Court rejects Finnegan application

Dublin auctioneer John Finnegan has lost a legal bid to have his personal and financial dealings declared exempt from investigation by the Flood Tribunal.

Mr Finnegan had applied for the exemption in the High Court, claiming his rights and reputation were infringed upon by the tribunal.

However, the court ruled today that by investigating his business, Justice Flood had not denied Mr Finnegan natural justice or fair procedure.

The Flood Tribunal previously heard that Mr Finnegan effectively acted as a double-agent in certain property deals in the 1970s.

Justice Flood heard that the wealthy auctioneer sold property to Mr Tom Brennan and Mr Joe McGowan on behalf of a client, but because he was a beneficiary of a Brennan and McGowan company, he also benefited from the land sales.

This practice is prohibited among auctioneers.