An investor suing Brian Cowen’s former running mate for making more than €5m in secret profits on a land deal says he only learned what happened months later.
One-time Fianna Fáil councillor Ger Killally put together a syndicate in 2006 to buy land in Co Offaly from his father-in-law for €10.6m.
But the court has heard that unbeknown to the other investors, Mr Killally had already bought the land for €4.7m and was making a massive profit by selling it on them.
This court case is being taken by a group of investors looking for damages against auctioneer Ger Killally and Dublin law firm Bourke and Co Solicitors.
The investors were part of a syndicate set up by Mr Killally which paid €10.7m for over 30 acres of land in Daingean, Co Offaly in 2007.
One of the group is retired Superintendent Peter Wheeler who has been giving evidence that he believed they were buying the land from Frank Mulligan.
He says he only found out five months after the deal that the plot had already been bought by Ger Killally who then sold it on to the syndicate at more than double the price.
The former councillor is now bankrupt and has entered no defence to these proceedings.