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Thread: Another speculator flees the country

  1. #91
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    Default Re: Another speculator flees the country

    Great story in the IMOS today about that raid on Dunne's house at the K Club a couple of weeks back. Apparently all the goodies were found in a secret room behind a false wall and included a Man U jersey signed by Ronaldo and a signed Munster rugby jersey as well over 100 paintings and boxes of files and documents relating to a web of offshore entities. Makes McFeely's bundle of cash under the bath look very amateur.

    Surprised the story didn't even get a mention on #marion this morning. There should have been great mirth to be had with this kind of stuff. Never mind. Sean O'Rourke will be all over it tomorrow.

  2. #92
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    Default Re: Another speculator flees the country

    Sean Dunne features on tonight's Prime Time.

  3. #93
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    Default Re: Another speculator flees the country

    Simon Carswell catches up on the Dunne saga.
    Bankrupt property developer Seán Dunne gifted his wife Gayle Killilea €58 million in cash to buy Ireland’s most expensive house, he told a US bankruptcy hearing yesterday.Mr Dunne confirmed publicly for the first time that Ms Killilea bought Walford on Shrewsbury Road in Dublin in 2005.
    He also revealed that he gave a €14 million profit he made on the sale of two other houses on the same road, numbers 1 and 3 Shrewsbury Road, to his wife the following year.
    Under questioning at a creditors’ meeting in Connecticut, the Co Carlow developer said Walford was bought with €58 million in cash he gifted his wife in “one lump” in 2005 as part of a deal to transfer €100 million, a fifth of his fortune, to her to make her financially independent after the birth of their first child.There was no bank loan drawn to buy the house, he said, and the money came from “one of my pocket, one of my accounts or one of my companies, or a combination of all three,” said Mr Dunne.
    In his fourth meeting with creditors since filing for bankruptcy last year, Mr Dunne was questioned about transactions involving his €500 million business at the height of the Irish property boom. Mr Dunne said it was normal for him to take sums ranging from €100,000 to €10 million depending on what he needed from his companies for expenditure for himself, his wife and his children.
    http://www.irishtimes.com/news/world...ouse-1.1709000

  4. #94
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    Default Re: Another speculator flees the country

    Grand so.
    Property developer Seán Dunne and his wife Gayle Killileahad a prenuptial agreement drafted in 2004 that would give her assets if their marriage ended but were advised it was not legally enforceable.He disclosed details of the agreement in his fourth meeting with creditors as the US court officer overseeing his bankruptcy and a lawyer for the National Asset Management Agency, his second largest creditor, examined him on the transfer of assets running to tens of millions of euro to his wife.
    Mr Dunne said it was normal for him to draw sums of up to €10 million from his property companies for personal expenditure for himself, his wife and his children. This was “all fairly standard and normal for the times that were in it,” he said. His group owed him €220 million at one point, he said.

    Personal use

    Drawing money from his businesses for his and his family’s personal use was “normal and above-board and ethnical and commercial” given the loans owed to him by the group, he said.
    “It was true for me, my wife and my children – we are all one,” said Mr Dunne who filed for bankruptcy last year in the US with debts of $942 million (€690 million). He has also been made bankrupt in Ireland.
    Asked repeatedly about the location of books and records on his transactions, Mr Dunne said he “sold 4,000 properties in my day – I didn’t keep a copy of what I disposed of unless it was required.”
    He agreed to a request from his bankruptcy trustee,Richard Coan, to hand over details of every asset transfer made by him in the last six years over the sum of $5,000.
    Mr Dunne told creditors at the lengthy meeting in New Haven, Connecticut, he was owed €160 million when his property business, which turned over €550 million at one point, went into receivership in 2011. Disclosing details of deals he completed at the peak of the Irish property market, Mr Dunne said he made a profit of €70 million selling 30 zoned acres at Woodtown in Rathfarnham, Dublin, in 2006 or 2007. It was paid in “hard cash, brought in in a suitcase,” he said.
    “You were joking about that? It was banked?” Nama’s lawyer Tom Curran asked.
    Mr Dunne said he didn’t know what he did with the money – he could have bought more property, given some to his wife, paid off debt or spent some on a holiday or a new car.

