A forestry investment firm ,which is under Garda investigation amid concerns it may have been a pyramid scheme, is to be wound up, the High Court has heard.
Arden Forestry Management, an Irish registered company, had raised €4 million from 132 UK investors and the funds were to be used to buy forestry in Ireland. Only €200,000 of that money was spent on forestry, the court was previously told.
The court last month granted freezing orders over the company’s funds as well as appointing Declan DeLacy provisional liquidator.
On Friday, Brian Conroy, for Mr DeLacy, told Mr Justice Tony O’Connor his client had been appointed full liquidator earlier this week.
Transfer of funds
An order has also been made transferring €600,000 held in a bank account of a Dubai company, GTD International, to the liquidator. This should be completed in the coming days, counsel said.
Mr Conroy said he wanted to vary the earlier order so that shares held by two Arden directors in that Dubai firm should also be transferred to the liquidated company. When that happened, these particular proceedings might no longer trouble the court, he said.
Lawyers for the directors consented to the application before the court.
Mr Justice O’Connor said the orders granted earlier should continue and could be varied to allow for transfer of the shares. He has adjourned the matter for two weeks.
