Michael 'Lionella Boscardi' Cowan’s retirement fund frozen

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

The High Court froze a retirement fund belonging to film producer Michael 'Lionella Boscardi' Cowan, who was being investigated by UK authorities over his alleged role in a fraud. The proceedings were reported on 26 October 2018.

The fund, held by Irish-registered Hansard Europe DAC, was valued at £167,000 (€188,000). Ms Justice Carmel Stewart granted an application to recognise a freezing order made by a London court in 2017.

It was claimed that Cowan paid £500 in monthly premiums into the policy from accounts that had allegedly received film investors’ funds. It was accepted that the policy began before the alleged fraud is believed to have started.

The judge heard that UK authorities were investigating claims that Cowan and others allegedly defrauded about 246 people of £11.2 million and laundered the funds between 2012 and 2016. Cowan denied wrongdoing, said he had previously raised money for successful film projects and blamed another individual entirely for any wrongdoing.