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Row over property company comes before Commercial Court Shareholder claims board had been acting in oppressive manner
Mon, May 17, 2021, 19:00 Aodhan O Faolain
A dispute involving a minority shareholder and the directors of a company with significant stakes in commercial property at Dublin Citywest Campus has been admitted to the fast-track Commercial Court.
The action concerns Oviedo Ltd, whose business includes the management of a substantial commercial and residential property development at Citywest.
Swiss-registered Fulman Holdings Sarl, which owns 33.6 per cent of Oviedo, claims the board of Oviedo has been acting in an oppressive manner and in disregard of its shareholders’ rights and interests.
âIt is also astonishing that the board failed to take independent advice in circumstances where it tabled a plan to allow the senior executive in the company to receive preferential distribution of some of the companyâs major assets and where it would appear the board was unfamiliar with the development potential of the assets. This contravenes the most basic principles of proper corporate governance.â
While Fulman âsuccessfully opposedâ the March 2018 plan, Mr Hickey and the property groupâs managing director, Hugh Lynn, âwith the co-operation of the others of the board have blocked every attemptâ by Fulman to get information about the assets.