The heads of terms provided, among other things, that Mr Ward would procure the acquisition of certain shares owned directly or indirectly by his sisters for a total of €31.5 million.
The parties agreed to use their best endeavours to ensure all sums paid to the sisters would be structured in a tax-efficient way. The full €25 million tranche was not paid on time, though Mr Ward later lodged €12.5 million into Ms Kennedy’s bank account and €6 million to Ms O’Riordan’s account. They also complained this represented “a significant risk” that they would have to pay income tax on a large portion of the money, rather than capital gains tax which, at 33 per cent, was considerably lower.The High Court, following a hearing in March 2022, granted summary judgment to each of the plaintiffs for €14.5 million against Mr Ward, which represented the €29 million that would have been due to be paid by March 2022 .
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Source: IrishTimesSport - 🏆 2. / 99 Read more »