John Magnier advisor denies being 'kept in the loop' about Tipperary land owners' tax affairs
A SENIOR ADVISOR to bloodstock billionaire John Magnier has denied that he was 'kept in the loop' regarding the tax affairs of the owners of a large tract of land in Tipperary that his boss wanted to buy.
Eddie Irwin, the financial advisor at the Coolmore Stud, which Magnier founded, rejected a description of him by counsel for Barne Estate, Martin Hayden SC, as Magnier's 'fixer' and 'right-hand man'.
He said Coolmore did not use 'catchphrases or fancy titles' but agreed with counsel that he would be called to work on projects if things went 'wrong'.
Irwin, who has 40 years' experience working with Magnier, was called in to aid in securing the Barne Estate deal, which the Magniers believed they had shaken hands on in August 2023 for €15m.
However, the Magnier side was ultimately gazumped by Irish-born, US-based construction magnate Maurice Regan, who offered €22.25m.
The case centres on Magnier's claim that Regan engaged in a 'full-frontal assault' on the claimed deal to buy the 751-acre tract and that Barne Estate reneged on the deal.
The Estate has been held for the benefit of Richard Thomson-Moore and others by a Jersey trust. At the High Court yesterday, Irwin said he met with the benefactor in September 2023 and contacted tax experts from KPMG after the family requested advice.
A KPMG tax expert met with the Thomson-Moore family later in the month as a 'favour' to Coolmore, who were large clients of KPMG.
Irwin did not attend that meeting, but allegedly sent a WhatsApp message to Magnier claiming that the Thomson-Moores were considering whether to retain the tax expert from KPMG, who was named in court.
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He added that the expert had informed the Thomson-Moore family of what approach he recommended. He denied making an 'off-the-record' remark that the expert would keep him 'in the loop' in return for introducing him to the family.
Irwin said that the wording of a WhatsApp message to Magnier, telling him 'off the record' about the family's intention to retain the man, was 'unfortunate' and that what he meant was for Magnier not to share the information.
Irwin told counsel that the named expert was an 'innocent, decent and honourable' man, who was being 'defamed' in the court as someone who would keep him 'in the loop' on private tax matters.
He said that he did have 'grave' concerns over the tax issue raised by the Thomson-Moore family at the time as it was just before the end of an exclusivity agreement and may not have been a genuine one.
Irwin said he sought legal advice following the expiration of the agreement, on 23 September 2023, after he claimed that Regan had contacted Magnier's son-in-law 'angry and abusive' over the handshake deal and said he would outbid the pact by €5m.
In early October 2023, with the exclusivity agreement now expired, the local estate agent involved in the sale told the Magniers that the Barne Estate had been subject to a €20m bid.
The Magnier side then upped their bid to €16m with a separate, additional offering of €500,000 to establish a trust for a member of the Thomson-Moore family. Irwin said he was told by the auctioneer that the Thomson-Moore's were happy to accept the offer.
But the Barne Estate solicitors never sent the contracts and the deal was never done.
The Magnier side has sued the Barne Estate, Thomson-Moore and three companies of IQEQ (Jersey) Ltd group, seeking to enforce the purported deal, which they say had been 'unequivocally' agreed.
The Barne defendants say there was never any such agreement, as they needed the consent of trustees to finalise any agreement, and subsequently they preferred to sell the estate to Regan, who is not a party to the case.
The case continues before Mr Justice Max Barrett next month.
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