Investors claim they lost €2.4m over land deal

A PROPERTY investment in Sligo allegedly promoted by an accountant and involving former EU Commissioner Ray MacSharry and others is at the centre of a Commercial Court action which opened yesterday.

Arthur, Kieran and John Grady and their company claim they suffered losses of over €2.4 million because of allegedly fraudulent claims by accountant Kenneth McMoreland and quantity surveyor Jack McMahon concerning the 2006 purchase of the Saehan site by Foresthaze Developments Ltd, of which Mr MacSharry was chairman.

Their counsel Michael Cush SC said a sale and sub-sale arrangement in which the site was purchased in April 2006 in trust for Mr McMoreland and Mr McMahon for €9.85m and then purchased six months later by Foresthaze for €11.5m was withheld from the Gradys. If they knew of that, they would not have invested, he said.