Developer who owes €100m hopes to get back into construction

A Limerick developer who the High Court heard has liabilities of more than €100m hopes to get back into the construction business again.

Businessman and yachtsman Gerard O’Rourke, aged 50, who set up the Chieftain group of construction companies was before the Commercial Court for cross examination in relation to his assets by Nama.

The hearing before Ms Justice Mary Finlay Geoghegan arose out of a judgment obtained against the businessman for €21m in favour of AIB for unpaid loans. AIB advanced the loans to Mr O’Rourke for development purposes.

Last year, a receiver was appointed to three firms — Chieftain Construction Ltd, Chieftain City Campus Ltd, and Chieftain Developments Ltd — while two others, Chieftain Construction Ltd and Chieftain Construction Holdings Ltd, went into liquidation.

The company had undertaken a number of projects in the US, Britain, South Africa and Ireland.

In a statement of affairs, he said he has liabilities of approximately €101m against assets of €3.72m. The money is owed to banks including AIB, Bank of Ireland, IRBC, Bank of Scotland and Investec.

Yesterday replying to Nama counsel Gavin Ralston, Mr O’Rourke said he had disclosed all his assets to Nama and he is currently working in South Africa, and hoped to get back into the construction business.

“I don’t know what my future will be. I will have to wait until after these proceedings,” he said, adding that his life over the next 10 years depends on if Nama decide to bankrupt him in this country.

Mr O’Rourke whose family home is at Mill House, Ballyclough, Co Limerick, said he lives and works outside Ireland for more than 200 days a year. He gave his British address c/o of the Royal Ocean Racing Club, St James’s Place, London.

He said he included details of all his assets in his statement of affairs to Nama. He had “nothing to hide” and wanted to “co-operate with Nama”.

Mr O’Rourke also undertook to provide Nama with details to bank accounts he held.