He owes up to €370million to IBRC (formely Anglo) and the Bank of Scotland (Ireland).
Yesterday London’s Royal Court of Justice heard how, after paying off some debt, McKillen had €50million (£40million) left over last year. The money was made from property sales.
But he never told IBRC about the money at his disposal.
Under cross-examination yesterday, a barrister asked McKillen: “Surely, as their best client, you would want to tell them about the £40 million?”
McKillen:“And give them all our cash?”
McKillen:” No, that is not the way business works, I am sorry. Sorry about that.”
It was also put to McKillen, who failed in his bid to have this part of his case heard in private, that he didn’t want the Irish taxpayer to know that he had assets which could be sold to pay off his bank debt.
McKillen said that assumption was nonsense and said his relationship with IBRC Chief Executive Mike Aynsley is excellent.
In March, at the same London court, where McKillen is trying to reverse NAMA’s sale of €790 million in loans associated with the Maybourne Hotel Group to his rivals 77-year-old twins David and Frederick Barclay in September 2011, heard how Aynsely sent a reassuring text to McKillen on January 27 of this year.
The text said IBRC would not be selling the debt secured on McKillen’s 36 per cent stake in the Maybourne Hotels to the twins.
It read: “BB [Barclay Brothers] have now been told that the bank has chosen a path to work consensually with you rather than to deal with them. I understand they are not happy!”
Aynsely then sent a second text minutes later, saying: “Please keep that confidential as I can’t have board positions like this leaking out!”
McKillen also told the court in March that IBRC chairman, former Fine Gael leader Alan Dukes, had assured him IBRC would continue to support him as “a client of 25 years” on the basis he had the “best performing loans in the bank”.
(Mark Stedman/Photocall Ireland)