The two properties which Mr Michael Lowry was involved in purchasing in Britain in the late 1990s are in the course of being sold for £900,000 sterling, the tribunal heard.
The properties were bought for approximately £695,000 in 1998 and 1999. Mr Justice Moriarty said "a realistic profit" was about to be made on the properties. Mr Aidan Phelan, who now owns the properties, said a "reasonable" profit was being made.
He said that as part of the deal he was to pay Mr Lowry £30,000.
The properties are in Cheadle and Mansfield. Mr Lowry has a 10 per cent interest in the Mansfield property. Mr Phelan has told the tribunal he took over ownership of the Cheadle property in January 2000, after the loan on the property was called in by Investec Bank and paid by Mr Phelan. Mr Lowry paid a £25,000 deposit on the Mansfield property in December 1998.
Mr Phelan said he had taken on a new agent earlier this year in an effort to sell the properties. The agent wanted to use his own solicitors and so the matter was moved from Mr Christopher Vaughan, the solicitor who initially dealt with the properties.
Mr Donal O'Donnell SC, for Mr Lowry, said it was obvious that the letters given to the tribunal in relation to the Cheadle property by journalist Colm Keena earlier this year had come from someone close to the workings of the tribunal. This was because the person needed to know what was in the tribunal's possession in order to understand the significance of the new versions of the letter being produced.
Mr O'Donnell said Mr Vaughan, who wrote the letters, and Mr Kevin Phelan, who received them, could not be compelled to attend the tribunal. Both live outside the jurisdiction. He said the tribunal had not called Mr Keena, who had given the letters to the tribunal, and did not know the identity of Mr Keena's informant. That was why Mr Aidan Phelan came to be questioned about the letters.
Mr O'Donnell said it was likely Mr Keena's source had other information of use to the tribunal but had chosen not to approach it. If that person could be called to give evidence his or her credibility could be tested.
Mr Justice Moriarty said it would be of assistance if Mr Keena's informant would come forward or would release Mr Keena from any commitment to confidentiality. He asked that his remark be reported. The tribunal adjourned until a date in January.