A company which secured the lease for the €62 million National Aquatic Centre in north Dublin two years ago failed to pay any rent for the premises and there are also "serious concerns" about its accounts and management of the centre, the High Court was told yesterday.
Dublin Waterworld Limited is resisting an application aimed at compelling it to deliver up possession of the NAC.
At the High Court (commercial division) yesterday, Mr Justice Peter Kelly yesterday asked how the 30-year lease for a State asset worth €62 million had been awarded in April 2003 to a company with a share capital of €127 and according to accounts up to December 31st, 2003, with no fixed assets. He was told €500,000 had been placed in an account as guarantee for any amounts to be paid by DWL under the lease. The judge made the remark during the hearing of an application by DWL for a stay on proceedings brought against it by Campus and Stadium Ireland Development Limited (CSIDL) (which was directed by the Minister for Tourism, Sport and Recreation some years ago to award the contract for the NAC to Dublin Waterworld Ltd and others) seeking possession of the premises.
The hearing of the application concluded yesterday and Mr Justice Kelly said he would deliver his judgment tomorrow afternoon.
CSIDL claims DWL has forfeited its interest in the lease because of several breaches of the lease, has failed to deliver up possession of the NAC at Abbotstown and is in wrongful occupation of the centre.
DWL, with registered offices at Caherweesheen, Ballyard, Tralee, Co Kerry, is seeking a stay on the proceedings and says the issues should be dealt with under arbitration.
