The Duggan family, of Millstreet, Co Cork, who were one of the beneficiaries of the passports-for-sale money received from the Saudi Arabian family of Sheikh Khalid bin Mahfouz, said yesterday their development plan for the Green Glens Arena had been "enthusiastically approved" by the IDA and this was long before there was any possible interest by a foreign investor.
Through the IDA, they were introduced to representatives of Kennington Holdings, in which the Mahfouz family had an interest.
The representatives visited the Green Glens Arena and indicated an interest in investing in the project, the Duggan family said in a statement.
After some months of negotiation, a deal was struck and an investment of £2 million was subsequently made by Kennington Holdings in the project.
In 1990, in a totally separate and unconnected business deal, they purchased Drishane Castle and lands on behalf of Blue Velvet Ltd, an associate company.
The family said the collapse of BCCI caused them great concern. They began negotiations to buy out Kennington Holdings and Blue Velvet Ltd and succeeded in doing so in 1995.
They had now extricated themselves from all foreign investment and all their companies were now under the control and ownership of the Duggan family.