Lagan brothers' companies sue each other
Published 22/11/2015 | 02:30
Lagan Asphalt Ltd, run by Terry Lagan, has lodged a legal action against Lagan Construction Group, chaired by his brother Michael.
The Sunday Independent understands that there is a contractual dispute between the companies relating to a road construction project.
Lagan Asphalt said the case arose from a "relatively minor contractual dispute", adding that it had been referred to an arbitration process.
"It is hoped the issue can be resolved to the satisfaction of all concerned," it said.
Lagan Asphalt is the second-largest road maintenance contractor in the country.
Lagan Construction declined to comment.
The high-profile Michael Lagan has significant shareholdings in both companies, owning 45pc of Lagan Asphalt and 100pc of Lagan Construction, the Sunday Independent understands.
Lagan Asphalt's majority shareholder is Kevin Lagan, a third brother, who together with Michael Lagan transformed their family quarrying firm into a vast construction and civil engineering empire.
After a dispute, the two brothers agreed to part ways and divided up the group's assets. It is understood that there are now no difficulties between them.
Sunday Indo Business