Courts / Ireland / Report
Freezing order on Dubai account linked to Irish forestry firm
Summary
The High Court granted a freezing order on a Dubai bank account belonging to GTD International, a UAE‑registered firm linked to Arden Forestry Management, an Irish‑registered forestry investment company under investigation by Gardaí. The order was sought by Mr Declan De Lacy, the provisional liquidator of Arden, who feared that the funds could be dissipated. Arden had raised €4 million from UK investors to buy forestry in Ireland, but only €200 000 was spent on forestry; the remainder was transferred to GTD International. Mr De Lacy argued that the company had the hallmarks of a Ponzi scheme and that some of the transferred funds, estimated at €1.5 million, had already been dissipated. The High Court, on an ex‑parte basis, made the order returnable next week. The freezing follows a Garda investigation and a prior blocking order on Arden's main AIB account, which has left the company unable to operate.
Who, what, where, when and why
What: Report matter: Freezing order on Dubai account linked to Irish forestry firm. Procedural stage: hearing_or_decision
When:
- 2016-11-04 Publication
Places mentioned
- The High Court
Topics
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