Investor once worth €20m ‘can’t pay cent to ex-partner’

An INVESTOR who saw his empire dive by €36 million in the property collapse told a judge yesterday he was unable to pay a cent to a former partner to whom he owed €1.2m.

Philip Mahon agreed that he was still collecting thousands of euro every month in rents but said it was all destined for banks who had loaned him millions.

He agreed with barrister Angus Buttanshaw that he owed former pub sharing partner Dan Ryan €2m but said he was unable to redirect money from rent collections to Ryan — even to save himself from going to jail.