Criminal Assets Bureau searches former home of Tom McFeely after cash discovery

Thursday 26 September 2013 22.13
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CAB officers have finished their two-day search of the property
CAB officers have finished their two-day search of the property
Developer Tom McFeely has denied that he has any hidden assets
Developer Tom McFeely has denied that he has any hidden assets

The Criminal Assets Bureau has completed a two-day search of the former Dublin home of developer Tom McFeely after €200,000 in cash was found there.

CAB officers found €60,000 in €50 notes yesterday after they were called to the Ailesbury Road property when a plumber discovered €140,000 last Friday.

Detectives searching the house found €60,000 cash hidden in the bathroom.

The €50 notes were rolled in elastic bands and stored in plastic bags.

No further cash or evidence of ownership was discovered today.

No one has come forward to claim the money, which has been lodged in a High Court assignee's account appointed after the former IRA hunger striker was declared bankrupt.

The house, Coolbawn, was once worth over €15m, but sold for around €3m earlier this year.

The developer built the Priory Hall apartments, where 180 families were forced to leave their homes two years ago after fire hazards were identified.

The blocks are now unoccupied and the residents remain in temporary accommodation.

Mr McFeely has admitted he owes over €200m, but told a court less than a year ago he had less than €1,200 in the bank.

A separate court action to have him jailed over an alleged unpaid debt is due to resume in two weeks.

Mr McFeely has already denied in court that he has any hidden assets and neither he nor anyone else has come forward to claim the €200,000.

He made a tax settlement with CAB for €8.5m seven years ago.

Taoiseach Enda Kenny was asked about the cash found at the Ailesbury Road house.

Speaking at the Ploughing Championships in Co Laois, he said: "I understand that an inch-by-inch survey or an investigation has been carried out both on this residence and on the grounds of the premises to see is there any more there.

"I think all of that smacks of what happened during the so-called [Celtic] Tiger years when you had profligacy and greed and money sloshing around in so many places, that this is further evidence of what happened.

"NAMA obviously have a clear interest in this and we'll see what transpires from the investigation that is currently under way."