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Bank seeking 3m euro from Lennon Bank seeking 3m euro from Lennon
(about 3 hours later)
Glasgow Celtic manager Neil Lennon is being pursued for a 3m euro guarantee he allegedly signed for a loan to a company of which he was a director. Glasgow Celtic manager Neil Lennon is being pursued for a 3m euros personal guarantee relating to a loan made to a company of which he was a director.
The Irish Times said the Bank of Ireland admitted it lost the guarantee.The Irish Times said the Bank of Ireland admitted it lost the guarantee.
The bank claims it can provide evidence that the former NI midfielder signed it at Dublin airport in February 2006. However, the bank claims it can provide evidence that the former Northern Ireland midfielder signed it at Dublin airport in February 2006.
The bank claimed Mr Lennon was in Ireland on 24 February 2006 as he had a weekend free from club commitments.The bank claimed Mr Lennon was in Ireland on 24 February 2006 as he had a weekend free from club commitments.
Celtic, for whom he then played, had been knocked out of the Scottish Cup.Celtic, for whom he then played, had been knocked out of the Scottish Cup.
Colm McHugh, a senior business manager at the Dundalk branch of the Bank of Ireland (BOI) said Mr Lennon arrived at the airport carrying golf clubs and signed the guarantee form for Rocket Developments Limited at the BOI branch at the airport.Colm McHugh, a senior business manager at the Dundalk branch of the Bank of Ireland (BOI) said Mr Lennon arrived at the airport carrying golf clubs and signed the guarantee form for Rocket Developments Limited at the BOI branch at the airport.
Mr McHugh told the Commercial Court in Dublin that he had advised Mr Lennon the guarantee meant the bank was entitled to call on him personally to repay the money.Mr McHugh told the Commercial Court in Dublin that he had advised Mr Lennon the guarantee meant the bank was entitled to call on him personally to repay the money.
The business manager also claims Mr Lennon told him he anticipated planning permission would be obtained by Rocket for about 60 houses it intended to develop in the Irish Republic, that 50 per cent of the sites would be sold to clear the debt to the bank, and the rest of the site would either be developed or sold at an expected profit of some 3m euros.The business manager also claims Mr Lennon told him he anticipated planning permission would be obtained by Rocket for about 60 houses it intended to develop in the Irish Republic, that 50 per cent of the sites would be sold to clear the debt to the bank, and the rest of the site would either be developed or sold at an expected profit of some 3m euros.
SearchesSearches
BOI claims the loan and interest were to be cleared in full within a 12 month period from the sale of sites on the land.BOI claims the loan and interest were to be cleared in full within a 12 month period from the sale of sites on the land.
The bank claims Mr Lennon had on 27 February 2006, brought the signed personal guarantee to the branch in Dundalk where it was placed on an official's desk.The bank claims Mr Lennon had on 27 February 2006, brought the signed personal guarantee to the branch in Dundalk where it was placed on an official's desk.
It was discovered later in 2006 that the guarantee had been lost, and extensive searches failed to locate it.It was discovered later in 2006 that the guarantee had been lost, and extensive searches failed to locate it.
The bank claims that Mr Lennon was informed in later 2006 about the guarantee being mislaid but had refused to sign another copy.The bank claims that Mr Lennon was informed in later 2006 about the guarantee being mislaid but had refused to sign another copy.
It alleges it is entitled to have the guarantee satisfied on oral evidence from the officials allegedly present when the guarantee was allegedly signed by Mr Lennon.It alleges it is entitled to have the guarantee satisfied on oral evidence from the officials allegedly present when the guarantee was allegedly signed by Mr Lennon.
The bank claims Rocket Developments defaulted on its loan obligations and owes some 3.7m euros inclusive of principal and interest. Mr Lennon is liable for 3.07m euros of that sum under his alleged guarantee, it is claimed. The bank claims Rocket Developments defaulted on its loan obligations following the Irish property crash and owes some 3.7m euros inclusive of principal and interest.
Mr Lennon is liable for 3.07m euros of that sum under his alleged guarantee, it is claimed.