€3m paid for forestry land ‘mad’, says KBC Bank

A price of €3m paid by developer John Kelly for 18 acres at Oylgate, Co Wexford, which included “a mixture of forestry and flooding” was “mad”, KBC Bank, which advanced several loans to the developer, argued before the Commercial Court.

Mr Collins was making closing arguments in a hearing where KBC is seeking over €20m damages from solicitors BCM Hanby Wallace, now Byrne Wallace, over what Mr Justice Brian McGovern found were “very serious” failure to ensure it had securities in place for substantial loans advanced to Mr Kelly and struck-off solicitor Thomas Byrne.

The bank had sought security on 30 properties but only got security on three.