Monday 23 October 2017

IBRC seeks judgment for €1.8m in legal row with Sean O'Driscoll

Tim Healy

GLEN Dimplex chief executive Sean O'Driscoll is being sued by Irish Bank Resolution Corporation (IBRC) over his alleged failure to repay around €1.8m in loans advanced for investments in funds operated by the bank.

Mr O'Driscoll has separately issued four sets of proceedings claiming €5m against IBRC in relation to a division of the bank specialising in personal and retirement investment services, the IBRC Assurance Company (IBRCAC).

He is claiming damages for alleged misrepresentation and negligent mis-statement regarding his decision to invest in four different funds.

His actions include a claim for €2m relating to his investment in the Woolgate building in London, while he is also claiming for losses arising from an investment in the bank's fund for hotels in New York.

When the bank's proceedings against Mr O'Driscoll, from Blackrock, Co Dublin, came before Judge Peter Kelly in the Commercial Court yesterday, IBRC barrister Cian Ferriter said the sides had agreed they could be adjourned pending the outcome of a consolidated hearing of Mr O'Driscoll's actions and his undertaking to lodge €1.8m into a solicitor's account.

Three of Mr O'Driscoll's four actions will proceed but the one relating to the New York hotel fund will come back before the Commercial Court next week.

In its action, IBRC is seeking judgment for €1.8m over Mr O'Driscoll's alleged failure to fully repay three loan facilities of April 2009.

In an affidavit, Stephen Egan of IBRC said the loans were for investments in various IBRCAC investment products and the Anglo Irish private banking fund known as the Anglo Irish New York Hotel Fund.

Irish Independent

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