US investor Jeff Leo has agreed to hand over historic Tullamaine Castle to liquidators. But his estranged wife Winnifred Anne O'Sullivan is fighting back, claiming she devoted her "time, work and labour" to managing and redecorating the family home.
The move will return wealthy Ohio farmers Mary and James Wenning as majority stakeholders in the liquidated investment vehicle Steelworks, after their interest was denuded and millions of euro worth of assets were transferred to a Leo-controlled entity in Portugal.
The Utmasta arrangement, made shortly before Kieran Wallace and Andrew O’Leary of Interpath were appointed to wind up Brogan Capital Ventures Ltd (BCVL), diverted funds and led directly to the loss of 48 jobs, it is claimed.
Under cross-examination, the US businessman denied "hoodwinking" US poultry farm owner Mary Wenning around her Irish property interests or of concealing his part-ownership of the Ipas centre at Dundrum House.
A multi-million-euro accommodation contract for up to 270 people is at the centre of a High Court dispute between American parties over the Tipperary property. The contracted company says it is owned by a Spanish woman.
Justice David Nolan in a judgement today says that Jeff Leo has “very serious questions to answer,” in relation to a business called Steelworks. He also described interest rates charged by Cabriz Finance to a Steelworks subsidiary as "truly eye-watering.”
Revelations emerging from a contested liquidation of a Jeff Leo company prompted an urgent application to cross examine the former trader, the court heard.
Wealthy American investor Mary Wenning is claiming in the High Court that “very large sums of money” she believed her company was investing in Ireland have gone missing. This is denied by Jeff Leo, who will now be questioned in court on the matter.
An adviser to US businessman Jeff Leo allegedly warned a figure close to wealthy chicken farmer Mary Wenning that he would report her financial affairs to the IRS. "If this drags on... I fear he will play informer on her."
Wealthy Ohio chicken farmers Mary and James Wenning say they invested funds with Jeff Leo and trusted him when he told them to transfer their share interests. Now they claim he usurped their voting rights, leaving them millions out of pocket.
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