2023-02-16 · Dublin
€56m in investor assets improperly transferred, CHC trial hears
During the 13th day of the Dublin Circuit Criminal Court trial, High Court inspectors' 2011 report was presented, showing that €56 million of investor assets at Custom House Capital (CHC) were improperly transferred and used to finance property deals. The inspectors, appointed after a Central Bank complaint, found the assets—including cash and liquid equity—misappropriated to syndicate property interests or other CHC business aspects. Internal emails from 2009, involving CEO Harry Cassidy and director John Mulholland, were shown, revealing discussions about funding property deals and limiting disclosure to senior portfolio manager Ciara Kelleher (51). Kelleher pleaded not guilty to conspiring to defraud investors between October 2008 and July 2011. The trial, presided over by Judge Orla Crowe, continues with the jury hearing these findings.