Fingleton's successor says events at INBS an outrage-Montenegro investigation into offshore accounts

[PaddyJoe]

Fingers in a spot of bother, in Montenegro. Not in Ireland, of course.

Threatening the Indo with libel charges too

http://www.independent.ie/national-n...r-2995793.html

Love it He doesn't have any tame media/politcos to mind his back in Montenegro:

The purpose of the €500,000 transfer was described as "foreign investment", but the inspectors say in their report that it has not been confirmed that Mr Fingleton in a personal -- as opposed to a corporate -- capacity has invested in property in Montenegro.
The inspectors have queried the €128, 498 transfer from the NFD company accounts to Michael Fingleton Jnr's Barclays account, stating that it was "without a clear basis".
The inspectors say his son does not have a "commercial relationship" with NFD.
Late last night, Mr Fingleton sent a text message in response to queries by the Irish Independent. The following are extracts from it:
" ... I am unable to comment on matters before the Courts in Montenegro.
"You will simply compound the enormous Libel already perpretated which my Lawyers advise me is the most blatent they have ever encountered.
"I would respectivly advise you to await the outcome of the case. When the case is finalised I and my Lawyers will have a lot to say."
Earlier in the day, Mr Fingleton would not comment on the inspectors' report when contacted by the Irish Independent.

[Captain Con O'Sullivan]

Also rather highlights the failure of bank regulation and monitoring in Ireland where a man who has just had a 13million euro judgement against him can apparently, days later, transfer money out of the country.

Montenegro has just sped past Ireland in the financial observation stakes. 'Good man yerself, Villie'.

[PaddyJoe]

Also rather highlights the failure of bank regulation and monitoring in Ireland where a man who has just had a 13million euro judgement against him can apparently, days later, transfer money out of the country.

Montenegro has just sped past Ireland in the financial observation stakes. 'Good man yerself, Villie'.

Montenegro is not Monaghan

[Baron von Biffo]

Montenegro is not Monaghan

Wouldn't see this kind of carry on in Monaghan.

[Captain Con O'Sullivan]

Montenegro were ploughing using horse drawn ploughs 20 years ago. Now they are operating a suspicious money transfer system that seems to redflag adequately.

Maybe we should ask them for a lend of their plough.

[PaddyJoe]

Wouldn't see this kind of carry on in Monaghan.

The stony grey soil never saw the like of that carry on

[Captain Con O'Sullivan]

Montenegran authorities ...



Irish authorities ... "Come in Dubln ... Dublin, hello?...Hello?"

[DCon]

Also rather highlights the failure of bank regulation and monitoring in Ireland where a man who has just had a 13million euro judgement against him can apparently, days later, transfer money out of the country.

Montenegro has just sped past Ireland in the financial observation stakes. 'Good man yerself, Villie'.

Montenegro gained independence in 2006. And they are years ahead of us

[PaddyJoe]

Sorry to be too gloating but that story has just made my weekend

[Captain Con O'Sullivan]

In fairness no-one in any European country should be able to move money like that days after a huge personal judgement against them. And if they do it should be redflagged. This is actually a European legal issue and not just an Irish one.

What would happen if some guys routed terrorist funding in and out of Ireland, to the UK on to Montenegro and the UK and Montenegro authorities flagged it and Ireland was doing the 'huh?' thing?

In fairness I'd have expected Special Branch at least to be keeping an eye on people likely to be either a flight risk themselves or highly likely to attempt to move money outside the jurisdiction.

This is just crap that it takes Montenegro to flag the caper up when Fingelton's name alone should send alarm bells through the financial system in terms of substantial transactions and money movements- do the Irish authorities not read the papers or something?

[PaddyJoe]

Fingers in a spot of bother, in Montenegro. Not in Ireland, of course.

Threatening the Indo with libel charges too

http://www.independent.ie/national-n...r-2995793.html

The Indo returns tomorrow to Fingleton's off shore Montenegro accounts

[PaddyJoe]

I note that its the authorities in Montenegro that are investigating...not Ireland.

Cash transfers at the centre of the investigation include a sum of €500,000 moved by Mr Fingleton to an account in his name at the Atlas Mont Bank in Podgorica, Montenegro, in November 2010.
Most of this was moved weeks later, on January 21, 2011, when Mr Fingleton transferred €480,000 to the London Barclays Bank account of his son, Michael Fingleton Jnr.
Also under scrutiny is €128,498 transferred by Mr Fingleton from a separate, company account in Montenegro to his son's London bank account.
Both transfers occurred shortly after Mr Fingleton had been hit with a €13.6m debt judgment by Ulster Bank over a failed land deal in Co Cavan.

http://www.independent.ie/national-n...d-3007696.html

[PaddyJoe]

I missed the story in December about Fingleton being sued by Louis Maguire for 5.5 million:

Meanwhile, Mr Fingleton is now being sued for damages of some €6.5m by Mr Maguire, whose company, United European Partners Montenegro (UEP), held a 25pc share in NFD and supported moves to place it into bankruptcy.
The origin of the funds is one part of a major dispute between Mr Fingleton and UEP, which has accused Mr Fingleton of "corporate negligence" in court proceedings in Montenegro.
UEP has complained that a failure by Mr Fingleton to provide evidence of the origin of the €5.5m used to fund the purchase contributed to the problems encountered by NFD.

http://www.independent.ie/national-n...t-2961383.html

[PaddyJoe]

According to Tom Lyons in the Indo today auditors KMPG carried out a review of INBS's loanbook in 2006 and found a litany of management failings. Loans were not graded; documentation was rarely updated, and ""a number of external solicitors" had to be reported to the Law Society for "not correctly stamping mortgage documents" on residential loans, exposing the society to potential losses."
KMPG sent a letter to INBS management detailing these failures. Goldman Sachs, which was advising on the sale of INBS in 2007, was aware of this letter as well.
Tom Lyons says that the letter was seen by the Financial Regulator but does not specify when.
http://www.independent.ie/business/i...d-3024276.html

[PaddyJoe]

The plot thickens. It seems that Seamus Ross was involved in this hotel in Montenegro along with Louis Maguire and Fingleton:

DEVELOPER Seamus Ross is battling to save a planned €40m investment in Montenegro.
The landmark Kotor Palace Hotel site was sold by the Government of Montenegro to a consortium led by Mr Ross for €6.5m in 2007.
The deal, which was funded by Anglo Irish Bank after a high-profile international tender, involved a commitment by Mr Ross to invest a further €34m into the development.

Now creditors have moved to place both developments into bankruptcy and the accounts of the companies are being examined as part of a routine probe by the Authority for the Prevention of Money Laundering and Terrorist Financing (APMLTF), which inspects the accounts of companies that fall into bankruptcy.

http://www.independent.ie/business/i...e-3030579.html