Limerick developer stung for €24m order

John Shee and Joe Hanrahan, both directors of Cracken Properties
WITH his former business partner on the run, a €24m judgment has been entered against Limerick developer Joe Hanrahan by Bank of Scotland.

WITH his former business partner on the run, a €24m judgment has been entered against Limerick developer Joe Hanrahan by Bank of Scotland.

Mr Hanrahan is a former shareholder in one of the country’s largest nursing home groups, Mowlam Healthcare, which operates 21 homes for the elderly across the country. He co-founded the company alongside John Shee, whom gardai are pursuing on foot of another judgment. The judgment in Mr Hanrahan’s case relates to development loans advanced during the boom.

Both men were directors of Cracken Properties, with a listed address in Limerick, but a receiver was appointed to the company, which owned sites in Newcastle West and Ennis, among others in 2012. The firm had borrowings of €4m. A receiver was also appointed to Cracken Properties (Holdings) Ltd the same year.

Both men are also no longer directors of Mowlam Healthcare.

Since February of this year, gardai have been seeking to locate Mr Shee, who is being pursued by Nama in its effort to enforce a €24m judgment against him.

Gardai attended his home at the South Circular Road, but he is understood to be residing out of the country.

Mr Shee, an accountant who worked with Grant Thornton and a director of over 20 companies, transferred the family home in the city’s South Circular Road and an apartment in Ballsbridge to his wife in 2009.

In 2006, both businessmen were among a consortium intent on developing Tinerana house in Clare along with 220 acres, but the €100m plans failed to go ahead, after being turned down by An Bord Pleanala.

They claimed that that their sports and leisure project would contribute €30m to the local economy annually, but the property was bought last year for a fraction of the price by Euromillions winner Dolores McNamara.

The judgment against Mr Shee related to unpaid loans advanced by Allied Irish Banks and was later transferred to Nama.

AIB obtained a judgement for €23.5 million against both men in 2011 after a court case over an incomplete retirement village in Killarney.