At a court hearing last year, an off-market deal negotiated by restricted US trader Jeff Leo to let Dundrum House Hotel as an Ipas centre was said to have deprived the property owner Brogan Capital Ventures Ltd (BCVL) of “meaningful income” and led to the company’s collapse. Kieran Wallace and Andrew O’Leary, Interpath liquidators appointed to the company, sought to reverse the lease granted to Utmasta Ltd in January 2025, claiming that it amounted to a fraud on the company and its creditors. Accused of unjust enrichment by the liquidators, Utmasta was said to have pulled in “enormous profits” on…

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