Estate agent ordered to supply full account details

A HIGH COURT judge has told a Co Cork estate agent that he has one last chance to comply with a court order requiring him to provide full details of all bank accounts into which the proceeds of the controversial sale of a Budapest apartment block have been placed.

In making the order yesterday against William Mahony, of O’Grady Mahony Estate Agents, Cobh, Mr Justice Peter Kelly remarked that this was “yet another case of litigation involving an Irish estate agent and murky property affairs in eastern Europe”.

The judge noted that four investors alleged they would get back what he described as “a tiny fraction” – some 9 per cent or €94,000 – of the €1.2 million they had invested, while Mr Mahony, his agency – in which he is the sole trader – and a Hungarian-based company, controlled and perhaps owned by him, were to receive substantial sums totalling some €1 million.

Relatives of Mr Mahony were also to be returned some 78 per cent on their €2.5 million investment. This was “a remarkable state of affairs”, the judge said.

Mr Justice Kelly said he would give Mr Mahony until next week to provide all information about the payments to himself, his two companies and his relatives, including the basis for those payments and for the €94,000 payment, plus all details of relevant bank accounts.

In the interim, Mr Mahony was to lodge into court a sum of €200,000.

Brian Cregan SC, for the investors, said yesterday that Mr Mahony had failed to obey the court order requiring him to disclose all information relating to the Budapest project.