A company director facing trial in connection with a €1.9 million forestry investment fraud has been released on bail. Businessman Garret Hevey (41) of Brookdene, Shankill, Co Dublin, is charged with deception of £52,000 (€61,000) and being in possession of €1.9 million in proceeds from crime.
His bail had been set in his own bond of €5,000 of which half had to be lodged in court. Judge Michael Walsh had also sought an independent surety amounting to €20,000 of which €10,000 must be lodged. He was remanded in custody on Tuesday and faced his second hearing on Thursday at Dublin District Court.
The judge heard Mr Hevey’s father-in-law had been approved to act as the independent surety. His solicitor also confirmed that his client had surrendered his passport.
The judge remanded him on bail to appear again on a date in April. Directions from the Director of Public Prosecutions need to be obtained.
Earlier, Det Insp Cathrina Gunne of the Garda National Economic Crime Bureau said he made no reply after he was charged.
He is accused of deception by inducing Kari Wahlstrom to pay him the sum of £52,000 at Allied Irish Bank (AIB), Dún Laoghaire, Co Dublin, on February 23rd of last year.
His second charge states it is alleged that on June 13th last year at AIB on George's Street, Dún Laoghaire, he was in possession of €1,982,825 in crime proceeds, contrary to the Money Laundering Terrorist Financing Act, which can carry a 14-year sentence.
Legitimate forestry business
Det Insp Gunne told the court the defendant was a director and shareholder of the firm Arden Forestry Management Ltd. It was alleged that the company investors, who are all based outside the State, transferred large sums to the AIB account and it appeared as if they were investing in a legitimate forestry business with bona fide folios, sites and timber certificates.
It was also alleged investors were provided with false documentation. Objecting to bail, Det Insp Gunne said it was also alleged Mr Hevey used an alias and that there were false management contracts.
The judge agreed to set bail terms after he noted that the married father-of-one has lived at his home for the past nine years and there is a mortgage on the property.
He must reside at his home address, not apply for a new passport, be contactable always by mobile phone, have no contact directly or indirectly with alleged injured parties and sign on three times a week at his local Garda station.
On Tuesday, co-accused, UK national David Piele (40) a father of two with an address at Rectory Way, Bray, Co Wicklow, appeared at Dún Laoghaire District Court and was granted bail.
He is solely charged with deception of Kari Wahlstrom of £52,000 at Dún Laoghaire AIB on February 23rd of last year. He will face his next court hearing on March 21st.