Former Nationwide boss told to repay €13.6m
Summary judgment for €12m was also entered against a Fianna Fáil senator and two developers over the same loans.
Mr Justice Peter Kelly also described as “extraordinary” Mr Fingleton’s failure to include his €27m pension in a list of assets and liabilities given by him to Ulster Bank.
The pension “eclipsed” all Mr Fingleton’s other assets (which totalled more than €10m and included properties in Dublin, Mayo, Donegal and Wicklow) and it seemed “extraordinary” he had omitted his biggest asset in his handwritten statement of affairs.
The judge made the remark at the Commercial Court yesterday prior to granting Ulster Bank summary judgment for €13.6m against Mr Fingleton over the unpaid development loans.
Rossa Fanning, for Mr Fingleton, described as a “genuine error” the failure to include reference to the pension in Mr Fingleton’s statement of affairs of March last. There was no intention to mislead and the pension details were in the public domain, counsel said.
Counsel did not oppose the summary judgment application but raised issues about defects in the bank’s documents and the manner in which it granted the loan facility. The bank appeared to have relied on its perception of Mr Fingleton’s worth from media reports, he added.
Brian McGuckian, for the bank, earlier said it became concerned about the loans after receiving a statement of affairs from Mr Fingleton which contained no reference to his pension. The bank was also concerned at an assignment of Mr Fingleton’s interest in his family home (valued at €3m) at Liskillen, Shankill, Co Dublin, to his wife.
Mr Justice Kelly also granted summary judgment yesterday for €12m over the same loans against Fianna Fáil Senator Francis O’Brien, Corwillan, Latto, Castleblayney, and two Co Monaghan property developers, Noel Mulligan, Moyles, Castleshane, and Charles McGuinness, Tully House, Monaghan.
He noted that a statement of affairs for Mr O’Brien showed a deficit of €12.8m liabilities over assets.
The three had not advanced a defence to the €12m sum but disputed how the remaining sum of about €1.6m was arrived at and their liability for that will be decided later.
The judge refused an application by all four defendants for a stay on registration and execution of the judgment order in light of continuing negotiations with the bank and hopes planning permissions may enhance the value of the lands.
All four had opposed the proceedings being transferred to the Commercial Court, the division of the High Court which fast-tracks business cases.
Their opposition was based on delay by the bank in pursuing its claim and defects in its documents.
The case arose from a €13.2m loan advanced in 2006 to the four to purchase a 50-acre site at Swellan Upper and Lower, Farnham Road, Cavan.
