A BUILDING contractor who claims he invested large sums that may have been passed on to Etic Solutions, now at the centre of investigations, has secured an order restraining an investment company from reducing its Allied Irish Banks account in Dublin below €467,129.
Mr Justice Roderick Murphy granted the order yesterday to James O’Connor against Palladium Investments Ltd, and adjourned the case to April 11th.
James O’Connor, Clonard Business Park, Whitemill Industrial Estate, Wexford, said in an affidavit he had been involved in the building industry for more than 15 years. He also became involved in other businesses, including a public house, a hotel, and other investment properties in Ireland and abroad, he said.
On November 18th, 2010, he said, he lodged €467,129 to Palladium’s AIB account at Main Street, Rathfarnham, Dublin.
He said he was subsequently informed by a Palladium director that an aggregate sum of €850,000 which he had transferred in two tranches to Palladium had been transferred by the company to Etic Solutions Ltd.
Mr O’Connor said he did not know whether this sum was in fact transferred, the nature of the relationship between Palladium and Etic, or whether the €850,000 is in an account belonging to Palladium or Etic.
Mr O’Connor said he had been told by a friend that Palladium had sought money from a number of investors, and had invested the aggregate sums in a trading company that was involved in buying and selling stock and equipment from liquidators and receivers throughout Europe.
He was told the period of investment was generally between six and 10 weeks and the rate of return was more than 15 per cent. He said he had received both his initial investment back and the agreed return thereon. He was later told by the Palladium director they invested the money collected in a trading company that bought liquidated stock and equipment from liquidators and receivers in Europe and sold them on at a profit, he said. He had also been informed that the capital part of his investment was insured.
Mr O’Connor said he was unaware that, the day after he transferred the sum of €467,129, the Garda Bureau of Fraud Investigation had obtained an order under the Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010, “freezing” the money to the credit of Palladium’s bank account into which he had lodged three tranches of funds, particularly the sum of €467,129 the previous day.
Mr O’Connor said he was later informed the Northern Ireland Financial Services Authority had obtained an injunction against Etic and its principal, François De Dietrich, restraining them from investment activities. He also understood the authority had obtained an order restraining Etic and Mr De Dietrich from reducing the value of their respective assets below €20.2 million.