Norbrook Laboratories got £6m payout over helicopter crash death of Edward Haughey
The Northern Ireland-based veterinary pharmaceutical group Norbrook Laboratories received an insurance payout of £6.12m after the death of its founder Edward Haughey in a helicopter crash.
The chairman of Norbrook, Lord Ballyedmond, died in March of last year along with three others when his helicopter came down in thick fog in Norfolk.
At the time of the crash the 70-year-old was Northern Ireland's richest man, with his personal wealth estimated to be around £650m.
According to the Sunday Times in April, Lady Mary Haughey, Lord Ballyedmond's widow, is now the richest person in Northern Ireland. She was listed as the 68th richest person in the UK along with her family, with an estimated worth of £1.4bn.
Now, new accounts filed by Norbrook Holdings Ltd to Companies House disclose that the group received the exceptional gain of £6.12m through its 'keyman insurance policy'.
Businesses take out 'keyman' insurance policies to compensate for any financial losses that may arise from the death of a key member of business.
The £6.12m gain contributed to profits increasing at the group last year by 7% to £22m.
The group - which employs 2,045 people, including 1,800 staff at its three manufacturing sites in Newry - recorded the increase in profits in spite of revenues decreasing by 2% from £202.49m to £198.7m in the 12 months to the end of August 1, 2014.
The accounts show that Mr Haughey last year received payments from Norbrook Laboratories, which is based in Newry, Co Down, totalling £2.7m.
Lord Ballyedmond was born in Kilcurry, north of Dundalk in Co Louth, and he was educated by the Christian Brothers in Dundalk. He lived outside Rostrevor, Co Down, on the shores of Carlingford Lough.
Since Lord Ballyedmond's death, Norbrook has appointed Lady Ballyedmond and her sons professor James Haughey and Edward Haughey to the board.