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Bank gives back BMW to property developer's wife

A BMW seized by the city sheriff from the home of troubled property developer Paddy Kelly has been returned to him less than 24 hours after it emerged it belonged to his wife.

ACC Bank moved on the €139,000 car despite protests from Mr Kelly's wife Maureen that she owned it.

Mr Kelly branded the move to take the car as an effort to embarrass him and got his solicitor involved.

"It is fully paid for, and must only be worth about €10,000 now," said Mr Kelly.

Just before lunchtime yesterday the car was driven back to the house by two men from the sheriff's office, and the keys handed back to Mr Kelly, who did a quick inspection of the vehicle before taking delivery.

The sheriff's office was approached for a comment on the issue, but did not return calls from the Herald.

ACC Bank insisted it did not comment on individual cases

The couple moved from their plush Shrewsbury Road home last year to the more modest terraced home on Morehampton Road in Donnybrook.



aggressive

It was from here the car was taken. Documents seen by the Herald show that the car is taxed to Maureen Kelly and the Vehicle Registration Certificate is made out to her name.

Dutch-owned ACC Bank has emerged as the most aggressive pursuer of troubled developers. It came to prominence in its high profile pursuit of developer Liam Carroll last year.

Mr Kelly, who has property interests in Ireland and overseas, including Canada and Malta, owes €350m.

ACC obtained a judgment last April against Mr Kelly and his sons Simon and Christopher for €16.9m. In May last year a €6.1m judgment was made against the developer.

The judgment arises from loans advanced by ACC, including €4.87m in 2005 relating to construction of 62 aparthotel units at the Clarion Hotel, Liffey Valley, Co Dublin.

Other loans include €536,000 to buy two properties in Tulfarris Village, Co Wicklow, and two dual-life memberships to Tulfarris Golf Club, €600,000 for equity release on the Tulfarris properties and €1m to invest in ACC's SolidWorld investment bonds.

cfeehan@herald.ie


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