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€9.7m Commercial Court judgement in Killally case

Thursday, 8th March, 2012 5:30pm

Story by Laura Ryder
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A €9.7m judgement was entered at the Commercial Court last Friday against former Cathaoirleach of Offaly County Council Gerard Killally.

The judgement was entered in an action taken in relation to a Mount Lucas land deal. Mr Killally was declared bankrupt after the action was initiated and the court official in charge of his assets said he would not be participating in the case.

The judgement amounts totalling the full €9.7m amount were entered by Mr Justice Michael Peart against both Mr Killally and Charterhouse Mortgage Centre Ltd, which is in voluntary liquidation. The judgement arose from an action by retired garda superintendent Peter Wheeler and other investors against Mr Killally over the Mount Lucas land deal.

It was alleged that Mr Killally acquired land at Mount Lucas in Daingean for €4.7m unknown to the investors, which was in May 2007 sold on to investors including Mr Wheeler, two of his brothers and six other investors for €10.6m when they believed Mr Killally was a co-investor.

Mr Wheeler told the court that he had trusted Mr Killally completely when considering whether to invest as he was chairman of Offaly County Council, had run in general elections and was of standing in the community.

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