IRISH NATIONWIDE Building Society has “resolved its differences” with racehorse trainer Dermot Weld over loans totalling some €7.5 million, counsel for the society told the Commercial Court yesterday.
Andrew Walker, for INBS, told Mr Justice Peter Kelly that the society was withdrawing its application to transfer its proceedings against Mr Weld to the Commercial Court, which fast-tracks big business disputes.
Mr Walker said the matter was settled. He added that a notice of discontinuance of the court proceedings would also be served within seven days.
The society had last month initiated proceedings against Mr Weld, Rosewell House, the Curragh, Co Kildare, arising from various loan facilities advanced to him, including facilities totalling $5,000,000 provided in 2005 and for $2.4 million advanced in November 2006.
It was alleged some €3.7 million and some $9.2 million were due under both facilities and the INBS had on June 8th last demanded payment of those sums.
The INBS claimed some of the loans were advanced to buy properties in New York city and at the K Club in Straffan, Co Kildare. It was also alleged securities provided for some loans included first legal mortgages over premises at Moorefield Drive, Newbridge, and an apartment at the K Club.
It was claimed that in 2007, the INBS had received funds to redeem accounts of Mr Weld, including the accounts for $5 million and for $2.4 million. The society claimed, after discussions between Mr Weld and servants or agents of the INBS, particularly Michael Fingleton, the accounts and loans were continued in accordance with the extant terms and conditions.
The INBS claimed the loan facilities had since expired and some €7.5 million remained due. Mr Weld’s solicitors had taken issue with the level of security retained by the society, argued monies were lodged to redeem loans and also complained that no proper detailed statements had been provided to Mr Weld.
