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Seen & Heard: AIB takes court action against Harcourt

Clarion hotel in Limerick is sold; group of former Tullow Oil directors prepares takeover bid for Petroceltic’s assets

The 17-storey Clarion hotel in Limerick, the tallest hotel in the country, has been bought for more than €7.5 million, according to the Sunday Times.
Sun Jan 31 2016 - 18:51

According to the Sunday Business Post AIB is taking a High Court action against Harcourt Developments, the property company controlled by Pat Doherty. , The bank is seeking summary judgement against the firm. The amount of money being pursued by the bank is unknown and both parties declined to comment.

Harcourt is best known as the developer behind the Titanic Quarter in Belfast.

Elsewhere in the Post is is reported that technology form Movidius is on course to double its workforce after securing deals with a number of US firms, including Google. Google is to use Movidius-produced chips and software. Last April the company raised $40 million in new funding.

According to the Sunday Independent a group of former Tullow Oil directors is preparing a takeover bid for Petroceltic's assets.

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T5 Oil & Gas, a vehicle set up by the Tullow veterans, has run the rule over Petroceltic’s Egyptian production sources, according to industry sources.

According to the Independent any T5 bid would require significant fund-raising, with the purchase price of the assets likely to run into tens of millions of euro.

The Independent also reports that the former boss of Treasury Holdings, Richard Barrett, has called for the appointment of an senior official to to tackle Ireland’s social housing crisis. Mr Barrett says that up to 150,000 households will need to accommodated over the next five years and that the majority of new homes will have to be built with private funding.

The 17-storey Clarion hotel in Limerick, the tallest hotel in the country, has been bought for more than €7.5 million, according to the Sunday Times. A property fund launched by Austrian investor Thomas Roeggla is behind the bid, the paper says.

Mr Roeggla’s Strategic Capital Investment Fund, which is managed by Davy, has also paid about €4.5 million for the Diamond Coast Hotel in Enniscrone , County Sligo.

The Time also writes that the special liquidators to the IBRC have launched a review of interest charges on customer accounts after a potential issue arose in legal proceedings. The paper reports that the liquidators have written to some customers of the former Anglo Irish Bank and Irish Nationwide to inform them of the review.