Morrogh shares pay-back set to begin

CLIENTS of failed stockbrokers W&R Morrogh are to get their hands on two-thirds of the €10 million in shares held by the firm in the coming weeks.

However, Morrogh clients with close to €8m in cash lodged with the 'hammered" stockbrokers will have to wait up to three years to get their money back, and even then they are expected to receive between 30 cents to 35 cents in the €1.

The High Court appointed receiver/manager Tom Grace of PriceWaterhouseCoopers (PWC) is expected to commence the process of returning shares to beleaguered clients at the end of the month, more than four years since the collapse of the company on April 26, 2001.