AIB’S UNUSUAL MANNER

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TOM GILMARTIN’S former business partner, Richard Forman (above), told Tribunal counsel Patrick Quinn SC of “undue pressure” brought to bear by AIB against Gilmartin, the original planner of the Liffey Valley Centre.

Gilmartin, who owed the bank 4.5 million pounds, “was placed under undue pressure to transfer his equity.”

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THE AIB SHUFFLE

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MR PATRICK QUINN SC for the Tribunal quizzed AIB banker Michael O’Farrell concerning his role, in a transfer of shares to each of two other shareholders in Barkhill Ltd; Tom Gilmartin, a 40% shareholder, gave evidence that this was done without reference to him.

The secret transfer meant that for a brief period of time, AIB had a shareholding in Gilmartin’s company of less than 20% and thus dodged registration with the Companies Registry Office. The bank’s share was subsequently returned to 20%.

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