The firm alleges Mr Munnelly made regular unauthorised payments, totalling about €395,000, from the company’s bank account to two credit cards unconnected with Coen Steel. It claims Mr Munnelly used his own “digipass”, along with that of another employee who left the business in 2009, to authorise the transfers.
Mr Munnelly had a contractual entitlement to a contribution amounting to 15 per cent of his annual salary, but he orchestrated payments well in excess of this and also unilaterally increased his salary, the firm alleges. It was clear the former employee has for years channelled company money for his own gain in a “wholly unauthorised fashion”, Mr Coen said.
Coen Steel now has 30 employees and will reach a turnover of about €46 million this year. However, Mr Coen said the company “certainly cannot forgo” the amounts allegedly siphoned by Mr Munnelly as it faces inflationary pressures and a likely industry slowdown next year. Coen Steel asked the court to grant a freezing or Mareva-type order against Mr Munnelly to temporarily restrain him from disposing of his assets below €1 million.