Businessman Mr Thomas O'Keeffe, who claims he has no money to pay back investors who put their faith in him, secretly made a will bequeathing assets that could be worth €4 million, the High Court heard yesterday.

A schedule of undisclosed assets attached to Mr O'Keeffe's "last will and testament" had been placed with his former solicitor weeks after he had been directed by the High Court to divulge details of assets and bank accounts.

The revelations were made in the High Court by Mr John Trainor SC, counsel for a US businessman, Mr John O'Neill, who gave Mr O'Keeffe $5 million (€5.43 million) to invest for him.

Mr O'Keeffe, of The Sweepstakes, Ballsbridge, Dublin, has already served a two-week prison term for failing to comply with court directions to provide information about this and other investments, and about his assets and bank accounts.

He had also been ordered to give information about monies given to him by other investors, among which was a €60,000 investment on behalf of professional golfer Mr Des Smyth.

The High Court had been told that Mr O'Keeffe died the night before he was due to appear before the court in April. Hours later the court heard he had merely sought admission to hospital for treatment.

Mr Trainor told Mr Justice Murphy yesterday that injunctions directing Mr O'Keeffe to disclose information had been made by the High Court on February 1st last. He had since spent a fortnight in prison for having failed to do so fully.

Mr Trainor said that yesterday morning a letter from one of Mr O'Keeffe's former solicitors, O'Donnell Sweeney, revealed that Mr O'Keeffe had made a will with them on February 24th, more than three weeks after the issuing of High Court orders.

A Schedule of Assets had been personally attached by Mr O'Keeffe to his last will and testament and this document contained what Mr Trainor described as "significant information" not disclosed to the court.

Mr Trainor told the court that if invoices raised by Mr O'Keeffe with regard to outstanding assets were eventually met, the total value of the assets included in the schedule could realise more than €4 million.

Judge Murphy adjourned the hearing to commit Mr O'Keeffe to a further term of imprisonment for contempt of court until tomorrow, noting Mr O'Keeffe's undertaking to provide documents and information then.