Two men in land deals got too much profit

From the Examiner :

Quote :

Former Cllr Gerard Killally and Richard Connor, who practised as Gerard Killally Auctioneers, face applications on Monday from former partners of theirs in the land deals for judgment against them for €3.5m.

They have also had their accounts frozen below €8m in circumstances where they face court proceedings over other deals and for damages, including for alleged negligence, misrepresentation and unjust enrichment.

The judge said he was making the freezing order rather than accept undertakings from the men not to reduce their assets in light of expressed concerns related to the assets and because they had "to be forced to admit wrongdoing" under threat of contempt of court proceedings.

The freezing orders were sought because of concerns over the closure of the defendants’ auctioneering offices in Portarlington, Portlaoise and Tullamore and where Killaly was being pursued by "numerous creditors", including Bank of Ireland who last December obtained judgment against him and his wife for €2.6m, the judge noted.

The judge noted Connor made "frank admissions" of making secret profits and "did not seek to blame anyone else" while Killally had said he "got legal advice to say it was ok", the profits did not have to be disclosed.

http://www.examiner.ie/ireland/idojaukfau/

What's the story with these lads ? What did they do wrong ? What's wrong with making too much profit

Quote :

It was claimed the defendants introduced the respective partnerships to deals, acted as negotiators and agents for the partnerships and made secret profits.

It is unclear to me whether the profits were concealed from the public authorities, from their partners or both.
Had we better exercise care in discussing this case which is still before the courts?

Lord but it's a long, long story, Audi.

Perhaps the best way to see the history is to google what the local papers, Offaly Independent, Tullamore Tribune (great local paper, not sure of its online status) and Offaly Express.

It's pretty complex stuff... they were involved in a number of developments, including plans for a hotel in Edenderry that has since gone bust (at a place called Downshire) and a number of people involve who feel that they were treated very badly.

It's messy, and anyone posting on it should be careful to link....

Auditor #9 wrote:

From the Examiner :

Quote :

Former Cllr Gerard Killally and Richard Connor, who practised as Gerard Killally Auctioneers, face applications on Monday from former partners of theirs in the land deals for judgment against them for €3.5m.

They have also had their accounts frozen below €8m in circumstances where they face court proceedings over other deals and for damages, including for alleged negligence, misrepresentation and unjust enrichment.

The judge said he was making the freezing order rather than accept undertakings from the men not to reduce their assets in light of expressed concerns related to the assets and because they had "to be forced to admit wrongdoing" under threat of contempt of court proceedings.

The freezing orders were sought because of concerns over the closure of the defendants’ auctioneering offices in Portarlington, Portlaoise and Tullamore and where Killaly was being pursued by "numerous creditors", including Bank of Ireland who last December obtained judgment against him and his wife for €2.6m, the judge noted.

The judge noted Connor made "frank admissions" of making secret profits and "did not seek to blame anyone else" while Killally had said he "got legal advice to say it was ok", the profits did not have to be disclosed.

http://www.examiner.ie/ireland/idojaukfau/

What's the story with these lads ? What did they do wrong ? What's wrong with making too much profit

Nothing, except if you made the extra in some sort of profit sharing scheme and you didn't "share" and from the "Paper's" point of view if someone involved is a politician, well, my oh my and if they're a FF politician, oh my oh my oh my.

The Guy on the left is one of them - he was Cowen's running mate in 2002.

yehbut_nobut wrote:

The Guy on the left is one of them - he was Cowen's running mate in 2002.

Only that far back? Still, properly handled there'll be mileage out of it yet.

It is good of you not to point to any black sheep in the FG family tonys, but it would create a more balanced picture.

cactus flower wrote:

It is good of you not to point to any black sheep in the FG family tonys, but it would create a more balanced picture.

I only need to do that when any of the righteous lose the run of themselves, hasn’t happened on this thread yet.
At heart I'm a kindly soul, wishing only to bring a little balance into peoples lives.