Ulster Bank judgement awarded against Fingleton and co.

Gunsfortoys

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Former Irish Nationwide chief executive Michael Fingleton has had a €13.6m judgment for an unpaid property loan awarded against him by the Commercial Court.
Fianna Fáil Senator Francie O'Brien and two Monaghan property developers Noel Mulligan, from Castleshane and Charles McGuinness, Tully House, also had judgment awarded against them for €12m.
The action was taken by Ulster Bank to recover a loan taken out by the four in 2006 to buy a 50-acre site at Farnham Road in Cavan.
Mr Justice Peter Kelly described as 'extraordinary' Mr Fingleton's failure to include his €27m pension in a list of assets and liabilities given to Ulster Bank. He said the pension 'eclipsed' all his other assets but he had omitted it.
Lawyers for Mr Fingleton described it as a 'genuine error' and said there was no intention to mislead as his pension details were in the public domain.
Brian McGuckian for the bank said it became concerned about the loans after receiving a statement of affairs from Mr Fingleton which contained no reference to his pension. The bank was also concerned about the assignment of his interest in his family home to his wife.
Lawyers for Mr Fingleton had opposed the fast-tracking of the action to the Commercial Court list. They also raised issues about defects in the bank's documents and the manner in which it granted the loan.
Barrister Rossa Fanning said the bank appeared to have relied on the perception of Mr Fingleton's worth from media reports.
The court heard that Mr Fingleton was not a client of the bank when the loan was issued and the bank had not sought net worth statements from the four until some years after the loan was issued.
The bank had been assured throughout 2009 that the lands would be re-zoned from residential to commercial but it was now concerned about the defendants' ability to achieve that re-zoning.
Granting judgment at the Commercial Court this afternoon, Mr Justice Peter Kelly commented on how a bank could 'lend to someone they don't know and rely on general reputation of wealth before proceeding to lend millions'.
He awarded judgment, however, in the full amount in favour of Ulster Bank against Mr Fingleton and for €12m euro against the other three defendants as the remaining €1.6m remains in dispute.
The court heard that negotiations with the bank had continued right up to last weekend and that planning permission for the land was 'at a delicate stage'. But Mr Justice Kelly refused an application for a stay on the order and said there was no justification for it.

I love how he "forgot" to include his massive pension on his list of liabilities. As small as it is, I am glad to see the man have to pay something back. Although something tells me he will find a way out of it. The interest his wife has in it being enough to fuel that thought.

Nodin

What a wanker.......

policarp

He also forgot about the €1,000,000 bonus he was supposed to give to charity...