Saturday 24 March 2018

Credit Union 'special manager' will answer questions about fees in court

A SPECIAL manager appointed to run a Kildare credit union is willing to be cross-examined about the level of fees he is seeking for the job, the High Court heard today.

Efforts to resolve differences between the directors of Newbridge Credit Union and its special manager Luke Charleton over his fees have failed and the matter will have to be trashed out before a judge next month.


Mr Charleton is happy to answer any questions about the matter, his counsel Rossa Fanning said today.


The total costs so far for Mr Charleton, of accountants Ernst & Young, and of his team and of lawyers, are now expected to be close to €2m and include €563,000  being sought for further work.


Mr Charleton was appointed by the High Court in January 2012 following concerns by the Central Bank about the credit union's financial position.


Last month, when the court was asked to approve the latest fees sought, the credit union's directors complained they were not given enough material to indicate precisely what work Mr Charleton and his team are doing.


Yesterday, Mr Fanning, for Mr Charleton, said following last month's hearing there had been meetings to try to resolve the differences but they appeared to be too intractable and would now require resolution by the court involving cross-examination of the parties involved.


His client had no objection to this and was "perfectly willing" to answer any questions that may be put to him about the work he is doing.


High Court president Mr Justice Nicholas Kearns adjourned the matter for hearing in four weeks and said it may not be necessary to have cross-examination if matters were put clearly on affidavit beforehand.

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