Senator: Trust has ‘hallmarks of scam’

A politician who met the promoter of a private trust — which has recently accepted hundreds of properties from distressed borrowers — believes its bid to thwart lenders is a scam.

Fianna Fáil senator Thomas Byrne said he discussed the Kilkenny-based trust with its operators and was told more than 1,000 debtors had placed their properties into it.

It was already reported that at least 600 landholders had put their assets into the private trust since it was opened up by businessman Charlie Allen late last year.