A BITTER long-running dispute between Ivor Fitzpatrick and property developer Paddy McKillen about the conduct of the affairs of a property development holding company has finally been resolved before the Commercial Court.
The case partly opened yesterday with Michael Cush SC outlining several allegations by Mr Fitzpatrick related to the handling by Mr McKillen and his company, Fountain Properties, relating to various interests of Canton Caseys Ltd, particularly interests in Vietnam.
Mr Fitzpatrick also claimed Mr McKillen sought to undermine Mr Fitzpatrick's reputation with Anglo Irish Bank and had made "groundless" allegations of professional incompetence and conflict of interest by Mr Fitzpatrick. Mr McKillen also alleged overcharging by Mr Fitzpatrick's law firm and alleged financial impropriety by Mr Fitzpatrick which claims were also denied.
The CC group, with offices at St Stephen's Green, Dublin, is principally a property development holding company. Through Powerscreen Indo-China Ltd and Powerscreen Equipment (Vietnam) Ltd, it also has, or had, interests in distribution agencies and quarries in south east Asia.
Mr McKillen, who denied the claims against him and made various claims against Mr Fitzpatrick, was in court yesterday while Mr Fitzpatrick was for most of the time downstairs in another court being cross-examined in separate proceedings involving him and another large developer, Pat Doherty, of Harcourt Developments.
At 11.30am yesterday, half an hour into his opening of case and just after John Gleeson SC, for Mr McKillen, objected that Mr Cush was reading out part of a "without prejudice" mediation agreement, Mr Cush asked Mr Justice John MacMenamin for time to clarify an issue.
At 12.30pm the judge was told there had been a development which "might be significant" and both sides asked for more time. Warning this was their "very last" chance and the case would proceed at 2.15 pm unless a settlement was achieved, the judge adjourned it to then.
At 2.15pm, Mr Cush said he was delighted to say the case was settled and all claims and counter-claims had been resolved. Mr Gleeson said the settlement was the result of very long negotiations. The judge adjourned the case generally with liberty to re-enter.
In the action, Mr Fitzpatrick alleged oppressive behaviour by Mr McKillen and failure to fulfil his responsibility relating to the investment of the CC group through Powerscreen (Vietnam) Ltd, in Vietnam and Mr McKillen's handling of dealings with Seán McCormack and Peter Laking in Vietnam.
Mr Fitzpatrick claimed Mr McCormack had perpetrated what Mr Cush described as an "outrageous fraud" through embezzling and/or misappropriating assets relating to a quarry business in Vietnam, that both Mr McCormack and Mr Laking had fraudulently sold a quarry business at Vinh and fraudulently misappropriated the proceeds of that.
Mr Fitzpatrick also alleged Mr McKillen later acted in a highly damaging way by vetoing strategic steps proposed by Mr Fitzpatrick for court proceedings in London against Mr McCormack and Mr Laking.
