Investors bid to recoup Belfry funds

A group of property fund investors are meeting today to put together a legal challenge to try and recoup some of the estimated €300m that was invested in five Belfry funds during the boom years.

Some 170 investors are meeting in the Red Cow hotel to try and work out a plan for investors to bring legal action against either AIB Private Banking, the bank that sold the investment, or one of the Belfry funds.

It is understood the investors will focus on what they believe to be a conflict of interest at the centre of the sale of the funds as the head of AIB Private Banking, John Peter Rockett, was also a director in the Belfry funds.