2015-02-13 · Dublin
IBRC secures €16.2 million summary judgement against jailed businessman Breifne O'Brien
In a High Court hearing on 13 February 2015, the Irish Bank Resolution Corporation (IBRC) obtained a summary judgment for €16.2 million against Breifne O'Brien, a jailed businessman serving a seven‑year sentence for running a ponzi scheme. O'Brien, who represented himself, argued that he had no time to prepare and that a 2009 freezing order had prevented him from repaying loans. The judge, Mr Justice Kearns, rejected these defenses, stating they were "bald assertions" and that the freezing order did not impede repayment obligations. IBRC's claim also targeted O'Brien's father, Leo O'Brien, for unpaid loans from 2002, 2004, and 2006, which were used to purchase investment properties. The judgment was granted against O'Brien, while the claim against Leo O'Brien was adjourned to a later date. O'Brien had previously pleaded guilty to 14 counts of deception and theft involving about €8.5 million between 2003 and 2008.