AIB 'caught in the middle' of investment dispute
AIB has been described as "caught in the middle" of a legal dispute between well-known Dublin developer David Agar and his former Westmeath business partner George Tracey.
The row revolves around a return on a €1m investment in a Japanese property fund run by the bank.
In a recent affidavit, David Agar said he loaned George Tracey – a close friend and longstanding business partner – more than €500,000 in 2007 to invest in AIB's Alpha Japan Fund.
He claims it was an informal arrangment but that Tracey, a best man at his wedding and a godfather to one of his children, still has not discharged the loan.
Last month, the developer secured a High Court order restraining AIB from paying out a return on the investment of €62,000 to Mr Tracey.
Mr Agar claims he is the true owner of the stock which is registered in his former partner's name, but this is disputed.
The order remains in place and as the case returned to court today lawyers for AIB indicated they would be happy for it to continue in force, rather than risk having to make a double payment.
