Sunday November 29, 2020

Belfry investors facing statute bar hurdle

Eight of 270 test cases will be examined to determine whether larger case will go on to full hearing, or if investors’ time has run out

Barry J Whyte

Chief Feature Writer

@whytebarry
24th April, 2016
The burned investors of AIB's Belfry fund will finally get their day in court this week

The burned investors in AIB’s ill-fated Belfry investment funds will finally get their day in court on Tuesday.

The Belfry funds raised €300 million from the investors from 2002 to 2006, to which the bank then added nearly a billion euro worth of loans to buy commercial properties across Britain, just as the property market was reaching its peak. While the first fund returned a profit, investors in the following five were wiped out.

AIB...

Subscribe from just €1 for the first month!

Exclusive offers:

All Digital Access + eReader

Trial

€1

Unlimited Access for 1 Month

Then €19.99 a month after the offer period.

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

This product does not auto-renew

Team Pass

Get a Business Account for you and your team

Related Stories

Analysis: The sandwich-maker has tapped its shareholders for €100 million amid the continuing uncertainty over the pandemic

Ian Guider | 3 hours ago

GAA supporters around the country have long bemoaned the disproportionate funding directed towards Dublin. The GAA argues that it was merely rebalancing a perceived weakness in Dublin compared to its population size, but did it create a monster?

Barry J Whyte | 3 hours ago

The building materials giant last week posted earnings before ebitda of $3.4 billion for the first nine months of 2020, making light of tough trading conditions

Peter O'Dwyer | 3 hours ago