Sunday 11 December 2016

Ambitious plan leaves ex-partners with big losses

Published 21/09/2011 | 05:00

Louis Maguire, pictured, first rose to prominence back in 2003 when Fingal County Council voted to reject his $7bn 'Vega City' development.

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The developer's property investment company, United Entertainment Partners, had hoped to develop a mammoth Disney-styled theme park across 3,308 acres of land in north Dublin.

Undeterred, Mr Maguire's UEP sought pastures new and began to develop property in eastern and southern Europe, including Belgrade and Montenegro.

The Balkan ventures were hugely successful for UEP and it was Mr Maguire who introduced Mr Fingleton to the Hotel Fjord deal.

While the full details of how the men parted company will be fleshed out at a bankruptcy hearing next month, the soured deal has left both men nursing bad feelings and multi-million euro losses.

Irish Independent

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