Murtagh's worth has plummeted in three years
THE net worth of Smart Telecom purchaser Brendan Murtagh has fallen from more than €200m to about €3.5m in three years, it was claimed in the Commercial Court yesterday.
It came during a hearing in which Mr Murtagh, and two other businessmen, agreed to provide full statements of their assets and liabilities to investors pursuing them for €28.1m arising from a property investment deal in Poland.
The three -- Mr Murtagh, Dunheeda, Kingscourt, Co Cavan; Greg Coughlan, Fastnet House, Ardbrack, Kinsale, Co Cork and Brian Madden, Well Road, Douglas, Cork -- have, to date, had total judgment orders for more than €60 million entered against them.
Information available to the investors about the net worth of the three, all involved with development company Howard Holdings, appears to indicate that the net worth has fallen significantly, Mr Justice Peter Kelly heard yesterday.
The €28.1m judgment against the three was granted on consent last Wednesday to Loparco, a Luxembourg-registered company and the vehicle through which the investors invested some €20 million in four Polish companies, to be managed by Howard Holdings.
The judge said he was satisfied the investors had an incomplete picture and were entitled to full statements backed up by documents. On consent of the defendants, Mr Justice Kelly directed them to provide statements of means and supporting documents, within three weeks. If the investors are unhappy, they may cross-examine the defendants on March 3 and 4. next.