Hamilton Goulding, whose mother set up the CRC, says the 742 thousand euro pay out saved money in the long term.
In an interview in the Irish Daily Mail, Mr Goulding says he couldn't break a legally binding employment contract and if Mr Kiely, who was CEO for 25 years, had been paid his full salary until retirement, it would have cost over 2.1 million euro.
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He says he was pleased with the outcome.