    Tense exchanges

    During terse and at times fractious exchanges
    , he said he was so wealthy in December 2008 that UlsterBank released a loan charge over an asset to “let me do what I want with it – I could have bought a horse with it or went to Las Vegas with it”.
    Questioned about properties transferred to Ms Killilea, Mr Dunne was asked whether his wife still owned half of the Irish Glass Bottle site in Clonskeagh, Dublin. “Last I heard,” he said.
    In response to questions from the trustee, Mr Dunne said his wife brought legal proceedings against him in a court inSwitzerland in 2010 after he failed to honour their 2005 agreement that he would transfer €100 million, to her.
    Asked why the issue could not have been “handled across the dinner table” without resorting to litigation, Mr Dunne said: “You would have to ask her that – I can only account for my own actions.” Mr Dunne said he didn’t challenge his wife’s legal action, noting he didn’t contest Nama’s €185 million or Ulster Bank’s €164 million debts against him when they sought court judgments.
    “When I owe money . . . I don’t contest it,” he said.
    http://www.irishtimes.com/news/world...100m-1.1708874

  5. #95
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    Default Re: Another speculator flees the country

    Quote Originally Posted by PaddyJoe View Post
    Great story in the IMOS today about that raid on Dunne's house at the K Club a couple of weeks back. Apparently all the goodies were found in a secret room behind a false wall and included a Man U jersey signed by Ronaldo and a signed Munster rugby jersey as well over 100 paintings and boxes of files and documents relating to a web of offshore entities. Makes McFeely's bundle of cash under the bath look very amateur.

    Surprised the story didn't even get a mention on #marion this morning. There should have been great mirth to be had with this kind of stuff. Never mind. Sean O'Rourke will be all over it tomorrow.
    Disputed by Dunne in court today.
    Mr Dunne says there is no "false wall" in the house in the exclusive Churchfield development but the area in question is a storage unit accessed from under the stairs in which the sound system for the property is located.He also disputes he is the owner of a safe found in an upstairs bedroom which contained what searchers believed may be the keys to another safe in the house.
    Mr Dunne, who has been declared a bankrupt both in Ireland and the US where he now lives, is asking the court to set aside a warrant granted to the official assignee in charge of Irish bankruptcy, Chris Lehane, allowing a search of the K-Club house in Straffan, Kildare, last November when various assets including artworks were seized.
    He does not wish to travel to Ireland to give evidence in person because of the expense and inconvenience involved, his counsel Bill Shipsey said yesterday.
    Funny that given that he's seen around Dublin about once a month, particularly when rugby internationals are scheduled.


    http://www.independent.ie/irish-news...-30107905.html

  6. #96
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    Default Re: Another speculator flees the country

    Secret Swiss bank account? Say it ain't so Sean

    http://m.independent.ie/irish-news/n...-30452501.html
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  7. #97
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    Default Re: Another speculator flees the country

    Quote Originally Posted by DCon View Post
    Secret Swiss bank account? Say it ain't so Sean

    http://m.independent.ie/irish-news/n...-30452501.html

    Delighted Nama are making life very hard for this pair, stay on the money trail, they will crack.

  8. #98
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    Default Re: Another speculator flees the country

    His Irish bankruptcy has been extended by 12 years until 2028

  9. #99
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    Default Re: Another speculator flees the country

    Quote Originally Posted by Saoirse go Deo View Post
    His Irish bankruptcy has been extended by 12 years until 2028


    Judge has ordered him to cough up 7k per month, it really is time this lad was slapped into prison until he co-operates to the OA's satisfaction.

    Enough is enough, it's like a competition to find out the baddest lad of the Celtic Pussy between Sean Dunne and Sean Quinn, both covet the title.

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