A corporate services provider has been ordered to disclose information to enable trustees to sue a company for the alleged misappropriation of 2.8m Euro.
Trustees of the Oaklands Property Trust allege 2,828,192 Euro was transferred to an account in Switzerland without their permission or authority in September 2013.
They claim this was for the purpose of financing Dildar IoM’s purchase of a property in the Republic of Ireland.
In July this year, Oaklands trustees launched legal proceedings in Ireland against Dildar, Irish solicitor Ciaran Desmond who advised the transfer of funds to Switzerland, and pension adviser John Millett.
The claimants contend Mr Desmond and/or Mr Millett wrongly caused the sum of â?¬2,828,192 to be paid out of a bank account in the name of Clear Vision Solutions SA held with EFG Bank in Zurich to a solicitor’s client account held by Eugene F Collins.
Dildar IoM and Dildar Ireland, together with other defendants including Mr Desmond and Mr Millett, gave undertakings to the Irish High Court not to dispose of the property while proceedings are on-going.
Oaklands’ trustees believe Dildar IoM directors Marian Ashcroft and Alan Peter Holingsworth are also directors of Mann Made which provided corporate services to Dildar.
Mann Made, a corporate services provider licensed by the island’s financial services regulator, declined to identify anyone who had an interest in Dildar IoM on the grounds of client confidentiality.
Oaklands’ trustees applied to the high court in Douglas seeking Mann Made provide this information for the Irish proceedings.
They maintain that Mann Made had been ’innocently involved in the wrongdoing of others’ but is likely to be able to provide information necessary to enable the ’wrongdoers’ to be sued.
In a judgement, First Deemster David Doyle ruled that justice requires that the information is provided by Mann Made.
He said: ’This is a proportionate and necessary exercise of the court’s powers.
’The court should do all it legitimately can to assist in bringing the wrongdoers to justice.’
Deemster Doyle made an order than Mann Made should disclose to the claimants’ advocates full details of identity of those who arranged the transfer of the â?¬2,828,192 to the client account of Eugene F Collins for the use of Dildar Ltd and the purchase of the property in Ireland.