Freezing order discharged against steel firm’s former financial controller as case settled

The High Court has discharged orders it made preventing a steel company’s former financial controller from disposing of his assets below €900,000 as it was told the case had been settled.

Galway-based Coen Steel was granted the freezing-type order last November after claiming Enda Munnelly, who left his post several months earlier after 17 years in the role, had misappropriated at least €727,000 of company funds and inflated the firm’s contribution to his pension.

Coen Steel told the court in November that Mr Munnelly denied the allegations in correspondence with the company.

On Thursday, Mr Justice Brian O’Moore was told the matter had been settled following out-of-court discussions and could be struck out.

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Coen Steel, through its counsel Oliver Butler, asked for all previous court orders to be vacated. No further details were given to the court.

In November, the court heard allegations that Mr Munnelly made regular unauthorised payments, totalling about €395,000, from the company’s bank account to two credit cards unconnected with the firm.

Coen Steel also claimed the financial controller made out company cheques to cash, to a total value of €93,000 over the same period.

He made unauthorised payments, believed by the firm to total about €205,000, from company accounts into his pension between 2016 and 2022, the firm alleged.

Mr Munnelly had a contractual entitlement to a contribution of 15 per cent of his salary, but he orchestrated payments well in excess of this and also unilaterally increased his salary, Coen Steel claimed.

The firm alleged Mr Munnelly engaged in a “covert, duplicitous scheme to defraud” the company of a very large sum of money for his own benefit.

Mr Munnelly denied the allegations.

The case was struck out on Thursday.