Padraig Harrington has not lost millions in investments according to his eldest brother.

Tadhg Harrington, who is caddying at the European Tour Qualifying School finals, said: "The figures are rubbish."

The Dublin-based Sunday Business Post claims that Harrington and billionaire Dermot Desmond have lost at least £16m (€17.5m) with the collapse of a British-based technology company, U4EA Technologies.

U4EA Technologies went into administration during the summer but the most lucrative part of that business, U4EA Ltd, continues to trade.

Harrington will wear logos of two of the company's subsidiaries, GoS and Barracuda Networks, in this week's Chevron World Challenge in California.

The world No 5 insisted earlier this year that he has not lost heavily in the financial crisis.

Harrington said: "As regards investments, I am like everybody else, looking at investments down 25 percent and thinking, hey, that’s okay. 

"Some guys have had extremes but I have had the average run, let’s say, and as the average run it is not affecting too badly. 

"The fact that I have got positive income streams is always a good way of looking at it. As somebody said to me the other day, birdies are recession-proof."