A BUSINESSMAN being sued by investors who claim they were misled over a property purchase in the Ukraine was yesterday given three weeks to provide a new defence or face judgment against him for more than €7.6 million.
Peter Haydon, Rocklodge House, Killiney, Dublin, was told by Mr Justice Peter Kelly if he does not come up with an amended defence to the claims against him within that time, the Commercial Court would have to enter a judgment requiring him to pay the money.
Some 55 individuals and a company, Quotomas Investments Ltd, have brought proceedings against Mr Haydon and his company, Haydon (Private Clients) Ltd, trading as Haydon Investments Company (HIC), and Aidan Corless, of Kinvara, Westminster Road, Foxrock, Dublin. The investors are seeking the return of between €7 million and €8 million given to acquire a development property in Kiev.
They claim €5.2 million of the money was misused in a manner intended to give the defendants additional profits unknown to the investors and that ultimately defective title was acquired to the property concerned.
The court heard yesterday Mr Haydon is now representing himself and he asked the court for further time to meet the investors’ case because he had to travel to Kiev to deal with court cases there over this matter.
The investors brought a number of applications yesterday before Mr Justice Kelly.
He warned Mr Haydon the proceedings were a serious matter involving substantial sums which may have implications beyond the civil law.
Earlier Jarlath Ryan counsel for most of the investors, said the case was urgent. This was a serious case of not just negligence but which may go to issues of fraud and concealment, counsel said.