A SOLICITOR has told the Commercial Court former Fianna Fáil councillor Gerard Killally made “little or no money” out of a land deal in Co Offaly.
Solicitor John Burke also said yesterday he was initially concerned whether Mr Killally was telling him the truth about having interested buyers for some sites on the lands at Mount Lucas, Daingean.
As a result of those concerns, he had written a memo to himself on March 8th, 2007 which included the words: “Is the sale of three sites a scam and do the consortium know?”
It also stated: “If they don’t know, GK will die on this.”
He was being cross-examined in the continuing action by several investors against Mr Killally; Mr Burke’s firm Burke Company solicitors, Drimnagh Road, Walkinstown, Dublin; various alleged financial advisers and others arising from the land deal.
It is alleged Mr Killally, unknown to the investors, acquired the lands at Mount Lucas for some €4.7 million and arranged a scheme under which they were sold to the investors for €10.6 million the same day in May 2007 when they believed Mr Killally was a co-investor with them.
Mr Burke rejected suggestions by Ronan Murphy SC, for the investors, that Mr Killally was making an “enormous profit” from the deal of May 2007. Mr Killally “made little or no money out of this”, he said.
Mr Killally is bankrupt and no defence has been entered on his behalf.
A motion for judgment in default of defence is to be brought. The other defendants have denied the claims against them.
The case continues today.
