Builder denies he shared in profits from land

Builder Mr Joe Tiernan has denied being a fourth man behind the ownership of the west Dublin lands currently under investigation by the tribunal.

Mr Tiernan said yesterday he had no involvement in Vino Properties, a British Virgin Islands company which bought the lands at Coolamber, near Lucan, in 1992. He also denied sharing in almost £2.8 million in profits generated when the 55 acres were sold for development that year.

Bank of Nova Scotia, which was involved in funding the deal shortly after the land was originally purchased for £208,000 in 1987, was told Mr Tiernan was a shareholder in Vino.

However, Mr Tiernan rejected this, saying he was never a party to Vino, nor was it envisaged or proposed that he should be.

Asked whether he had shared in the profits in the sale in which he was the purchaser, he replied: "Absolutely not."

He claimed there were "inner machinations" in the transfer of the land from an Irish company, Southfield Property Company, to Vino, but he had not been privy to these.

Former Fianna Fáil TD Mr Liam Lawlor, solicitor Mr John Caldwell and businessman Mr Jim Kennedy have been linked to the ownership of Southfield.

Mr Tiernan agreed that some of the documentation generated by the deal was misleading and unnecessary because it gave the impression that the transaction was an arms-length one when this was not the case.

However, he said a number of letters, including ones he had signed, had been prepared at the request of Mr Caldwell and Mr Kennedy.

Asked if he had any doubt that the same people were involved in both Southfield and Vino, he replied he had "little doubt - but there was [ still] a doubt". Vino sold the property to Mr Tiernan in 1992 for almost £3 million.

Although he had known Mr Caldwell for a long time, it was "no cosy relationship," he said. Mr Caldwell never told him he was an owner of the land.

Mr Tiernan said he had his own view on this even though Mr Caldwell always finished off their conversations by saying he would have to take instructions from his clients.

He told Judge Gerald Keys he was not too concerned about who owned the land. He now acknowledged that he should have been because he had discovered at the tribunal that another company had an option on the lands and he was not told.

Judge Keys questioned how the witness could be involved in a deal worth over £2.5 million and still he did not know who owned the vending company.

Mr Tiernan said he believed he was dealing with a responsible solicitors' office.