Smyth 'flabbergasted' at sale profit

Solicitor and developer Noel Smyth has said that he was "flabbergasted" when he heard evidence that Ciarán Haughey and his business partner John Barnicle had received only £10,000 each from the sale of controversial lands near Dublin airport in 1994.

Giving evidence to the Mahon tribunal yesterday, Mr Smyth said that he did not know where the £10,000 figure came from as Mr Haughey's and Mr Barnicle's proceeds from the sale of their share in the Cargobridge lands should have been closer to £200,000.

Counsel for the tribunal Pat Quinn SC said it was anxious to establish where the balance from the sale had gone.

Mr Haughey and Mr Barnicle have confirmed that they were the beneficial owners of a company called Abervanta Ltd which owned 15 per cent of the Cargobridge consortium.

The tribunal has heard that Mr Barnicle approached businessman Ben Dunne for a loan to allow him and Mr Haughey, son of former taoiseach Charles Haughey, to buy into the Cargobridge consortium.

Mr Smyth said Mr Dunne, who was his client at the time, asked him to assist Mr Barnicle with the provision of a facility to acquire the property.

The tribunal heard the loan was arranged through Bank of Ireland Private Banking, with Mr Dunne acting as a guarantor.

In February 2004, the bank wanted the money repaid and this prompted Mr Haughey and Mr Barnicle to sell their share of the Cargobridge lands.

The land realised £415,000 and about £218,000 was repaid to the bank.

Mr Quinn said that Mr Haughey and Mr Barnicle had told the tribunal yesterday that they wished to clarify that Mr Dunne did not profit and was not involved in the purchase or sale of the Cargobridge lands except as a loan facilitator.

Mr Smyth said his company was awaiting bank records in relation to the proceeds from the sale of the lands.