BUSINESSMAN JIM Kennedy has undertaken before the High Court not to pay out any money from a €12.8 million arbitrator’s award made to his company following the rezoning of lands at Carrickmines in south Dublin.
The lands are at the centre of an action by the Criminal Assets Bureau (Cab) against Jackson Way Properties Ltd, of which Mr Kennedy is a director.
The Cab has alleged Jackson Way was unjustly enriched as a result of the rezoning but the case has been deferred pending the conclusion of separate criminal proceedings against Mr Kennedy and a number of councillors.
Mr Kennedy yesterday gave a sworn undertaking not to pay out, pending further order of the court, the money which was awarded by an arbitrator to Jackson Way Properties.
The award related to 20 acres of the original 108-acre Jackson Way site in Carrickmines that were compulsorily purchased by Dún Laoghaire Rathdown County Council for a motorway.
The undertaking, given by Mr Kennedy at the request of the Cab, applies pending further court order. Mr Justice Kevin Feeney was told Jackson Way is involved in separate proceedings with an adjoining landowner over a restrictive covenant on part of the Carrickmines lands.
Martin Hayden SC, for Jackson Way Properties, said that case is being dealt with by another judge and the money will become available to be paid out. Mr Kennedy’s undertaking means nothing can be done with the money until orders are made by Mr Justice Feeney.
The judge adjourned the matter to May 6th, when the court is to be updated about the separate criminal proceedings by the Cab against Mr Kennedy surrounding an allegation that he corruptly paid councillors to secure the rezoning of 17.6 acres of the Carrickmines lands.
A freezing order placed on the entire 108 acres in 2006 has been lifted, with the exception of the 17.6 acres which were actually rezoned in 1997 and are now valued at about €3.3 million. Agreement was reached last week between the Cab and Jackson Way that a larger tract south of the motorway that was never rezoned would no longer be part of the freezing order.
The €12.8 million award was made for the 20 acres taken for the motorway but the Cab claims that award would have been €4 million less if the adjoining 17.6 acres had not been rezoned.
Yesterday, Mr Kennedy told Mr Hayden he was a director of Jackson Way Properties and was happy to undertake that no money would be paid out by the company from the €12.8 million and that it would not deal in any manner with the award pending further order of the court.
Mr Justice Feeney also refused yesterday to order the Cab to reply to affidavits lodged by Jackson Way in its action claiming interference with justice by the bureau following the arrest of Mr Kennedy on October 19th last, just after he left court on the opening day of the Cab’s proceedings
The Cab had argued it would be “dangerous” to reply to the affidavits given that separate criminal proceedings are under way.