Tuskar Asset Management liquidator seeks court orders against Hynes

The liquidator of Tuskar Asset Management is seeking court orders disqualifying Alan Hynes, the “driving force” behind the property investment group, from involvement in the affairs of any company due to alleged unfitness.

There was “ample evidence” Mr Hynes was not a fit person to be involved in the management of a company and to show he was guilty of fraud, Gary McCarthy SC, for liquidator Neil Hughes, told Ms Justice Elizabeth Dunne yesterday.

Mr Hughes claims Mr Hynes "largely determined" the strategy of the Tuskar group but had failed to adequately explain where €3.1 million of shareholders funds went after it was wound up in 2009.

Holding company
TAM plc was the holding company for a number of companies involved in the buying and developing land for investment with the aim of achieving capital growth for its investors and Mr Hynes was its driving force, Mr Hughes said.

About €17 million in total was invested in TAM before the property collapse in sums of between €100,000 and €1 million with much of that the pension funds and savings of professionals including doctors and solicitors, Mr McCarthy said.

The assets of people who had invested their life savings had been “wiped out by the actions of Mr Hynes”, he said. The public must be protected from him having regard to his past deeds and conduct, he added.

Mr Hughes is seeking orders under section 160 of the Companies Act disqualifying Mr Hynes from involvement in the affairs of any company for such time as the court decides. In opposing the application, Mr Hynes, Crosstown, Co Wexford, says he did not benefit from the collapse of the company and has also denied claims he was involved in fictitious accounting. The hearing continues.