Story here http://www.independent.ie/national-n...t-3165020.html
In an unprecedented development for a sitting cabinet member, he will be named this morning in the latest edition of the debt-monitoring magazine 'Stubbs Gazette'.
It follows a nursing home investment deal, motivated by a lucrative tax break, which turned sour last year.
The High Court ordered Dr Reilly and four others to pay €1.9m to purchase the nursing home in Co Tipperary, which they first invested in 12 years ago.
The tax-driven investment deal involved a well-heeled syndicate of professionals, including doctors, solicitors, architects and engineers.
Dr Reilly insists he will pay his share of the bill, but gave no indication of when this would happen.
Dr Reilly and the others consented to the €1.9m judgment, meaning they accept the debt is owed.In response to a series of questions from the Irish Independent last night, Dr Reilly's spokesman contacted the minister in Cyprus and issued the following statement:
"On assuming office -- and in accordance with the Standards in Public Office Commission -- Dr James Reilly handed over power of attorney to his solicitor in relation to his business interest in this property.
"A court case earlier this year, related to the property, resulted in an agreement that Dr Reilly and four co-investors would buy out the interests of another group of investors. That judgment of the court is not in dispute.
"The parties are now seeking to agree the methodology for the payment of the sums due on foot of the judgment.
"Dr Reilly has nothing to do with the ownership of the nursing home business on the property.
"Dr Reilly's political colleagues are aware of his involvement in the property transaction and of his wish to divest himself of his interest as soon as agreement can be reached."Most of the 13, including Dr Reilly, put up £60,000 -- equal to around €76,000 -- of their own money to join the consortium, while one investor contributed £30,000.
The group then borrowed €1.9m from Bank of Ireland to help finance the development.