Harlequin Property has won its multi-million pound court case against a former contractor.
The beleaguered property group sued their Irish contractor accusing him of misappropriating millions of dollars during the construction of its luxury Buccament Bay Resort in the Caribbean.
During the month long trial the court heard evidence from Harlequin that some $13 million was misappropriated, whilst very little construction work was carried out.
Speaking after today’s ruling a Harlequin spokesman said: “We are delighted with the Court’s decision and grateful that this unfortunate episode is behind the company. This case has taken up so much of our time over the last three years and we are now able to focus on moving the business forward.”
The statement continued: “We would like to extend our gratitude to our legal teams in the UK and Ireland who have supported us throughout to ensure that justice was achieved. There is still much to do as we believe that much of the money that Mr O’Halloran misappropriated is still to be traced. The pursuit for justice and clearing Harlequin’s name will continue with the defamation case against Mr Newman, Martin MacDonald – a partner at Wilkins Kennedy – and Wilkins Kennedy later this year.”
The level of damages will be set at a hearing on Wednesday 31st July.
Harlequin investors will welcome the victory, although many will treat it with caution until it is clear whether Mr O’Halloran will appeal the verdict and the impact the level of damages will have on the proposed rescue plan being put together by Harlequin and Regulatory Legal, a firm of lawyers representing a large number of investors.