Thursday 18 January 2018

Developer Jerry Beades opposes €3.5m judgment

Jerry Beades
Jerry Beades

DEVELOPER Jerry Beades is opposing a bank's claim for €3.5m judgment orders against him.

Fianna Fail activist and developer Mr Beades says Ulster Bank is not entitled to the orders on grounds including alleged fraudulent transactions involving various accounts in the bank, the Commercial Court heard.

Ulster Bank has denied the claims.

It says it had advised Mr Beades to pursue any such complaints with the gardai, or other authorities, but to date he had not done so.

Mr Beades had also signed a restructuring facility with the bank, Andrew Walker BL, for the bank, said yesterday.

Mr Beades said he had received mo monies under the said facility which was a "roll-up" facility.

He added he needed time to assemble documents and would also be seeking material from the bank. The bank itself is supposed to report "theft", he alleges.

Mr Justice Peter Kelly yesterday granted the bank's application to fast-track its case against Mr Beades in the Commercial Court.

Noting Mr Beades is representing himself without the resources available to the bank, the judge said he would allow him until September 11 to prepare a full affidavit outlining his defence to the claim.

Mr Beades is disputing the bank's entitlement to summary judgment and is seeking a full hearing of the case.

The judge fixed October 10 for a hearing to decide whether Mr Beades has an arguable defence entitling him to a full plenary hearing.

Ulster Bank says its claim arises from a restructuring facility of 2010 but Mr Beades argues the loans at issue go back to 1999.

He also alleged €1.3 million had been taken out of an account with the assistance of a bank manager and claimed, as a result of “theft”, he had been forced to refinance.

Among various claims, Mr Beades has alleged in an affidavit there were irregular practices permitted by Ulster Bank over a six year period in relation to the operation of the main current account of Greencastle Investments Ltd.

He said he only became aware of those alleged practices in summer 2006 when he accidentally located a used cheque book with the next cheque number at 460.

Having contacted the bank, he said some 400 cheques were written in contravention of a written mandate set up by him requiring two signatures on every cheque when the account was opened in 1998.

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