Anglo Irish wins case against businessman
Anglo Irish Bank has successfully sued businessman Hugh O’Regan for over 37.4 million euro.
The massive debts arose from personal loans and from guarantees he gave over the borrowings of two companies which are now in liquidation – Thomas Read Holdings and Clubko Ltd.
Hugh O’Regan pocketed around 35 million euro in 2005 when he sold his share in a chain of Dublin superpubs including ‘Pravda’ and ‘The Bailey’.
Today, he’s been ordered to pay back over 37 million euro to Anglo Irish Bank arising from 3 loans in 2007 and 2008.
One was personal, the other two relate to guarantees he gave over loans to ‘Thomas Read Holdings’ and ‘Clubko Ltd’, the company behind plans to turn 8 St Stephens Green into a gentlemen’s club.
Mr Justice Peter Kelly today ruled all loan facilities were repayable on demand – despite Mr O’Regan’s claims that Clubko had ‘philanthropic aims’ and the bank had agreed some latitude.
The judge also awarded Anglo Irish Bank its costs.
