A Northern Irish man must pay his one-time friend nearly £50,000 for a disputed loan linked to a manganese mining operation in Turkey, a High Court judge has ruled.
Mr Justice McCloskey found in favour of Patrick McOscar in a case brought against Brendan Loughran.
Mr McOscar issued proceedings over a £45,000 personal loan he claims to have made to Mr Loughran in June 2008 after rejecting an offer to become involved in his Turkish property development and mining ventures.
Interest was allegedly set at 35 per cent due to the profitability of manganese in the region, the court heard. Nearly a year later the plaintiff received a cheque for £5,000 from the defendant’s local business, Danlor Services Ltd.
He was also informed that £40,000 would be paid to him from the proceeds of any sale of a house in Glengormley, Co Antrim, belonging to Mr Loughran.
According to the judge, Mr McOscar’s evidence “had the ring of truth throughout”, while the defendant was “unimpressive, adopting in the main a sweeping, unparticularised and evasive approach”.
Mr Justice McCloskey rejected claims that the £5,000 payment and offer on the house sale were simply goodwill gestures to a friend who had rashly parted with his life savings. Mr McOscar was awarded £48,964.27, comprising the balance on the loan and interest.
