herald

Saturday 1 November 2014

Investors settle India flats row

A GROUP of Irish investors in a scheme to buy apartments in India have settled their legal action against a businessman and company which ran into "significant difficulties".

About 120 investors brought proceedings aimed at recovering a part of €8.9m allegedly raised by an Irish company from hundreds of investors.

They alleged the scheme was designed to "siphon off" funds to the benefit of Kuvera (Ireland) Ltd, Marlborough House, Donnybrook, and its CEO Kieran Murphy of Cabinteely Way, Cabinteely, Dublin.

Under the settlement, they will take possession of properties at a golf resort in South Africa and five properties in Britain, all with a total worth of more than €1.4m.

They will take possession of €143,000 in a South African bank account and all remaining and uncommitted assets and funds of Kuvera Ireland, it was announced in the Commercial Court yesterday.

The group will also take an option over Kieran Murphy's shares in Kuvera India and that company's shareholding in Indian development company VG Buildtech.

The investors had claimed there was no evidence of construction work on the two proposed developments of 580 apartments in India.

The court was told that the issues between the investors and Mr Murphy and Kuvera Ireland had been settled without admission of liability. An order freezing Mr Murphy's assets below €3.2m was lifted.

Outside court, Anthony Joyce, solicitor for Kuvera Action Group, welcomed the agreement.

Proceedings had also been initiated in India against VG Buildtech, he said.

hnews@herald.ie

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