Former Nolan Transport lawyer agrees to sentence him to €6.9 million for allegedly embezzling pension funds

Former Nolan Transport lawyer Ciaran Desmond has agreed to a judgment against him over alleged misappropriation of their €6.9million pension funds, the High Court has heard.

Although it ends the Nolan family’s case against Mr Desmond, other strands of the case may continue on Wednesday.

Mr Desmond said in a statement given to the court on Tuesday that the scheme that led to the pension funds’ alleged loss was originally designed to protect their funds from creditors demanding the Nolan family’s debts.

To achieve this, he said, it was necessary to separate the funds from their owners, which entailed opening a Swiss bank account for the Nolan debt to be bought at a discount by an organization unaffiliated with them (Nolans). could. he also claimed.

Mr. Desmond denied any wrongdoing and accused a number of other parties, including bankers and people allegedly involved in a convoluted and unprotected $100 million investment scheme in which some of the Nolan funds had been used without the family’s knowledge.

Although Mr. Desmond’s case is closed, he may still be called as a witness as the remaining portions of the Nolan case proceed.

These are primarily aimed at Dublin pensions adviser John Millett, two of Mr Millett’s companies and three men who claim they are the beneficial owners of Nemo Rangers’ former developing land in Cork, which the Nolans say is worth €2.8million Her pension fund was bought without her knowledge.

The three men are Paul Kenny, his son Dillon Kenny and Paul’s nephew Darren Kenny who say they are owners through an Isle of Man company called Dildar which owns the Nemo land. The Kennys countersued against the Nolans and Mr. Millett denies the claims.

A number of overseas companies, EFG Bank AG of Switzerland, BNP Paribas Wealth Management of Singapore, United Overseas Bank Ltd, Singapore and Allied Finance Trust AG of Zurich, as well as a number of individuals, are third parties in this case.

Following Tuesday’s talks, Martin Hayden SC said on behalf of Mr Desmond that a judgment on consent for the entire €6.9million could be issued against his client with a six-month stay of enforcement. This could be extended depending on progress in proceedings involving third parties, he said.

Judge Denis McDonald adjourned the case until Wednesday to allow Mr Millett, who is representing himself, to consider what happened in the case against Mr Desmond. There may also be a motion by Kenny’s defendants to drop the entire case.

Before the adjournment, Richard Nolan, who was at the center of talks with Mr Desmond in 2013 about the scheme to protect pension funds as his banks approached Nolan’s debt, told the court of a difficult visit to Zurich in January 2015 to find out where the funds were.

He said as a result of the attempt to obtain information, he and his sister Patricia were escorted by two Swiss police officers from the Zurich offices of Allied Finance Trust, a UAE-registered private financial adviser linked to John Millett.

Mr Nolan said this was after they arrived at the AFT offices, where they had just been stripped of the right to monitor their funds while they were in Mr Desmond’s Swiss account.

They then called EFG Bank in Zurich, where Mr Desmond’s account was held in the name of a Panama registered company, to learn that he (Richard Nolan) was never a signatory on the account. “I was horrified, I was absolutely shocked,” he said.

When the two Nolans returned to Ireland, they went straight to Mr Desmond’s office, where gardaí were initially called but soon left, and Mr Desmond “eventually made his confession”. He “admitted to using our funds as an investment without our knowledge and he told us the banks took our money and it was the banks’ fault”.

Meeting John Millett a few days later in Mr Millett’s Dublin office was “surreal,” Mr Nolan said.

“I just realized I had been set up and taken care of in terms of our funds,” he said.

As Mr Millett was a pension administrator, they asked why he had not told them that their money had been invested. “He said he didn’t want to bother us and we were just appalled at all of this,” he said.

By mid-2015, the Nolans had found another attorney and a trial ensued. Former Nolan Transport lawyer agrees to sentence him to €6.9 million for allegedly embezzling pension funds

Fry Electronics Team

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