Property firm told to pay €69,230 for manager's unfair dismissal
A property development company here has been ordered to pay an investment manager €69,230 over his unfair dismissal.
The investment manager was involved in the business, setting up a fund to acquire an office portfolio. It raised more than the €60m-€70m envisaged and the fund purchased seven assets.
The investment manager said he was "shell-shocked" when told of his redundancy in July 2016.
The man - who was earning €120,000 a year at the time - stated that 80pc of the acquisition value was still on the books of the office fund at the time. He said there was substantial work accompanying the completion and sale of the assets.
At the Workplace Relations Commission (WRC), the investment manger sued for unfair dismissal. WRC Adjudication Officer Kevin Baneham has found that no redundancy situation existed in July 2016 and the man was unfairly dismissed.
The firm stated that the manager's employment had come to an end due to a genuine redundancy situation. It claimed that the majority of the work had been done on the office portfolio.