Jackson Way bids to secure €47m payout

A DISSOLVED British-based property company accused of planning corruption at the Flood Tribunal has applied to be reinstated in order to receive a potential €47m payout from the Irish authorities.

The owners of Jackson Way Properties have recently sought to have it re-entered on the British Companies Register to prevent a large compensation award the company is due being handed over to the British taxpayer.

Jackson Way was struck off by the British Companies Office last January over its failure to file annual accounts on time.

Under British company law, the property or assets of any firm which has been dissolved automatically reverts to the British Exchequer.

The Birmingham-registered company has sought €47m from Dun Laoghaire-Rathdown Co Council in return for the compulsory acquisition of part of its lands at Carrickmines, Co Dublin, for the construction of the final leg of the M50 motorway.

However, the local authority claimed the appropriate compensation is just €7.6m.

A ruling on the size of the payout is due to be announced soon by an independent arbitrator Jackson Way has been embroiled in allegations of planning corruption for several years amid claims by Frank Dunlop that he bribed politicians on behalf of the company in the late 1990s.

The political lobbyist has told the Flood Tribunal that he paid out £10,000 to councillors in return for their support on votes to rezone Jackson Way lands at Carrickmines.

Tribunal chairman, Mr Justice Feargus Flood said last year it was “manifestly clear” Jackson Way did not wish to assist the inquiry and it is unclear if the decision to allow the firm to be struck off was part of a strategy by Jackson Way’s owners.

However, some observers believe that the company is also concerned that it could be liable for a multi-million euro legal bill arising out of its obstruction of the tribunal’s work so long as it remained a legal entity.

A Birmingham estate agent, Alan Holland told the compensation hearing last year that he is the sole director and shareholder of Jackson Way.

However, the tribunal has heard that the Isle of Man-based businessman, Jim Kennedy and solicitor, John Caldwell are the firm’s real beneficial owners.

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