Morrissey Oil secures court order to freeze assets of director

An Irish oil company has secured interim High Court orders freezing the assets of one of its directors over allegedly diverting profits and allegedly being involved in fraudulent and dishonest "secret" deals unknown to the company until recently.

Morrissey Oil, which buys oil and biofuels from refineries before selling it on to wholesalers, claims Philip Cahill, who also acts as a broker, diverted profits from a number of transactions conducted in the US since last October. It also claims Mr Cahill made unauthorised payments of more than US$600,000 into various bank accounts, including his own.

These payments, the company alleges, are profits from transactions with legitimate fuel suppliers which Morrissey Oil never previously traded with. Morrissey Oil, based at Dublin Road, Kilkenny and with operations in the US and UK, also claims Mr Cahill, Cul Daire, Lissycasey, Co Clare, has “abused his position” as director of the firm.

Ms Justice Mary Laffoy, who was told the company was concerned monies may be placed beyond its reach, yesterday granted a temporary injunction restraining Mr Cahill reducing assets below a value of US$600,000.