A LEGAL action over the share-out of multi-million euro profits for a K Club development opened in the High Court yesterday.
Estate agent Arthur French claims his partner in the venture, developer Seamus Ross of Menolly Homes, had not divulged the “true profit” from the residential project on part of the grounds of the exclusive Kildare hotel and golf course.
Mr French, who operates French Estates, claims the profit has been “significantly understated” at €28.9 million, with another €18.5 million having been “wrongfully paid”, permitted to be paid, or diverted, by Mr Ross to his company, Menolly Homes.
The defendants deny the claims.
The court heard yesterday the two men had agreed that Menolly would build the development at cost. At the same time, Mr French would not charge fees for marketing and sales.
Any profits from the venture would be divided equally.
Mr French had been involved in the sale and marketing of the original K Club development.
The case continues.