Dispute over ownership of stock bought to High Court

A dispute between property developer David Agar and his former business partner and close friend George Tracey over the ownership of stock in an investment fund, has come before the High Court.

The dispute arises out of a €500,000 loan Mr Agar claims he gave to Mr Tracey to allow him take part in an investment fund launched by AIB private banking called the Alpha Japan Fund, which focused on the Japanese property market.

Mr Agar alleges the loan was never repaid. Late last year the fund was due to pay a return to investors, which it is claimed in Mr Tracey’s case was €62,000. Mr Agar claims those monies should be paid to him.

Last month Mr Agar’s lawyers secured temporary High Court injunctions against Mr Tracey, AIB, and AIB Alpha Japan Fund restraining the bank from paying any returns due from the fund to Mr Tracey.

The injunctions were granted on an ex-parte basis by Mr Justice Roderick Murphy. At the High Court yesterday Mr Justice Murphy continued the injunctions.

David Dodd, counsel for Mr Agar, told the court that it had been agreed with Mr Tracey’s lawyers that the matter should be put back to allow Mr Tracey reply to Mr Agar’s claims.

James Doherty, counsel for AIB, said the bank did not want to be caught in between a dispute between the two businessmen, and would comply with any orders made by the court.

The judge made the matter returnable to a date in two weeks’ time.