Musician Jim Corr to face court hearing over €4m cash deposit

Monday 24 June 2013 22.23
Jim Corr will return to the Commercial Court next week
Jim Corr will return to the Commercial Court next week

Musician Jim Corr will be asked to explain what has happened to €4 million in cash he once had on deposit in Irish and US banks.

Lawyers for ACC Bank told the Commercial Court there was "no explanation" for where the money had gone.

Mr Corr returns to the Commercial Court next Wednesday to resume answering questions by ACC Bank about his finances.

The case is part of efforts by the bank to recover €1.4 million in property loans borrowed by Mr Corr and others.

At the Commercial Court this afternoon, ACC Bank sought orders for Mr Corr to hand over records relating to the proceeds of sale from a number of his properties.

These orders were made on consent as he had already agreed to provide the information, the court was told.

However, Mr Justice Peter Kelly said it was regrettable that the application had to be made as Mr Corr had been aware for some time the bank wanted the information.

He had also given undertakings to provide it "weeks and weeks ago," the judge said.

Mr Justice Kelly did not order Mr Corr to produce documentary evidence of what had happened to €4 million in cash, but said he could expect to be questioned about it when he comes before the court next week.

"There have been financial advisers in place and it is perfectly clear the bank wanted the information since last February.

"He will be asked questions about it and ought to be in a position to respond, given he has had advisers in place. It would be very much in his interest if he does have documentation, to produce that too," the judge said.

He did not rule out the prospect of the bank seeking another order in future for documentary records of what happened to the money

Counsel for Mr Corr had argued the discovery orders sought by the bank in relation to the €4 million "went way beyond" what was originally agreed and it was not possible to comply with requests for such information before next week.

Counsel for the bank Bernard Dunleavy said Mr Corr had complained of the breadth of the records wanted by the bank, but he said "at the heart of it is €4 million worth of cash with no explanation" as to where it had gone.