Courts / Ireland / Report
Dubai money to be transferred to forestry firm liquidator, court hears
Summary
In a High Court hearing on 9 November 2016, Mr Declan De Lacy, provisional liquidator of Arden Forestry Management, secured a freezing order over €600,000 held in a Dubai bank account belonging to GTD International Ltd., a UAE‑registered firm linked to Arden. The order was sought to prevent the dissipation of funds that Arden had raised from UK investors and intended for Irish forestry purchases. Arden had raised €4 million from 132 UK investors, spent only €200,000 on forestry, and transferred about €1.5 million to GTD. While €100,000 had been returned to Arden, concerns remained about the remaining €600,000. Mr Garret Hevey, a director of both GTD and Arden, said he would transfer the money to Arden and was prepared to cooperate with the liquidator. The court adjourned the case for two weeks to allow Hevey to reply to the liquidator's claims. The freezing order was granted by Mr Justice Tony O'Connor.
Who, what, where, when and why
What: Report matter: Dubai money to be transferred to forestry firm liquidator, court hears. Procedural stage: hearing_or_decision
When:
- 2016-11-09 Publication
Places mentioned
- High Court
Topics
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