Businessman resigns from two property boards

BUSINESSMAN BREIFNE O’Brien, who has allegedly misappropriated €16 million that he managed for friends and clients, has stepped down from the board of two firms behind a property investment in Berlin, following revelations that he allegedly operated a “pyramid” investment scheme over 15 years.

A spokesman for Dublin-based accountancy firm FGS said that Mr O’Brien had resigned as a director of Bulberry Properties and Hawridge Properties, two companies which were set up for the firm’s investment in property at a new airport being built in Berlin.

Documents have been filed by the accountancy firm at the Companies Registration Office effecting Mr O’Brien’s resignation from the two companies, according to the spokesman.

Mr O’Brien was a passive investor in the firms that have bought 150 acres surrounding Schoenefeld Airport, which is being developed into Berlin’s new main airport, Berlin Brandenburg International Airport, in the south-east of the city. The airport is scheduled to open in 2011, following the closure of Tempelhof and Tegel airports. Construction work began in September 2006.

The businessman was among the investors who provided €45 million to FGS, which organised and manages the Berlin investment.

Mr O’Brien invested about €250,000 in the deal and for technical reasons, believed to be related to tax issues, became a director of the two companies but did not attend meetings of the board. He had no active role in the investment nor had any involvement in the management of the investment.

He became an investor through a third party after he attended a presentation by the private clients division of FGS held to attract private investors to the project.

Other directors of the two property firms include well-known business figures such as Ulick McEvaddy and his brother Des, and accountants Greg Sparks and Pearse Farrell, who are all investors in the Berlin project.

Mr Sparks and Mr Farrell are principals at FGS, which was originally called Farrell Grant Sparks.