Connective says it transferred its shares on the basis that Energia would pay it €3.5 million, in two payments, the first being €500,000, which was paid. The second was to be €3 million once the project received certification on completion.
It remains incomplete and Energia now intends to sell the company without completing it, Connective says. Karol McElhinney, a director of Connective, said in an affidavit that it appears from Energia’s most recent accounts that it has invested €24 million in Huntstown and will now try to recover all or part of its investment.