sold was last modified: July 2nd, 2018 by Chris McNultyShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)
PALMDALE – Four Palmdale residents are among 11 Californians accused of cheating the United States government out of $1.9 million by filing fraudulent tax returns with fake W-2 forms. The 11 are suspected of participating in a ring that federal investigators say filed more than 450 false tax returns claiming about $3.5 million in refunds. The Internal Revenue Service launched an investigation before issuing all of the checks, a federal attorney said. “The IRS actually issued checks for $1.9 million,” Assistant U.S. Attorney Thomas D. Coker said. Coker said he didn’t know how the money was spent. Butler, who remains in federal custody, faces up to 250 years in prison and a $10 million fine if convicted of all counts, officials said. Most of the other defendants were released on bail or on their promise to appear for hearings. The sailor is in Navy custody. An IRS spokesman declined specifics on what aroused suspicion, but said investigators typically look for tax returns sharing common features, such as the same refund address or the same employer. Frequently, false W-2 forms report a fairly low income, and the applicants apply for the earned-income tax credit in addition to seeking funds supposedly withheld, IRS special agent Patrick Caruth said. Charles F. Bostwick, (661) 267-5742 email@example.comWant local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREOregon Ducks football players get stuck on Disney ride during Rose Bowl eventInvestigators said the scheme was carried out from 2001 to 2003 with counterfeit W-2 forms from fictitious employers reporting fake wages and withholding. The forms were sent in with false income tax returns to claim refunds, officials said. Accused of being the ringleader, Mervin Butler of Palmdale faces 10 counts of conspiring to defraud the government by filing false income tax returns and W-2 forms. In a federal grand jury indictment handed up on March 29, he also was charged with 30 counts of submitting false claims for income tax refunds. A Lynwood man identified as George Allan Smith was charged with two counts of conspiring with Butler to defraud the government. Nine other people – including a U.S. Navy sailor and two other Palmdale residents, as well as residents of Los Angeles, Long Beach, Victorville, Compton and El Sobrante – were accused of providing Butler with dozens of names and Social Security numbers. Investigators said Butler, Smith and a third man had control over addresses to which tax refunds were sent, including post office boxes listed in financial-firm names.