A DISPUTE involving the directors of the Dublin bases company, Monarch Properties is expected to come before the High Court today.
A director of Monarch, Mr Eddie Sweeney, is seeking an injunction to restrain the company from selling Monarch's stake in the controversial Cherrywood site in Cabinteely, Co Dublin to a company jointly owned by Monarch director, Mr Phil Monahan, and the Dublin solicitor, Mr Noel Smyth.
Mr Sweeney is also thought to be seeking an injunction restraining Monarch from selling any part of the company to Dunloe House, the property company controlled by Mr Smyth. Mr Sweeney is also understood to be seeking a declaration that he owns 15 per cent of Monarch.
A hearing on the application is due to take place today. However, it is thought likely that proceedings will be adjourned to allow two directors, Mr Monahan and Mr Dominick Glennane, to lodge affidavits in response to the application.
The Cherrywood deal involves the sale of Monarch's 50 per cent interest in about 120 acres of land to Middlesbrook - a company jointly owned by Mr Smyth and Mr Monahan. Middlesbrook is also thought to have been trying to buy the other 50 per cent of the land from Guardian Royal Exchange in Britain.
Monarch bought 234 acres at Cherrywood for about £11 million in 1990 and subsequently sold on a 50 per cent stake to GRE. The housebuilder William Neville bought 100 acres for £6.5 million two years ago and has an option to buy another 56 acres for £4.5 million.
