SEEN OR HEARD:Defeated UK rail franchise bidder Richard Branson will take his case to a parliamentary hearing tomorrow as four more rail franchises come on to the block, the Sunday Telegraph reports.
Branson, whose Virgin Rail lost control of the British West Coast franchise to rival First Group last month, intends to highlight weaknesses of the franchising system, including past failures, just days after the company running the Southern services admit they may need taxpayer support. It also comes as the process to return the renationalised East Coast line to private hands begins next month.
SINGAPORE ISthe latest jurisdiction to feature in the complex pursuit of the assets of the family of bankrupt businessman Seán Quinn, according to the Sunday Business Post.
Receivers appointed to the worldwide assets have been following a paper trail outlining payments from the Irish bank accounts of family members and believe they have uncovered evidence of “significant funds” being moved to Singapore, the paper reports, a move described as a breakthrough.
Accounts held by two of the grandchildren of the man formerly deemed Ireland’s richest person have emerged as central to the money trail, it says.
The paper also reports that Indian assets of teh family are assuming a greater importance in the recovery plan pursued by the Irish Bank Resolution Corporation because of the rent roll they produce.
The bank’s investigators, led by corporate investigation firm Kroll, have apparently established a link between the family and Singaporean corporate entities.
LAW FIRMShave been subject to around 275 separate lawsuits from banks and lenders in the past two-and-a-half years, according to the Sunday Times, with most of the cases concerning allegations of negligence in compiling the paperwork and security for property loans during the boom. The paper says its survey of cases points to AIB and ACC Bank as being the most aggressive lenders in pursuing law firms, taking 100 cases between them.
Others named in the article include Ulster Bank, Bank of Scotland (Ireland), Bank of Ireland and KBC Bank Ireland.
Law Society director general Ken Murphy described the issue as a “problem washing its way through the system” and added that the profession had learned from its errors.