Former Fianna Fáil TD Mr Liam Lawlor stands to earn at least €2.5 million from the sale of a sewerage system under the proposed Adamstown development in west Dublin.
The Mahon tribunal heard today Mr Lawlor is one of the three shareholders in a construction company called Pentagon Property Services Limited, which has built a huge system of pipelines under the land that makes up the proposed 550-acre Adamstown Strategic Development Zone (ASDZ).
The pipes were laid in the 1980s, years before the land was earmarked for development.
An Bord Pleanála is currently hearing submissions for planning permission to build up to 10,000 houses, 125,500 sq ft of commercial property, four schools, a railway station and a fire station in the area.
Among those who have lodged submissions are Mr Lawlor's wife, Hazel, who has applied to have the family home in Lucan and lands around it rezoned and included in the development.
Mr Lawlor told the tribunal he owns at least 25 per cent of Pentagon Property Services. He is in dispute with his former solicitor Mr John Caldwell over a further 25 per cent, and could potentially own half the company.
The former TD admitted that controversial businessman Mr Jim Kennedy was the other major shareholder, but refused to accept a claim by Mr Des O'Neill SC for the tribunal that Mr Kennedy owned 50 per cent of the shares. "I can't be specific about what interest he has, whether he has one share or 50 shares, I don't know," Mr Lawlor said. "And I'm not very interested."
"But the tribunal is, Mr Lawlor", said Mr O'Neill.
Mr O'Neill estimated that the pipe system could be sold for around €10,000,000 to whoever secured permission to develop the ADSZ. The owners of the development would "have to come to some agreement" with owners of Pentagon Property Services, or they would be unable to build the houses.
"In effect, they are held by ransom by you, are they not?" asked Mr O'Neill.
"Held to negotiation," Mr Lawlor insisted.
Therefore, Mr Lawlor's 25 per cent share was worth at least €2.5 million, Mr O'Neill said, and should he succeed in his dispute with Mr Caldwell over the other 25 per cent, he could earn up to €5 million.
So how, Judge Alan Mahon asked Mr Lawlor, was the tribunal expected to accept his claims he could not comply with orders of discovery because he could not afford £10,000 in legal fees?
Surely Mr Lawlor, with such a valuable asset, could secure a loan from any financial institution in the country?
It wasn't that simple, Mr Lawlor answered, as the figure of €2.5 million was misleading. The value of an asset "is what someone's prepared to pay for it", not some theoretical estimate put forward by tribunal lawyers.
"[The earning potential] is all in the future, it's not in the present."
