Developer argues he is not liable to repay €260m loan
David Kennedy, with an address in Jersey, will argue he is not liable to repay any sum on grounds including that Bank of Scotland had a 20% shareholding in the borrowing company, Dublin-registered Clancy Quay Properties Ltd, counsel for Mr Kennedy, Edward Farrelly BL, indicated.
No substantial decisions on development could be taken without the bank and actions by it had caused losses, counsel said. The bank, for example, reneged on the building of a school and also refused to let the company proceed with €26m worth of closed contracts, he said.
