Property market's 'Ronaldo' withdraws injunction proceedings
Property developer Greg Kavanagh has withdrawn injunction proceedings over his claim steps are being taken to deprive him of a half share in profits from two Dublin developments.
Self-described as the "Ronaldo of the property market", Mr Kavanagh claimed members of the Keily family from south Dublin, who are involved in the health care industry, are trying to deprive him of profits from projects in Stillorgan and Phibsboro.
Mr Kavanagh's counsel Joe Jeffers told the Commercial Court today his client was withdrawing the injunction proceedings taken last month against a number of people and companies allegedly involved in the developments.
Mr Jeffers also told Mr Justice Brian McGovern a July 22 date for the injunction hearing could be vacated and undertakings given by the defendants could be discharged.
The judge said he did not need to hear from counsel for the defendants as he did not want to exacerbate issues between the parties.
The main case remains pending before the Commercial Court.
Mr Kavanagh's action is against: Luke Keily and Sibeal Keily, Kenston Drive, Foxrock, Dublin; Robert Keily, Brighton Road, Foxrock; Tony Keily,Westminister Road, Foxrock. It is also against two companies: Mustardside Ltd and Bindford Ltd, respectively with registered offices at Grand Canal Street and City Quay, Dublin 2.
Mr Kavanagh claims he agreed in 2013 with Luke Keily that members of the Keily family could participate in various development projects with him on certain terms.
Mr Kavanagh, of Arklow, Co Wicklow, claims relations between himself and Luke Keily significantly deteriorated earlier this year and he feared steps might be taken which will prejudice him while he
is trying to regularise his shareholding in Mustardside and Bindford.
When the case was transferred to the Commercial Court last month, the judge was told defendants wanted to file a counter claim and lenghthy defences.
In court documents, Mr Kavanagh claimed different arrangements applied to various development ventures undertaken with the Keilys.
However, the premise behind each was that Luke Keily and/or his family would ultimately end up with a 50 per cent shareholding in each development company and Mr Kavanagh would hold the other 50 per cent.
Mr Kavanagh claims his role included identifying the development site, manage its purchase, get planning permission and manage the development/construction.
The Keilys would advance the capital or bulk of it, he said.
He says he was involved in the purchase and financing by Mustardside of lands at Oatlands, Stillorgan Road, for about €2.5m, and in the purchase by Bindford of another site at Cross Guns Bridge, Phibsboro, for €800,000.
However, he claims, 100 per cent of the shares in Mustardside are registered in Sibeal Keily's name.
Given that he had an understanding with the Keilys, he had not registered his 50 per cent interest in Mustardside, he claims.
With regard to Bindford, his understanding with Luke Keily was that he (Kavanagh) would have 50 per cent of that company too.
However, he understood an 87.5 per cent shareholding in Bindford is held by Sibeal Keily on trust for the Keily family while his mother Kate Kavanagh held the remaining shareholding on trust for himself, he said.
Difficulties arose in relation to the understandings he believed he had. There was a deterioration in the relationship between himself and Luke Keily from February last, which later broke down altogether, he said.
He was concerned steps were being taken as part of a wider strategy to put the Oatlands and Cross Guns lands beyond his control.