Difficult to locate €56m in Custom House Capital's client funds, court told

A collapsed investment firm’s failure to maintain proper accounts has made it difficult, and in some cases impossible, to determine where €56m in misappropriated client funds has gone, the High Court has heard.

Custom House Capital (CHC) was liquidated in 2011 after a High Court-appointed investigation by two Central Bank inspectors found the “systemic and deliberate misuse” of clients’ money, the majority of which represented transfers to syndicated property investments.

CHC liquidator Kieran Wallace has asked the High Court to disqualify three directors from holding directorships, or alternatively orders restricting their involvement in business.