Richie Conor has more problems outside football

[Declan]

Cowen's ex-running mate admits 'secret profits'
 
National News Home

Friday February 20 2009

A former running mate of the Taoiseach, Brian Cowen, and his business partner, former Offaly GAA football manager Richard Connor, have admitted making "secret profits" to the tune of €3.5m from a number of land deals.

Mr Justice Peter Kelly has deferred making a judgment until Monday against Gerard Killally and Richard Connor, but has directed that they not reduce their assets to below €8m.

Three businessmen - Adrian Daly, Tullamore; Declan Guing, Edenderry; and Frank Lawlor, Edenderry - took the action over partnerships formed between various combinations of the sides to carry out land deals.

It was claimed that Killally, who has since resigned as a councillor, and Connor acted as negotiators and agents for the partnerships and made secret profits from deals not disclosed to the relevant partners.

The two men had denied all the claims against them in what Mr Justice Kelly described as a "stalling type defence", but today they informed the court that they had behaved dishonestly and engaged in secret profit-making in at least two transactions to the tune of €3.5m.

The judge said they had behaved in an unconscionable manner.

He said it was extraordinary that Mr Killally maintained he was legally advised to conceal the secret profits from other partners and he took into account that Connor had been more straightforward in his admissions, saying he concealed the profits.

He has ordered them not to reduce the value of their assets below €8m and will make judgment against them on Monday.