Agar and Tracey in dispute over €500,000 investment fund loan
A dispute between property developer David Agar and his former business partner and close friend George Tracey over the ownership of stock in an investment fund has come before the High Court.
The dispute arises out of a €500,000 loan Mr Agar claims he gave to Mr Tracey to allow him take part in an investment fund launched by AIB private banking called the Alpha Japan Fund, which focused on the Japanese property market.
Mr Agar alleges that the loan was never repaid. Late last year the fund was due to pay a return to investors, which it is claimed in Mr Tracey’s case was some €62,000. Mr Agar claims that those monies should be paid to him.
Last month Mr Agar’s lawyers secured temporary High Court injunctions against Mr Tracey, AIB plc and AIB Alpha Japan Fund Pte Ltd restraining the bank from paying any returns due from the fund to Mr Tracey.
The injunctions were granted on an ex-parte basis by Mr Justice Roderick Murphy. At the High Court yesterday, Mr Justice Murphy continued the injunctions for a further two weeks.
As well as being his business partner for many years, Mr Tracey was Mr Agar’s best man and was godfather to one of his children.