Ganley no longer has shares in US telecoms firm Rivada

GALWAY-based businessman Declan Ganley no longer has any shares in the US telecoms business Rivada Networks, according to accounts filed recently in Dublin.

Rivada Networks Ltd, an Irish company with an address at Mr Ganley’s home, is a subsidiary of the US telecoms company. The Irish company’s accounts for the year to the end of 2009 state that Mr Ganley has no shares in the company’s parent.

The previous year he had a 13 per cent shareholding and in 2007 his shareholding was 43.2 per cent.

The 2009 accounts for Rivada Networks show it had accumulated losses of €604,742 at the end of the period, up from €250,270 the previous year.

The directors of the company are Mr Ganley and New York-based trader Ken Fields.

Mr Fields owns 5 per cent of the parent company, according to the accounts.

Mr Fields is a former director of Rivada who has more than 20 years’ experience in trading and investment management, including managing the foreign currency and precious metals options desk for Lehman Brothers and managing a proprietary portfolio for Bankers Trust.

The board of Rivada Networks in the US includes an English lord and a number of army generals, according to its website.

Mr Ganley is chairman and chief executive. The former British chief of staff Lord Guthrie is also on the board as is Gen Richard Myers, a former chairman of the US joint chiefs of staff and a principal adviser to then US president George W Bush.

Another director, Michael Jackson, served as deputy secretary of the department of homeland security in the US from 2005 until 2007.

Another director, Admiral James Loy, also served as a deputy secretary of homeland security.

Rivada provides telecoms services for use in emergency situations and its clients include the US military.

There is no financial information available for the company and its last press release, according to its website, was issued in December 2009.

Another of Mr Ganley’s Galway-based companies, Ganley Corporate Management, is owned by a British West Indies company called Golden Bay Holdings, according to filings with the Companies Office.

At one stage, the Irish Rivada company was also owned by Golden Bay.