BANK WINS EUR15.5M OVER LAND LOAN ROW; Ex-GAA manager involved in property deals.Byline: DEMELZA de BURCA AIB has won a EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 15.5million judgment against a former Offaly football manager and an ex-Fianna Fail councillor for repayment of outstanding property loans. Gerard Killaly and GAA boss Richie Connor Richie Connor was a gaelic football player with Offaly. He also managed the Laois senior football team. As a player Richie was captain of the Offaly team which won the All-Ireland Senior Football Championship title in 1982, denying the great Kerry team a prestigious five in a row borrowed the money with other business partners to buy land for development. Killaly and Connor were partners in an auctioneering firm in Offaly. In 2005 they teamed up with Declan Guing, of Carrick Road, Edenderry, Co Offaly, and Frank Lawlor, of Clonmullen Lodge, also Edenderry, and began buying land - including 10 acres at Daingean Road in Tullamore. In an affidavit affidavit Written statement made voluntarily, confirmed by the oath or affirmation of the party making it, and signed before an officer empowered to administer such oaths. , AIB said Killally and Connor, along with business partners Guing and Lawlor, owe almost EUR5.4million on foot of the loan. The bank is also owed EUR9.2million for a loan in 2006 to buy 16 acres at The Downshire in Edenderry. SECRET PROFITS Another EUR674,699 is owed for personal guarantees given by them to the bank for the liabilities of a company, Downshire Residential Property Limited. Killally and Connor owe more than EUR145,000 for money lent MONEY LENT. In actions of assumpsit a count is frequently introduced in the declaration charging that the defendant promised to pay the plaintiff for money lent. To recover, the plaintiff must prove that the defendant received his money, but it is not indispensable that it should be seperately to them by AIB through six accounts. Mr Justice Peter Kelly yesterday granted the judgment to AIB in relation to Killally and Connor, who did not oppose the bank's application. But he postponed a decision in relation to Guing and Lawlor, to give their legal representatives time to explore whether they wish to enter a defence. Guing and Lawlor have claimed that Killally and Connor made secret profits of several million euro from four land deals in which all four were involved. Earlier this month, Killally and Connor settled an action brought against them by Guing and Lawlor. Connor and Killally had previously admitted in the Commercial Court to making secret profits from two of four land deals they were involved in. But they had denied they had made secret profits in relation to a further two deals. CAPTION(S): PARTNERS Richie Connor and partners borrowed cash |
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