Lawyers for Mr John Finnegan say they have dramatic new evidence which shows the auctioneer did invest in the purchase of land with builders Brennan and McGowan.
The tribunal had earlier heard Mr Finnegan was paid £300,000 offshore for three land transactions in 1978, even though he had no beneficial interest or investment in the partnership arrangement with Brennan and McGowan. Tribunal lawyers say they have received no adequate explanation for this.
Yesterday, Mr Dominick Hussey SC, for Mr Finnegan, said he had just received his client's bank statements for the relevant period. These appeared to show that his client had, after all, invested in the purchase of the lands.
Mr Justice Flood said an order against Mr Finnegan to produce all documents had been made some months ago. He instructed counsel to furnish all documentation to the tribunal by Monday.
During questioning of Mr Joe McGowan, it emerged that the value of one of the properties, at Newtownpark Avenue in Blackrock, increased sixfold within two months.
Ms Patricia Dillon SC, for the tribunal, said Arippe Investments, a Jersey company owned by Brennan and McGowan and Mr Finnegan, bought the land for £100,000 in September 1978. Mr Finnegan acted for the vendor, Mr Maguire. In November 1978, it was sold on to a Brennan and McGowan company, Lansdowne Construction, for £672,000. The difference after expenses was sent to Jersey and shared out equally between the three men.
Ms Dillon asked the witness why the value of the land had increased so much in under two months. Who had decided the figure of £672,000 paid by Lansdowne?
Mr McGowan said this was the "structure" put in place by his financial and legal advisers.
Mr Finnegan was also a director of one of the companies selling land at Tritonville Road in Sandymount, and shared the proceeds of the sale with the two builders. The land was bought for £103,000 and sold on the same day for £220,000.
