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Limerick builder tells Joe Duffy he is owed €1m by troubled Fordmount group
LEGAL firm Dermot G. O'Donovan, which is behind the troubled Fordmount Property Group in Limerick, this Thursday issued a statement insisting that there is "no conflict of interest" regarding their appointment to a panel for the provision of legal services to the National Assets Management Agency.
Reacting to the appearance of a creditor to the Fordmount group – who claims he is owed a million euro by the group – on RTE's Liveline programme this Thursday afternoon, the Limerick legal firm issued a statement confirming that two of their directors – Adrian Frawley and Michael Sherry – are directors of the Fordmount Property Group, but denying there was any conflict of interest in their securing the tender to provide legal services to NAMA.
Seoirse Clancy of Seoirse Clancy Builders LTD, took to the airwaves to claim that he is owed a million euro by the property group, but as an "unsecure creditor", he had been informed by receivers, Pricewaterhouse Coopers, that he had little chance of any payment.
Mr Clancy claimed that the firm's appointment to the NAMA panel was a "conflict of interest".
He said, of the remaining directors of the company, that they "all have responsibility and shared in the proceeds - when it comes to the bad times they have to stand up too".
The statement from Dermot G. O'Donovan declared that the company had told NAMA about any "potential conflicts of interest".
The Limerick Leader understands that all of the applicants would have had to have filled out a full and frank declaration of all of their property interests and noted all potential conflicts of interest before securing the tender to provide legal services to NAMA.
O’Donovan, who, as reported in the Limerick Leader last week, have been appointed for the provision of legal services to NAMA.
A business source said: “All of the applicants would have had to have filled out a full and frank declaration of all of their property interests and noted all potential conflicts of interest before securing the tender to provide legal services to NAMA.”
The appointment was reported in the January 30 edition of the Limerick Leader. However, the same story appeared as an “exclusive” in a local paper on February 6. Two other legal firms in Limerick – Sweeney McGann and Holmes O’Malley Sexton – are also on the panel of legal services.
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Wednesday 08 February 2012
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