PATRICK McKILLEN’S right-hand man, Liam Cunningham, yesterday gave supplementary evidence at a London high court hearing, in which the developer is challenging the transfer of ownership in the group that controlled three landmark hotels in the city.
Coroin controls Claridges, the Connaught and the Berkeley.
Mr Cunningham confirmed he and Mr McKillen were directors of Pacific Land Corp, a company owned by Mr McKillen. Asked by Kenneth McLean QC, for the billionaire Barclay brothers – whose ownership of part of Coroin Mr McKillen is challenging – what the purpose of the company was, he replied: “Pacific Land is a company that holds a property in Knightsbridge. It is a property holding company, which just has one property.” He confirmed it had no offices or employees.
The court heard Mr McKillen and Mr Cunningham had sought valuations of properties held by McKillen in Vietnam and Argentina, for the purpose of the trial. As the valuations were sought specifically for the trial, they could not be relied on as evidence, Mr Justice David Richards ruled.
The court heard the valuations were written on Knight Frank-headed paper. Mr McLean asked Mr Cunningham why Knight Frank’s address was missing from the paper, to which he could not answer. Mr McLean said: “Is it the case that these investments have, in fact, been prepared by Knight Frank or have they been prepared by Pacific Land?” Mr Cunningham said: “They are not prepared by Pacific Land.”
Mr Cunningham was asked about properties Mr McKillen owned in Vietnam and Argentina. He was asked which properties were planned to be charged to IBRC (formerly Anglo Irish Bank) to which McKillen owed substantial amounts of money. He was also asked about his approaches to Hong Kong property tycoon Walter Kwok, recently arrested as part of a bribery investigation.
The court heard Mr Kwok had asked what security he would receive in exchange for a £55 million loan, and was told about the Vietnam and Argentina portfolios.
Mr McLean QC said: “I suggest to you it is a flight of fancy to suggest that any financier asked to lend £55 million would have had the slightest interest in Vietnam and Argentina.”
But Mr Cunningham said he “wouldn’t agree with that”.