TWO MEN WERE arrested and questioned by gardai in recent days in connection with an alleged €450,000 fraud at the University of Limerick.

The men, both aged in their 60s, were held for 24 hours at Henry Street Garda Station.

“On the morning of Wednesday, 9th March, 2022, Detectives from the Anti-Bribery and Corruption Unit at the Garda National Economic Crime Bureau arrested two males (both in their 60s) as part of an investigation into alleged corrupt practices at a public body in Munster,” said a Garda spokesman.

“The males were detained at Henry Street Garda Station under Section 50 of the Criminal Justice Act, 2007, they have both since been released and files are being prepared for the Director of Public Prosecutions.”

The Garda spokesman added that “investigations are ongoing” into the allegations.

When asked for comment, a UL spokeswoman said: “University of Limerick will cooperate fully with any investigation undertaken by An Garda Siochana. UL cannot comment on investigations.”

It’s understood the Garda probe is looking into suspected fraud relating to a number of severance payments dating back at least a decade.

In 2021, UL’s president, Professor Kerstin Mey, informed the Oireachtas Public Accounts Committee (PAC) that UL had contacted Gardai in relation to the alleged fraudulent practice.

The Garda investigation is not linked to more recent governance issues at UL such as allegations the university paid twice the market value, €8m, for the former Dunnes Stores shopping Centre at Sarsfield Street, Limerick City in 2019, without seeking an independent valuation.

Last December, UL had €1.7m out of €2.5m in capital funding withheld from the Department of Higher Education over concerns about its financial governance, including the manner in which the former Dunnes site was purchased.

These matters have been under investigation by independent auditors KPMG, and the Higher Education Authority, and the Public Accounts Committee.