Businessman claims IBRC owes him €128m

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Businessman claims IBRC owes him €128m


Borrowing: British businessman got St£14m loan from INBS in 2000. Photo: Bloomberg
Borrowing: British businessman got St£14m loan from INBS in 2000. Photo: Bloomberg

A British businessman has challenged IBRC’s refusal to recognise a judgment for £113m (€128m) he obtained against it over the sale of a 100 room mansion in the UK.

Baljit Singh Bhandal, also known as Barry Bhandal, was once the beneficial owner of a property known as Updown Court in Windlesham in Surrey, England.

In order to fund the redevelopment of the property, he borrowed St£14m from Irish Nationwide Building Society (INBS) in 2000.

However, following an investigation into alleged money laundering, a restraint order was placed over Mr Bhandal’s assets by British Customs (HMRC) officials in 2001 and the house was sold by an INBS-appointed receiver for £14m in 2002.

The restraint order was lifted in 2006 and Mr Bhandal was never charged with any offence in regards to the alleged money laundering.

He sued INBS’s successor in title, IBRC, for damage arising out of what he claimed was the sale at an undervaluation of Updown Manor, which he claims is worth £80m.

He obtained a judgment against IBRC in 2013 for £113m, after IBRC opted not to contest the matter. At the time IBRC did not expect there would be any money to pay a dividend to unsecured creditors in the IBRC liquidation.

Mr Bhandal obtained a European Enforcement Order and submitted his as a creditor claim in IBRC’s special liquidation. IBRC opposes the application and says it should be dismissed.

The case is set to continue.

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Irish Independent

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