Friday 28 October 2016

AIB seeks to question businessman Anthony O'Reilly on €14.3m debt

Tim Healy

Published 12/05/2015 | 02:30

Anthony O’Reilly and his wife Chryss Goulandris
Anthony O’Reilly and his wife Chryss Goulandris
Tony O'Reilly's estate Castlemartin

AIB is seeking to question businessman Anthony O'Reilly in court after a €22.6m judgment was entered against him last June.

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His former Irish home in Kilcullen, Co Kildare, was sold for €7.4m last January, a court was told.

The bulk of the proceeds of the sale of Castlemartin have gone towards reducing his personal debt to AIB to around €14.3m.

However, the Commercial Court was also told that AIB wants to cross-examine Mr O'Reilly in court as to whether he has any other means of satisfying the judgment entered against him.

The court heard he is to participate in the equivalent of a personal insolvency arrangement in the Bahamas, where he has a home.

His doctor in New York said last month that the now 79-year-old should not travel for at least the next two months, AIB says.

Judgments for €18.5m and €4.1m respectively were also entered last June against two of his investment vehicles, Cyprus-registered Indexia Holdings and another company, Brookside Investments Ltd.


Indexia's debt now stands at around €10m following the sale of 8.9 million shares in Independent News and Media for €1.5m, AIB senior manager Mark Harris said in an affidavit.

Brookside's debt is still €4.2m as an estate in Glandore in Cork, Shorecliffe House, which was Mr O'Reilly's Irish home, has not yet been sold.

Mr Harris said receivers were appointed to sell Shorecliffe but it remains on the market and it is hoped a buyer will be found in the near future.

AIB brought an application before Mr Justice Brian McGovern for an order that Mr O'Reilly and others connected with the companies attend before the Commercial Court to be examined in relation to any other assets.

The matter was adjourned to next month.

Irish Independent

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