Judge criticises land purchase for 'apparent wealth'

A High Court judge has criticised the use of foreign bank loans to buy development land for the "paper accretion of apparent wealth".

21st April, 2012
Judge criticises land purchase for 'apparent wealth'
Mr Justice Peter Charleton.

A High Court judge has criticised the use of foreign bank loans to buy development land for the "paper accretion of apparent wealth".

Mr Justice Peter Charleton was rejecting a claim by a financial adviser for "consultancy services" to two developers. Joe Donnelly claimed he was owed €42,000 for advising Patrick Woods and Kevin McKenna, who had bought 18 acres of farmland near Monaghan town for €168,000 in 1999.

A housing association obtained planning permission in 2000...

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