IRA 'planned to buy £15m apartment block in Bulgaria'

26/07/2006 - 08:24:48
The IRA was reportedly planning to use the proceeds of the Northern Bank robbery to buy an apartment block and a small bank in Bulgaria.

The republican movement continues to deny any involvement in the £26.5m (€38.7m) heist, despite being identified as the chief suspect by PSNI chief constable Hugh Orde.

However, reports this morning claim the IRA intended to use the proceeds to buy a £15m (€22m) apartment block and a small bank in Bulgaria to help launder the planned investment.

It also reportedly planned to buy a quarry in the midlands for between €3m and €4m.

This morning's reports, which appear to be based on information provided by garda sources, say the investment plans were scuppered when a financial broker in Cork was discovered with £2.3m (€3.3m) in cash that is believed to have come from the robbery.