GALWAY DEVELOPER WITHDRAWS A CLAIM AT HIGH COURT

Date Published: 30-Apr-2008

A Galway millionaire builder, who claims he was "deceived" out of a 310million Irish pound property deal by First Active, has withdrawn a claim the lender was engaged in fraud and conspiracy. The retraction, was followed by claims that First Active threatened developer Brian Cunningham that he would be drained dry, if he didn't sell a site to meet €30m in bank debts.According to today's Irish Independent, Brian Cunningham claims that First Active acted as a shadow director of the Cunningham Group.He also claims that First Active extinguished his power over his companies and conspired to damage his personal interests and those of the Cunningham Group.The Galway native further claims First Active forced him to sell a key asset with development potential of 310million Irish pounds in 2002.Mr Cunningham, a former client of fugitive solicitor Michael Lynn, has withdrawn allegations that a decision by a First Active was "a sham". Counsel for the bank, Donal O'Donnell, says the retraction of the "sham" allegations by Mr Cunningham is a critical component of the fraud claim against First Active.