Judge: Bank victim of scam in €7m loan

A HIGH Court judge has said a bank has been the subject of a “scam” relating to a sum of a €7 million loaned by it for a land purchase in Co Offaly and he had been told a “cock and bull story” by a businessman who gave evidence before him yesterday.

Mr Justice Peter Kelly made the comment after hearing evidence from Tony McAuliffe, who had been directed to appear before the court and answer questions arising from the failure to repay €7m to the Irish branch of Investec Bank (UK) Ltd.

The sum was allegedly guaranteed by Mr McAuliffe and his son Dermot in relation to a share purchase agreement with a company involved in the proposed purchase of a 55-acre land bank in Co Offaly.