Saturday 20 January 2018

House linked to $4m in loans

Cormac McQuinn

Cormac McQuinn

MORE than $4m (€3m) in loans from a mysterious offshore company are registered on the house shared by broke developer Sean Dunne and his wife Gayle Killilea.

Property records filed with the county clerk in Greenwich, Connecticut show that five loans from a company in the British Virgin Islands are registered on 22 Stillman Lane.

The house is owned by another company Wahl LLC, with Mr Dunne's wife Gayle listed by the Connecticut Secretary of State's Department as that company's director.

Loan agreements totalling $4,361,902.05 are recorded in a mortgage deed on the property signed by lawyer Thomas J Heagney on August 16 last year.

Mr Heagney, a partner in the law firm that acted as trustees in the original 2011 purchase of the property, is named on the document as the "authorised signatory" of Wahl LLC.

The firm's address at 248 Greenwich Avenue is still listed in recent company filings as Wahl LLC's principal office, but Ms Killilea is listed as the company's director.

Little detail is provided in the property records about the company providing the loans.

It is named as Newinvest Holding International Ltd, based in Tortola in the British Virgin Islands, an offshore haven known for the secrecy of its company records.

The last of the five loan agreements, listed as being made on July 26, 2012, is due for "final maturity" on the same date this year.

Ms Killilea did not respond to emailed questions asking what the loan agreements were for.

Nor did she respond to a question asking if she or her husband had links to Newinvest Holding International Ltd.

Mr Dunne did not respond to the same questions sent to his personal email address.

Irish Independent

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