A director of an Irish oil company has denied allegations of diverting profits and involvement in fraudulent and dishonest “secret” deals.

Morrissey Oil, which buys oil and biofuels from refinerys before selling it on to wholesalers, last week obtained interim High Court orders restraining Philip Cahill, a director of the company and its broker, reducing assets below a value of $600,000 (€464,000).

The orders were granted by Ms Justice Mary Laffoy who was told the company was concerned money may be placed beyond its reach.

The company claims Mr Cahill had since October last diverted profits from a number of transactions conducted in the United States and also made unauthorised payments of more than $600,000 into various bank accounts, including his own.

Yesterday Mr Cahill, representing himself, denied the allegations and said information about him put before the court was “incorrect”. He was the person being “wronged” and what was happening to him was “disgusting”, he said.

Jeremy Maher SC, for the company, said it wanted the freezing orders continued pending the full hearing of its claim.

The company was concerned that, the day after it secured the freezing order, Mr Cahill withdrew €30,000 from his bank account, counsel said.

A solicitor for Morrissey Oil phoned Mr Cahill last Friday informing him orders had been obtained against him during which conversation Mr Cahill told the solicitor to: “Go f*** yourself”, counsel said.

Mr Cahill said €26,000 of that €30,000 was to pay a mortgage debt and the remainder withdrawn was cash. He was unable to get lawyers to represent him because of the freezing orders, he added.

He asked the court for an adjournment to allow him get legal representation and said he wanted the matter dealt with “as soon as possible”, adding it was “stressful”.

The judge adjourned the matter, with the freezing orders continuing, to tomorrow allow Mr Cahill time to respond to the claim.

In the action, Morrissey Oil, based at Dublin Road, Kilkenny, and with operations in the US and United Kingdom, claims Mr Cahill, Cul Daire, Lissycasey, Co Clare, "abused his position" as director of the firm.

It claims Mr Cahill diverted money to various bank accounts, including one in his own name. These payments, the company alleges, are profits from transactions with legitimate fuel suppliers with which Morrissey Oil never previously traded. Those profits, less the usual fees and expenses, should have been paid into its bank accounts, it claims.

It further claims he entered into a deal with a US company, on behalf of Morrissey Oil, for product that was never delivered. It also alleges Mr Cahill had held out he was the president and managing director of the firm when that was not so.