A HIGH Court judge has ordered gardaí to arrest and bring before the court a Cork businessman who faces jail for contempt of court orders directing him to supply a statement of his assets to investors pursuing him for €28.1 million.
Greg Coughlan was previously said by his doctor to be suffering from “anxiety and stress” and may be abroad, the court heard.
The court was told that businessman and long-time director of Kingspan plc Brendan Murtagh, who is also being pursued for €28.1 million, has sworn a statement of assets showing he has €330 million excess of liabilities over assets and may seek a sum in living expenses from the court.
Mr Justice Peter Kelly granted an attachment order against Mr Coughlan, Fastnet, Ardbrack, Kinsale, in proceedings by investors against Mr Coughlan, Mr Murtagh and Brian Madden, Well Road, Douglas, Cork, over unpaid loans related to Polish property deals.
Mr Coughlan is the only one of the three who has failed to supply a statement of assets sought by Loparco, a Luxembourg-registered company through which the investors provided €20 million for the Polish deals, to be managed by the Howard Holdings property group. Loparco wants the statements as part of its efforts to execute judgment orders for €28.1 million granted to it by the court last January.
That statement should have been provided by March 22nd last at the latest, the court heard.
Mr Murtagh’s statement of assets reveals he has €330 million liabilities over assets. His pension fund which once stood at more than €3 million is now valued at €830,000 and most of his extensive shareholdings are charged to financial institutions, particularly Anglo Irish Bank.
He has estimated his liabilities to various banks at €74 million, including €51 million to Anglo. Mr Murtagh has also estimated Howard group related liabilities at €255.5 million and Smart Telecom-related liabilities at €47.9 million. He has estimated the value of his assets at some €34.2 million.
