Profit share-out dispute goes to High Court as mediation bid fails

A HIGH Court dispute over the share-out of multi-million euro profits, from a residential development on part of Kildare’s K Club hotel and golf course grounds, is to proceed today after mediation efforts failed yesterday.

The case centres on claims by estate agent Arthur French that his partner in the venture, developer Seamus Ross of Menolly Homes, has not divulged the “true profit” from it. Mr French, who operates French Estates, claims the profit has been “significantly understated”, at €28.9 million, with another €17.4m having been “wrongfully paid”, permitted to be paid, or diverted, by Mr Ross to his company, Menolly.

The case was due to open yesterday when, following an inquiry from Mr Justice John MacMenamin, the court was told by counsel for Mr French that the matter appeared to have gone beyond the point of having a mediator appointed.