Legal

Cash-for-visa funded retirement village in race to buy Wicklow facility

Clonmannon has two weeks to purchase the 44-unit portfolio, for which investors coughed up €1.9 million in 2019

Clonmannon: While an agreement was entered in 2019 for the company to buy the property, the sale was never completed despite €1.9 of the €2 million price being transferred already

A race is on to complete the purchase of a County Wicklow property that a cash-for-visa funded firm needs to return money to investors, the High Court has heard.

Clonmannon House Retirement Village Limited is facing numerous legal actions from Chinese investors, who loaned the firm €1 million each, over alleged concerns regarding the use of their funds.

The company has said it was established for the purpose of purchasing a retirement facility of 44 ...