Wednesday, April 15, 2009

Brian Cowen in legal tangle over 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 landlords say he is illegally sub-letting to Leeds University.
Mr Cowen is part of a group of Irish investors who invested in a block of “student cluster apartments” designed and built as a hall of residence in the city.
The Newcastle-based freeholder is seeking payment of ground rents and management fees from the Irish group believed to be more than £100,000.
The disclosure of the legal tangle over his British investment property will be highly embarrassing to the Taoiseach as he struggles to navigate the Irish economy and national banks through the worst financial crisis in decades.

The purchase of the student apartment block, which cost around £12.5 million, was financed through mortgages taken out by the investors with Allied Irish Bank, whose share value plunged 98 per cent in the last year because of bad property loans.
Last September, amid fears that a bank was about to go bust, the Taoiseach and his finance minister Brian Lenihan stepped in to extend a 440 billion euros government guarantee to six mainly-Irish owned financial institutions, including Allied Irish with whom Mr Cowen secured his mortgage for the Leeds apartment.

Our Government are a bunch of lying, robbing gits...

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