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ACC secures €6.5m summary judgment

ACC Bank yesterday secured €6.5m summary judgment orders in the Commercial Court against Co Westmeath couple Donal and Patricia Doyle of Tornanstown, Gaybrook, Mullingar; and Liam Young of Belvedere Hills, Mullingar, over unpaid development loans.

In separate proceedings, ACC is also claiming about €11m summary judgment orders against two Co Leitrim men: Pat Slevin of Farbar, Glenfarne, Co Leitrim; and Finbar Ryan of Lurganboy, Manorhamilton, Co Leitrim. ACC also sought a €4.5m summary judgment against Co Wicklow businessman Damien Conway of Monksrock, Ballynerrin Lower, Wicklow.

Tesco branches out with banking arm


TESCO, the world's third-biggest retailer, will make its long-awaited push into UK banking this autumn. Andrew Higginson, head of Tesco's retail services business, said that the British group was focused on expanding its own operations. The group was not interested in buying branches being sold by Lloyds and was very unlikely to bid for nationalised bank Northern Rock, he said.

Court freezes firm's assets in fraud case


THE High Court has made an assets-freezing order against a Donegal company whose directors are under investigation on both sides of the border for alleged fraud. The order were made against Fasre Ltd of Ballybofey after the court heard the firm, set up by Francois DeDietrich and his wife Severine, was being used as a vehicle for the purposes of taking money from consumers and investors under false pretences.

Share move values Facebook at €49bn


INVESTMENT fund GSV Capital has taken a small stake in Facebook that values the world's number one social networking site at about $70bn (€49bn). The investment fund said yesterday that it had bought 225,000 shares in Facebook at an average price of $29.28 per share. Facebook executives have said in the past that it is inevitable that they will take the company public but have not specified a date. At $70bn, Facebook would be valued slightly below Amazon.com, Cisco Systems or Hewlett-Packard.

Irish Independent