IF THE EVIDENCE presented in an Irish court is accurate, a rich Irish developer spent large sums on a lavish lifestyle in Barbados and elsewhere.
The trouble was Padraig O’Halloran was allegedly spending other people’s money, according to a high court judge in Dublin.
That’s why the judge ordered the property developer with a Barbados address to pay 1.5 million euros (BDS$4.0 million) in damages for allegedly misappropriating large sums paid to his companies for a luxury Caribbean hotel project and resort.
O’Halloran, who rented an expensive mansion in Sandy Lane where he spent holidays in Barbados, vigorously denied any wrongdoing. However, Justice Brian McGovern found that the developer, who had addresses in both Ireland and Barbados, had diverted the equivalent of almost BDS$28 million for his personal benefit in order to finance what the court eventually described as a “lavish lifestyle” in Barbados, Ireland and elsewhere.
According to evidence presented in court, O’Halloran’s companies received BDS$100 million for the Caribbean property but he reportedly misappropriated millions of those funds to his own personal benefit, stated a published report in the Irish Times.
The money was originally paid by two Caribbean companies – Harlequin Property SVG Limited and Harlequin Hotels and Resorts Ltd owned by David Ames of Essex England.
After hearing the evidence, Justice McGovern found “persuasive evidence that O’Halloran had shifted funds paid by Harlequin and spent the money on matters that were not connected to the Caribbean project which was not finished.
For instance, some of the funds were allegedly spent to buy a private jet; a race track in St Lucia; to rent a lavish mansion in Barbados; and on a $130 000 diamond ring for his girlfriend.
In addition 150 000 euros went towards the expenses of a wedding in Ireland, which did not take place, the judge found. The equivalent of BDS$5 million was diverted to Ireland, the court stated.
In his judgment, Justice McGovern said that the evidence showed t the developer had knowingly or “at least recklessly” assured Harlequin that phase one of the five-star resort would have been opened on July 1, 2010 when he knew a year earlier that it would not. O’Halloran has denied all the allegations.
