Property developer Seamus Ross and estate agent Arthur French, who partnered up to build the luxury Ladycastle housing scheme at the K Club, Co Kildare, are currently embroiled in a court battle over profits accrued from the venture.

Mr French, who brought the case against Mr Ross's building company Menolly Homes and Brisa Developments Ltd, both of Main Street, Lucan, Co Dublin, claimed in the High Court yesterday he is still owed millions by Menolly Homes.

He insists the true profit from the development is about €46.4m, which was to be split between him and Mr Ross.

Profits from the development were, however, ‘significantly understated’ at €28.9m, with the additional €17.4m being "wrongfully paid'' by Mr Ross into Menolly.

According to the estate agent, Menolly engaged in irregular practices, including overstated construction costs, misallocated fees and charged a "management'' fee of some €3.6m.

Menolly had been unable to explain these irregularities, he claims.
In the action, Mr French is seeking damages or an account of profits for alleged breach of contract and of fiduciary duty.

Prior to the construction by Menolly, the development was said to yield a profit of €49.7m.

Because of concerns about expected profits, Mr French says he sought financial information about the development from January 2007 and his accountant KPMG, having examined the documents supplied by Menolly, assessed the true profit from the development as €46.4m.

Source: Irish Independent