Developer: "I'm living on fumes"

snubbleste

A Galway builder who was the subject of a judgment for well in excess of €3 million was up before Mr Justice Brian McGovern. James Clancy, Eagle Rock, Furbo, Co Galway, had guaranteed financing from ACC Asset Finance for a machine that cost €3.99 million and was used for the manufacture of prefabricated polystyrene houses...
He had an interest in 11 portfolios of land, all in Galway. He said he had not had any correspondence nor filed any forms to the Revenue Commissioners since 2005, although he did make monthly payments.
He said he had had “no income” since 2007 and, when asked by the judge what he was living on, he replied: “I’m living on fumes.”
His companies had bank accounts but he himself did not have an account that he used for his daily expenses,... Despite his earlier evidence about having no income, he told the judge that Anglo had been paying him a wage up to four months ago. “Clanview is just about finished now,” he said.

The last time he had been due in court, he had been in Dubai. Asked about this, he explained that he had bought another polystyrene machine in late 2006, for more than €3.6 million, which he had shipped out to Abu Dhabi.
He had gone into business there with a Tariq Mohammed, but had been unable to keep up his end of the deal. His partner had seized the machine.
The loan for this came from Anglo, he said, and was a personal loan. “What was happening in relation to repayments?” the judge asked. “There was nothing happening in respect of the repayments,” he replied.
At one stage Anglo was going to give him more money to save the Abu Dhabi business, but changed its mind. “I got quite a lot of money from Anglo for the building business. They were funding my building business. I purchased two to three sites with Anglo.”
He said he had been in the United Arab Emirates “25 to 30 times” in the past three years and four to five times this year. He was looking at starting up an apartment building business with a partner. Asked how he paid for the flights, he said others had paid for them. He was given until July 21st to file a proper affidavit and warned by the judge there would be “serious consequences” if it wasn’t adequate. When he came out of the witness box, ACC served him with a penal endorsement, a move that could see him committed to prison if he does not come up with the required affidavit

Does anyone else know what business interests this guy have? I know he owns some aran ferries but other than that i never heard of him. He has some brass neck though, getting money from our bank (Anglo) to pay him a wage

Eurochild

There was a thread about him on the property pin yesterday that might fill you in.

Riverpatrol

I worked for this... person. I quit after six months when <snip>.