Sean Dunne's Icelandic debts

Commenter FPL has pointed to a Wikileaks document I hadn’t seen before, and I believe has not received widespread attention. Full PDF (Dunne is on Page 128).

It includes this page, which refers to developer Sean Dunne’s liabilities to Icelandic bank Kaupthing. The bank was sort of like Ireland’s Anglo Irish. It was nationalised last year. The document is genuine, according to Wikileaks, Kaupthing initiated legal action against the website within 24 hours of the document’s release.


Dunne owes €84.1m through DCD Builders, the building firm he established in 1983, to Kaupthing. This appears to relate to the infamous Ballsbridge site, which currently operates as D4Hotels. The document says Ulster Bank is also owed €326.5m by Mr Dunne for the site.

The document also outlines that Mr Dunne paid $2.75m, with a loan from Kaupthing, for a 1/16th stake in a Gulfstream Jet, as part of the Netjets fractional ownership scheme. This was done via a company called Zaskari Ltd. Despite a range of internet searches, I have not been able to find anything out about Zaskari. See update below.

Netjets is owned by Warren Buffett’s Berkshire Hathaway.

His collateral and guarantees are outlined as follows:

Hotel sites: €520m
Overall LTV 62.8% plus a guarantee from Sean Dunne for €250m (76% of total syndicated facility)

DCD Builders LTV covenant 65%
Zaskari Ltd is guaranteed by Sean Dunne

DCD Builders is given a credit rating of B-, while Zaskari Ltd is given BB+

Risk Factors are outlined as:

The client is currently appealing a decision to refuse planning on two elements of the proposed redevelopment scheme. A final decision is expected within 12 months. It is anticipated that the bank will be asked to increase the facility to cover further interest roll up and pre-development costs.

The Kaupthing document dates from September 2008. Obviously since it was made, Mr Dunne’s efforts to get planning permission at Ballsbridge have failed. And he still owes money to Ulster Bank, and Kaupthing. The Independent reported on the loans back in February 2008.

A few questions arise.

What is Zaskari Ltd? Where is it based? Where does it operate? Who are the directors?
What is Ulster Bank’s current postion on the loans outstanding? (Parented by RBS)
Will this be NAMAd?


A helpful pinster pointed me in the direction of Zaskari. It is registered in the Isle of Man. Here is the most recent (and only) annual return.

Annual Return (PDF)

The Directors of Zaskari are:

Sean Dunne (Building Contractor)
Peter John Halpenny of Clontarf (Manager)
Ross Paul Connolly of Rush (Chartered Accountant)

Secretaries are:

Douglas Trustees Ltd
Ross Paul Connolly

Share capital is listed as £2,000 of £1 per share.

Peter Halpenny is director of property and development at Sean Dunne’s other company, Mountbrook Homes. Ross Connolly and Mr Halpenny are also directors of Mountbrook Riverside IV Ltd, the vehicle used to seek planning permission for the redevelopment at Ballsbridge.

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