Jeweller can keep fee for sale of ring

Ring sold a day before Nama sought receiver in relation to it

At the Commercial Court yesterday, Mr Justice Peter Kelly was told issues concerning the jeweller’s commission had been resolved and jeweller John Farrington, of Farrington’s, Drury Street, Dublin, was to be allowed his 5 per cent commission of €7,494. Photographer: Dara Mac Dónaill

At the Commercial Court yesterday, Mr Justice Peter Kelly was told issues concerning the jeweller’s commission had been resolved and jeweller John Farrington, of Farrington’s, Drury Street, Dublin, was to be allowed his 5 per cent commission of €7,494. Photographer: Dara Mac Dónaill

Tue, Apr 30, 2013, 06:00

A jeweller who sold a ring a day before Nama sought a receiver in relation to it and other jewellery is to be allowed keep his €7,494 commission on the transaction.

The ring, belonging to Mary McCabe, wife of “millionaires row” developer John McCabe, was sold for $205,000 (€150,000) at an antique show in Miami, Florida.

It was shipped to the US and sold there on January 29th, the day before Nama applied for a receiver to be appointed over the ring and a diamond necklace and bracelet also belonging to Mrs McCabe.

The agency sought a receiver after expressing concern that the items had not been handed over to it despite requests.

Mrs McCabe is being pursued by Nama in a bid to recover a €20 million judgment entered against her over unpaid loans.

At the Commercial Court yesterday, Mr Justice Peter Kelly was told issues concerning the jeweller’s commission had been resolved and jeweller John Farrington, of Farrington’s, Drury Street, Dublin, was to be allowed his 5 per cent commission of €7,494.

Mr Justice Kelly said Mr Farrington was “an innocent” in all of these matters and a wise view had been taken to allow him his commission.

Adjourning the matter, he said the litigation was now effectively at an end.

Two judgments for sums totalling more than €20 million were entered against Mrs McCabe, of Rath Stud, Ashbourne, Co Meath last year.