Greg Kavanagh withdraws injunction over Dublin developments
‘Ronaldo of the property market’ says steps are being taken to deprive him of profits
Developer Greg Kavanagh has withdrawn an injunction related to two Dublin developments. File photograph: Stephen Hird/Reuters
Property developer Greg Kavanagh has withdrawn injunction proceedings related to his claim that steps are being taken to deprive him of a half-share in profits from two Dublin developments.
Mr Kavanagh, who has described himself elsewhere as “the Ronaldo of the property market”, claims members of the Keily family, from south Dublin, who are involved in the health care industry, are trying to deprive him of profits from projects in Stillorgan and Phibsboro.
His counsel, Joe Jeffers BL, told the Commercial Court on Friday that his client was withdrawing injunction proceedings taken last month against a number of people and companies allegedly involved in the developments.
Counsel told Mr Justice Brian McGovern that a July 22nd date for the injunction hearing could be vacated and undertakings given by the defendants could be discharged.
The judge said he did not need to hear from counsel for the defendants as he did not want to exacerbate issues between the parties.
Mr Kavanagh’s main case remains in the Commercial Court list.
Mr Kavanagh’s action is against: Luke Keily and Sibeal Keily, of Kelston Drive, Foxrock, Dublin; Robert Keily, of Brighton Road, Foxrock; Tony Keily, of Westminster Road, Foxrock; and two companies: Mustardside Ltd and Bindford Ltd, respectively with registered offices at Grand Canal Street and City Quay, Dublin 2.
Mr Kavanagh, of Arklow, Co Wicklow, claims he agreed in 2013 with Luke Keily that members of the Keily family could participate in various development projects with him on certain terms.
He claims relations between himself and Luke Keily have significantly deteriorated and he feared steps might be taken that will prejudice him while he is trying to regularise his shareholding in Mustardside and Bindford.
When the case was transferred to the Commercial Court last month, the judge was told the defendants wanted to file a counter-claim and lengthy defences.
In court documents, Mr Kavanagh claimed different arrangements applied to various development ventures undertaken with the Keilys.
Mr Kavanagh says that the premise behind each was that Luke Keily and/or his family would ultimately end up with a 50 per cent shareholding in each development company and that he would hold the other 50 per cent.
Mr Kavanagh claims his role in the projects included identifying the development site, managing its purchase, getting planning permission and managing the development/construction.
He claims that the Keilys would advance the capital or the bulk of it.
He says he was involved in the purchase and financing by Mustardside of lands at Oatlands, Stillorgan Road, for about €2.5 million, and the purchase by Bindford of another site at Cross Guns Bridge, Phibsboro, for €800,000.
However, he claims that 100 per cent of the shares in Mustardside are registered in Sibeal Keily’s name.
Mr Kavanagh says that, given his understanding with the Keilys, he had not registered his 50 per cent interest in Mustardside.
With regard to Bindford, Mr Kavanagh says he understood that he was also to have 50 per cent of that company, but he understood that an 87.5 per cent shareholding in Bindford is held by Sibeal Keily on trust for the Keily family, while his own mother Kate Kavanagh held the remaining shareholding on trust for himself.
Mr Kavanagh says difficulties arose in relation to the understandings he believed he had.
The relationship between himself and Luke Keily deteriorated from February last and later broke down altogether, he said.
He was concerned that steps were being taken as part of a wider strategy to put the Stillorgan and Phibsboro lands beyond his control.