A GROUP of Irish people who invested in a scheme to buy apartments in India have settled their legal action against a businessman and company involved in the venture, which had run into “significant difficulties”.
About 120 of the investors brought proceedings aimed at recovering some of an apparent €8.9 million allegedly raised by an Irish property company from hundreds of people under the scheme.
The investors claimed there was no evidence of any meaningful construction work on the two proposed developments of 580 apartments and alleged the scheme was designed to facilitate, in whole or in part, the “siphoning off” of funds to the benefit of Kuvera (Ireland) Ltd, Marlborough House, Donnybrook, and its chief executive, Kieran Murphy of Cabinteely Way, Cabinteely, Dublin.
At the Commercial Court yesterday, Mr Justice Peter Kelly was told by Patrick McCann, for the investors, the issues between his clients and Mr Murphy and Kuvera Ireland had been settled. The judge noted the settlement was without admission of liability.
Under the settlement, the investors will take possession of properties at a golf resort in South Africa and five properties in the UK, all with a total worth of more than €1.4 million. They will take possession of €143,000 in a South African bank account and all remaining and uncommitted assets and funds of Kuvera Ireland. The group will take an option over Mr Murphy’s shares in Kuvera India and that company’s shareholding in Indian development company VG Buildtech.
It was agreed various orders, including orders freezing Mr Murphy’s assets below €3.2 million, would be lifted.
The investors had also brought their proceedings against Seymour Major, trading as Seymour Major solicitors, Belmore Street, Enniskillen, but that matter was adjourned to later this month.
Afterward Anthony Joyce, solicitor for Kuvera Action Group, welcomed the agreement. He also said proceedings have been initiated in India against VG Buildtech.
The court heard last April that Kuvera Ireland had, in a press release, said some €8.9 million was raised from investors. The company said, after deducting some €3.5 million for its “running costs”, it had paid some €5.4 million to Kuvera India, which it alleged was incorporated to oversee two apartment developments to be built by VG Buildtech.
