EBS seeks €31m from businessmen

A LEGAL action against three businessmen aimed at recovering loans of €31.5 million for developments in Cork has been adjourned after agreement was reached “in principle” with two of the defendants.

Mr Justice Peter Kelly in the Commercial Court was told the Educational Building Society (EBS) had reached an agreement in principle with Howard Holding’s co-founder Greg Coughlan, Fastnet House, Ardbrack, Kinsale, Co Cork, and Kingspan co-founder Brendan Murtagh, Dunheeda, Kingscourt, Co Cavan.

EBS had also brought proceedings against Brian Madden, Outwoods, Dorea, Rathfeigh, Tara, Co Meath, who has entered no appearance in the case. The failure to enter an appearance meant EBS could apply for judgment for the €31.5m sum against Mr Madden in the High Court Central Office, the judge observed.