DOCTORS WHO say they invested in a fledgling pharmaceutical business founded by one of Northern Ireland’s richest men were not told their shares held fewer voting rights, the Northern High Court heard yesterday.
Lawyers for dozens of retired GPs and their families made the claim as part of their case against Sir Allen McClay, the former chairman of Galen Holdings. Allegations of fraud have also been raised in the legal proceedings over the liquidation of three investment companies formed in the late 1960s.
Civil proceedings have been brought by Ronald Montgomery, the son of a deceased doctor, and two other medical professionals. They are seeking to have the investment bodies, which were dissolved in the mid-1990s, restored to the Registry of Companies.
The applicants all held shares in three subsidiaries of Galen Ltd whose names were later changed to investment companies Hypnos, Acis and Howe. But, in 1970, they sold up due to ethical concerns about GPs holding a stake in a pharmaceutical firm.
Sir Allen now heads up Almac, a pharmaceutical and biotech company which employs about 2,000 people – half of them in Craigavon, Co Armagh.
The case is expected to run for two weeks.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)