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Partners in court over e500k loan

PROPERTY developer David Agar and his former business partner, George Tracey, are in dispute over the ownership of stock in an investment fund.

The dispute between the close friends over a €500,000 loan has come before the High Court. Mr Agar claims he gave the loan to Mr Tracey to allow him take part in an investment fund launched by AIB private banking called the Alpha Japan Fund, which focused on the Japanese property market.

Mr Agar alleges that the loan was never repaid. Late last year the fund was due to pay a return to investors, which it is claimed in Mr Tracey's case was some €62,000. Mr Agar claims that those monies should be paid to him.

Last month Mr Agar's lawyers secured temporary High Court injunctions against Mr Tracey, AIB plc and AIB Alpha Japan Fund Pte Ltd restraining the bank from paying any returns to Mr Tracey.

At the High Court yesterday, Mr Justice Murphy continued the injunctions for a further two weeks.