Thursday 14 December 2017

No claim by company for €13m of state money

Paul Melia

A COMPANY allegedly owned by businessman Jim Kennedy has not claimed almost €13m of taxpayers' money awarded to it seven years ago.

Jackson Way Properties was awarded €12.86m in 2003 after a local council acquired 20 acres of land the company owned in south Dublin needed to build the M50 motorway.

The Irish Independent has learned the company -- reputedly owned by a solicitor, John Caldwell, and Jim Kennedy -- has still not claimed the money.

The award was made after Dun Laoghaire Rathdown County Council used a compulsory purchase order to acquire lands Jackson Way owned in June 2000 to build part of the M50.

But they could not agree a price, so an arbitrator was appointed to settle the matter.

A 17-day arbitration hearing heard that Jackson Way was seeking €113m in compensation for the lands, later reduced to €43m. The council was prepared to pay €7.6m, but the arbitrator awarded €12.86m in November 2003.

Some €9.7m was for the land and some €2.3m for "injurious affection" -- or payment for the impact on adjoining lands owned by the company.

Another €873,000 was awarded for disturbance.

The local authority was also forced to pay costs and expenses incurred by Jackson Way Properties in relation to preparation and submission of its claim. These were put by sources at the time at €100,000.

Irish Independent

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