FAMILY OF WEXFORD COMPANY AWARDED 15 MILLION AFTER FALLING VICTIM TO FRAUD
The family behind a Wexford based transport company has been awarded 15 million euro by a Jersey Court after they fell victim to fraud.
The family behind Nolan Transport invested 15 million euro between 2005 and 2006 in 8 schemes presented to them by Gerard Walsh.
But the investments in an array of assets including German nursing homes, a ferry company, a TV production firm, and IT businesses were all destined to fail badly.
The court described Mr. Walsh as a “fraudster” and noted his own business empire collapsed in 2009.
The judgment in the Nolans’ favour has been secured against Jersey firm Minerva Trust, which was deemed liable for handling the administrative affairs of a complicated structure of companies known as the Buchanan Group, which was ultimately controlled by Mr Walsh.