Mr Bailey and his brother Michael, who set up Bovale Developments, figured centrally in the 1990s planning tribunal although adverse findings against them were later removed from the tribunal’s report. They were also disqualified from acting as company directors for seven years in 2013 over their management of Bovale.
He said the Moygaddy lands were originally to have been acquired by the Glenvela Partnership, comprising Utmost PanEurope DAC and Glenvela Jersey, which in 2015 had purchased various assets previously owned by the Bailey brothers. Those assets had gone into Nama following the economic crash and Nama had consented to sell them to Glenvela.
Mr Bailey, he said, then identified the Moygaddy, Maynooth, lands for potential development. These were originally to be acquired by Glenvela but, in order to comply with pension cap restrictions and enable the Bailey family benefit in a tax efficient manner, the Culcommon Trust was established by the Glenvela Partnership to acquire the lands.