Arden Forestry liquidator has frozen Dubai bank account
High Court grants order to move on account that received €1.5m of funds from investors who wanted to buy forests in Ireland
A special sitting of the Dubai International Financial Centre Court froze yesterday an account in Noor Bank into which €1.5 million of investors’ funds intended for Irish forestry had been transferred.
Last Friday, the provisional liquidator to Arden Forestry Management, Declan de Lacy, an accountant with PKF O’Connor Leddy & Holmes, said the company appeared to have “many of the features of a classic pyramid or Ponzi scheme”.
Subscribe from just €1 for the first month!
With any subscription you will have access to
Unlimited multi-device access to our iPad, iPhone and Android Apps
Unlimited access to our eReader library
Exclusive daily insight and opinion seven days a week
Create alerts to never miss a subject that matters to you
Get access to exclusive offers for subscribers on gifts and experiences
Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine
Comment: G20 powers must coax China back to the table
The US, in particular, must adopt a more conciliatory stance
Editorial: Farewell Angela Merkel and don’t worry, we’ll be okay
Things may be looking grim as the veteran chancellor bows out, but in spite of its problems, the EU is still a beacon of stability and prosperity in the world
Editorial: State must take radical action to meet climate targets
The revelation that Ireland is to increase its greenhouse emissions this year puts the government under renewed pressure over its climate plans
John Walsh: Ireland will not have energy security until it faces some unpopular truths
With the issue becoming ever more urgent, our leaders can’t afford to shirk difficult choices on alternative sources such as offshore wind and liquified natural gas to ensure a stable power supply