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

6th November, 2016
Declan de Lacy, an accountant with PKF O’Connor Leddy & Holmes

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”.

De Lacey...

Subscribe from just €1 for the first month!

Exclusive offers:

All Digital Access + eReader

Trial

€1

Unlimited Access for 1 Month

Get basic

*New subscribers only

You can cancel any time.

Annual

€200

€149 For the 1st Year

Unlimited Access for 1 Year

You can cancel any time.

Quarterly

€55

€42

90 Day Pass

You can cancel any time.

2 Yearly

€315

€248

Unlimited Access for 2 Years

You can cancel any time.

Team Pass

Get a Business Account for you and your team

Related Stories

Covid-19 takes huge bite out of Greencore’s British sales

Companies Ian Guider 5 days ago

Capital gains: How the GAA created a sporting superpower

Sport Barry J Whyte 5 days ago

CRH weathers the coronavirus storm with impressive update

Open for Christmas: what it might cost us