Lawyer Mr John Caldwell has described himself as the "architect" of a complex offshore structure behind Paisley Park, the former owner of land at Carrickmines, which is under investigation by the tribunal.
Paisley Park was controlled by two companies, Renzenbrink Investments and Maskani Management, registered in Panama and the Isle of Man respectively, whose directors acted on the instructions of Mr Caldwell and businessman Mr Jim Kennedy.
A third offshore company, Xenon, controlled by a land agent, Mr Sam Stanley, held a 20 per cent stake but this was reduced to 1 per cent in 1991.
Explaining why this happened, Mr Caldwell said he blamed Mr Stanley for making it necessary to enter into a second contract for buying the Carrickmines land, at a higher price and larger deposit.
However, he said, if Mr Stanley had matched the investment made by the other shareholders, shares would have been issued to him and his stake would not have been reduced. However, he expected Mr Stanley to have difficulty raising the money.
Mr Stanley has told the tribunal he regarded the reduction of Xenon's stake as unlawful. He still claims a 20 per cent stake in the Carrickmines land.
Yesterday Mr Caldwell said the companies he and Mr Kennedy controlled had "taken up the slack" and he didn't accept Mr Stanley's view.
Mr Des O'Neill SC, for the tribunal, described it as "curious" that Mr Kennedy and Mr Caldwell were playing out a "set-piece" that was "orchestrated" for them.
He pointed out that Mr Caldwell had no mechanism in place with the trustee of his funds in the Isle of Man, Mr Roderick Harker, which would ensure that these could be passed to his family if he or Mr Harker were to die.
Mr Caldwell said he had absolute trust in Mr Harker. He hadn't anticipated that the Paisley Park investment would "run on so long" or become so valuable. He had since made a will and was no longer concerned about "the executor issue".
In 1992, it was decided to put Paisley Park into liquidation and to vest its assets in a UK-based company. Mr Caldwell said this was a way of getting Mr Stanley out, even if his interest was only 1 per cent.
Ownership of the land eventually passed to Jackson Way, which is incorporated in Birmingham. Mr Caldwell's evidence continues tomorrow.
