Finnegan denies agreement claim

The tribunal has heard further conflicts of evidence between the auctioneer Mr John Finnegan and the builders Brennan and McGowan.

Mr Finnegan denied yesterday his partnership agreement with Brennan and McGowan was set up in advance of their first joint purchase of land at Monkstown from the Convent of the Sacred Heart. The auctioneer acted as selling agent for the nuns in the deal, completed in 1977, but insists his involvement with the sellers ended before he teamed up with Brennan and McGowan.

Mr Joe McGowan has given evidence that the commercial agreement between the three men was in existence before the Monkstown purchase. Arising from this, tribunal lawyers have accused Mr Finnegan of having a dual role in the deal.

"That's not true. I didn't have such an agreement," Mr Finnegan said in response to Mr McGowan's assertion. The only discussions he had with the two builders before the Monkstown purchase concerned Brennan and McGowan's desire to buy an income-yielding property in Dublin's city centre.

Mr Finnegan also revealed he invested £50,000 in a second land deal, involving three acres at Bellvue in Donnybrook. He admitted his fellow directors in the Pembroke Estate, which was selling the property to Brennan and McGowan, were unaware of his business dealings with the two builders.

Mr Finnegan was paid £101,000 in Jersey out of the proceeds of this deal.

Asked why he was paid over £100,000 in connection with the transaction, Mr Finnegan said he didn't know. He was a participant in the complex tax scheme set up by Brennan and McGowan's accountant, Mr Hugh Owens. "It is not within my capabilities to explain it," he said.

Earlier, Mr Hanratty asked Mr Finnegan once more whether he had set in train legal proceedings to secure access to his offshore trust.

Mr Finnegan said he had spoken to his lawyers in Guernsey, who promised him that all papers would be lodged there by October 26th.

Mr Hanratty said it was "rather unfortunate" that the witness was unable to obtain access to the trust documents from his trustees, especially given the fact that he was now claiming to have invested in the land transactions with Brennan and McGowan.

Counsel said if Mr Finnegan's accounts from Guernsey had been available, they would have shown whether or not he had invested in the deals.