Irish firm seeks return of €31.6m destined for Madoff’s fund, court hears

AN Irish investment firm is seeking the return of €31.6 million given to a company which was to be passed on for investment with international securities fraudster Bernard Madoff, the Commercial Court heard yesterday.

The claim was made in proceedings to freeze the funds which were given by Fortis Prime Fund Solutions Custodial Services (Ireland) Ltd to HSBC Security Services (Ireland) Ltd to administer for the purpose of buying shares through British Virgin Islands-based investment company Defender Ltd.

Mr Justice Peter Kelly yesterday granted Fortis an ex-parte (one side only) injunction directing HSBC to disclose forthwith the location of the money, made up of $33m (€25.5m) and €6.1m, and restraining it from disposing or diminishing the value of that money pending further court proceedings. The judge also ordered that Defender Ltd be served with notice of these proceedings in the Virgin Islands.