Paul O'Connell sues Limerick developers Pat Whelan and Pat Chesser over investment deal gone wrong
MUNSTER rugby captain Paul O'Connell is suing former Irish rugby team manager Pat Whelan over a multi-million euro property deal in London, which has failed to make the expected financial return.
The Lions captain, 30, is among 67 investors who have lodged a High Court claim against Mr Whelan and his business partner, Pat Chesser. The list of investors includes a string of well known Limerick sporting and business personalities.
The Irish Mail on Sunday reported yesterday that a group of people in Limerick invested in a fund to capitalise on the 2012 Olympics, investing from €250,000 to €2m.
The investors were approached in 2007 by GK Wealth Management, on behalf of Mr Whelan and Mr Chesser, while three of the firm's directors who invested are also suing the pair.
They claim that the guaranteed 16 per cent annual return on the investment has not materialised, with some owed a 32 per cent premium on their initial stake. One investor told the Mail on Sunday: "We didn't want to go to court but we've been looking for our money back for almost 12 months."
The cases will be heard in the Commercial Court on April 19 next, where the investors will be represented by Limerick solicitors Sweeney McGann.
Long-term business partners, Mr Whelan and Mr Chesser were forced to appoint a receiver to one of their development companies, Callerview Properties Ltd, in February. The company owes in the region of j25m to Anglo Irish Bank.
Callerview Properties Ltd was also the focus of a Commercial Court case last year, when Isle of Man businessman Frank Woods sought €12m from the company over a loan for the proposed redevelopment of the Odeon Cinema site in London. The case was settled last December, but details of the settlement were not disclosed.
Mr Whelan is chairman of the Thomond Park Development Company, was named Limerick Person of the Year in 2008. Neither Mr Whelan nor Mr Chesser would comment when contacted by the Limerick Leader this Monday.
Ironically, Pat Whelan was succeeded as Person of the Year by Paul O'Connell, who was recognised for his achievement in becoming the first Limerick rugby player to captain the Lions, as well as his starring role in Ireland's Grand Slam win.
The hugely popular O'Connell was ruled out of Munster's weekend Heineken Cup clash with Northampton, but one of the memorable images of the day was of him celebrating joyfully after a famous victory put the team into the semi-final.
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Tuesday 22 May 2012
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