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...

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