Saturday, Apr 18, 2009
Corruption stink
Times: Brian Cowen in legal tangle over his British investment property
Brian Cowen, the Irish prime minister, is facing legal action in the English courts over his ownership of a buy-to-let flat, which his freeholders say he is illegally sub-letting to Leeds University.
The purchase of the student apartment block, which cost around £12.5 million, was financed through mortgages with Allied Irish Bank, whose share value plunged 98% last year because of bad property loans. The current market value of the flats is half the 2005 sale price.Last September, amid fears that the bank was about to go bust, Cowen stepped in with an emergency government loan.
The freeholder of the apartment block alleges Cowen has breached covenants by subletting the flats to Leeds University without permission, and has not paid invoices for ground rent and management fees
2 Comments
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1. taffee said...
why are our journalists not investigating property dealings at boe and cabinet...I reckon there was a bit of vested interest there
or have the journalists got a vested interest?
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