A "Level of agreement" had been reached in a £950,000 damages claim against millionaire Japanese businessman, Mr Terunobu Nakao, who planned a multi-million-pound bloodstock venture in Co Kildare, the High Court has been told. The horse trainer, Mr Liam Browne, Naas-based bloodstock agent Mr John Walsh and racing journalist Mr Alan Smith are suing Mr Nakao, who had planned to launch a 200-horse bid from the Curragh for the most lucrative racing prizes in Britain, Ireland, France, Japan and America.
Mr Alan Mahon SC, counsel for all three plaintiffs, yesterday told Mr Justice O'Higgins it had been agreed the proceedings could be adjourned generally with liberty to all parties to re-enter them on reasonable notice for the purpose of proceeding or varying orders already made.
Last week, Mr Justice Geoghegan granted them mareva injunctions restraining Mr Nakao and his company, Omni Rossmore Lodge Co Ltd, trading as Omni Racing Club, from reducing their assets in Ireland below £950,000. On July 8th last Mr Nakao faxed Mr Browne, who was contracted to run the stables and advise Mr Nakao, to sell Friarstown House Stud, Mr Nakao's syndicate's principal asset in Ireland and Mr Browne feared the estimated proceeds from the sale of £1 million would be taken to Japan.
