MPE shareholder pleaded for Invest NI cash injection

Correspondence between a former majority shareholder of Maydown Precision Engineering (MPE) and Invest NI shows the state-aid company held out on providing the firm with grant-funding as it had misgivings about the former’s financial standing.

In May, Annesley Harrison, Corporate Finance Manager at Invest Northern Ireland, wrote to Amin Amiri, an English-based Iranian venture capitalist who became a board member of MPE in 2014, outlining his concerns.

The correspondence released to this paper following a Freedom of Information request shows Mr Harrison was responding to a series of letters from Mr Amiri, in which he pleaded with Invest NI, for funding.

On May 6, for example, Mr Amiri wrote: “On my part I have done everything possible both financially and timewise to enhance MPE’s operational capabilities and profitability.

“Indeed in excess of [redacted] of my personal cash is invested, and unquestionably it was the only reason MPE is saved!”

He went on: “I am writing to again plead with you and express that it is crucial that an offer letter from Invest NI is received imminently.

“We MUST now pay deposits to secure a key part of the Capex [capital expenditure], by next week at the absolute latest.