Developer told to provide papers in Fingleton case over Dublin scheme
DEVELOPER GERRY Gannon has agreed to hand over documents to former Irish Nationwide chief executive Michael Fingleton in a High Court action in which the former banker is claiming a 25 per cent share of a Co Dublin development.
The master of the High Court, Edmund Honohan SC, approved a discovery order agreed on consent, giving Mr Gannon eight weeks to produce relevant records in Mr Fingleton’s legal challenge.
The former Irish Nationwide chief executive claims a £75,000 (€95,000) investment he made in the late 1990s entitles him to a quarter share in Mr Gannon’s Clongriffin development in north Co Dublin. Mr Fingleton claims he funded a quarter of the £300,000 that Mr Gannon paid for an option to purchase the Clongriffin site from a farmer, John Lyne, who owned the lands until 2001.
The former banker is seeking a quarter of the proceeds of all property sold at Clongriffin.
Under the discovery order, Mr Fingleton is seeking the option agreement with the former owner.
He also wants any documentary evidence to show that Mr Gannon received the £75,000 and evidence of any interest held by Mr Fingleton in part or all of the lands subject to the option agreement.
He is also seeking details of any contracts for the sale of the lands or contracts entered into in relation to the option lands.
Mr Gannon has agreed to the order, under which Mr Fingleton is seeking details of any short-term lettings of the option lands or documentation showing any sales or long-term leases of the lands.
Any mortgages or charges provided to financial institutions in relation to the option lands are also being sought in the order.
Mr Gannon invested heavily in the Clongriffin development which has established a new town between the Malahide Road and Baldoyle with more than 1,500 homes in the area. The project was worth an estimated €500 million.
One of Irish Nationwide’s largest customers, Mr Gannon had his loans transferred to the National Asset Management Agency last year.
Mr Fingleton, who resigned as chief executive of Irish Nationwide in April 2009, initiated legal proceedings against Mr Gannon the following December.