A man whose company lent €1.4 million to a man with whom he was socially friendly has claimed more than €1 million interest on that sum, the Commercial Court heard yesterday. The €2.4 million claim arises on grounds the €1.4 million was repayable within eight months at 27 per cent interest, rising thereafter to 48 per cent interest.
Damien Reddy, a 99 per cent shareholder in Lochking Ltd, Ballymount Road Upper, Dublin, says he agreed to procure the €1.4 million loan through his firm for Simon Murray, Rathfarnham, Dublin.