€60m whiskey contract dispute between firms settled in Commercial Court
Dundalk-based wholesaler O'Malley Ireland Spirits Trading Ltd and its related distributor Nonto DAC had brought proceedings against Great Northern Distillery Ltd (GND) which operates a whiskey distillery in Dundalk.
Advertisement
O'Malley and Nonto claimed they purchased some €60 million in whiskey from GND for around five years.
GND, both directly and through third parties, operates several "bonded" warehouses which are regulated by Customs and Revenue and which store the product with excise duty suspended until such time as it exits the "bonded chain".
O'Malley and Noto sought court declarations including that it has title to whiskey purchased by O'Malley for the first three-quarters of 2024.
Ireland
Man (32) jailed after being caught with €400k of c...
Read More
They also sought a declaration that having paid in full for those periods that the defendant has no entitlement to exercise a €6.4 million lien over the whiskey for fourth quarter warehousing and transport costs.
They also sought an injunction directing the defendant to provide access to its warehouses for the purpose of taking possession of the
first three quarters' whiskey.
GND disputed the claims.
On Monday, the case was listed before Mr Justice Michael Twomey was told there was no appearances for the parties as the case had been settled and struck out.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
18 minutes ago
- Daily Mail
EXCLUSIVE Crystal Palace set to launch bombshell challenge to UEFA over contact with Nottingham Forest - over alleged DOUBLE STANDARDS being applied against them
Crystal Palace are expected to demand full disclosure of what they believe are bombshell emails and texts between UEFA and Nottingham Forest – which they believe could 'prove' double standards have been applied over their European demotion. Eagles officials are of the firm view that correspondence exists between the two potentially showing that Forest, unlike Palace, were allowed to extend the March 1 deadline to comply with UEFA's rules on multi-club ownership. To widespread outrage, FA Cup winners Palace were last week demoted from the Europa League to the Europa Conference because they had not taken action to solve issues related to former major shareholder John Textor and his ownership of the French club Lyon by March 1. However, they are convinced that Forest, who have been 'promoted' from the Conference League to take their slot, were given additional time by UEFA. Mail Sport understands that Palace, who will appeal the decision to the Court of Arbitration for Sport (CAS), will now demand UEFA hand over documents between themselves and Forest on the matter. The view would be that such documents, if they exist, should be presented to a CAS panel, and could potentially result in Palace's reinstatement to the Europa League. Eagles bosses also believe Forest have written to UEFA to express their expectation that Palace should be demoted. The development comes after it emerged that the European Club Association, which effectively runs European football with UEFA, had emailed its member sides to tell them that the March 1 deadline was not sacrosanct. In the email, the existence of which was first reported by the Telegraph, the ECA inform their clubs that UEFA would allow until May 31 for those at-risk to resolve any outstanding issues. Palace believe Hugo Hamon, Head of Finance Strategy and Operations at the ECA, advised those affected on how to set up a 'blind trust' to essentially navigate the rules. Palace say that the only communication from UEFA was sent to a generic email address, and that no reminders were provided. They are not a member of the ECA and so would not have received the additional guidance from the ECA about the deadline. While Forest are not an ECA member, Olympiakos, who are also owned by Evangelos Marinakis, are. It is also understood that UEFA sent communication around the deadline, which was brought forward for last season, to the correct email address but that it was not subsequently acted upon. In late April, beyond the original deadline, Marinakis diluted his control of Forest when it looked by both they and Olympiakos could qualify for the Champions League. As it transpired, such a move was not necessary as Forest faded to end the season in seventh. Textor's company, Eagle Football Holdings, held a 43 per cent stake in Palace, which at the time was more than any other entity. It also owns Lyon, who also qualified for the Europa League. Rules state that two clubs owned, to a certain threshold of influence, by the same person or entity cannot compete in the same competition. In this instance, because Lyon finished higher in their domestic league than Palace, they took the spot. They accused UEFA of being 'morally bankrupt' and called on them to overturn their ruling It is understood that all options, including legal action, remain on the table for Palace, who are currently digesting the written reasons for their demotion which was handed down by UEFA's Club Financial Control Body. CAS have the power to fast-track cases. The draw for the Conference League play-off round, at which stage Palace would enter, is on August 4. When Textor took his stake in Palace, he did not hold shares in any other club. He has now sold Eagle Football Holdings share in the club to US businessman Woody Johnson. Palace say he was never in a position of influence at Selhurst Park and that no intelligence was shared between Palace and any of the other clubs in the group. There is a hope that Palace chairman Steve Parish's relationship with UEFA president Aleksander Ceferin may come in handy. Parish flew to UEFA HQ to meet with Ceferin during the Super League crisis when many of Europe's top clubs attempted to set up a breakaway league. Both were united on that subject and Parish has previously expressed his admiration for how Ceferin handled the situation. The Football Association has written to UEFA to outline its support for Palace's case, while a group of Liberal Democrat MPs have asked culture secretary Lisa Nandy to intervene in what they have branded a 'disgraceful' decision by UEFA. Earlier this week, hundreds of Palace supporters marched to Selhurst Park in a protest organised by ultras fan group the Holmesdale Fanatics. They called the decision 'a terrible injustice for both our club and the game of football as a whole'.
Reuters
18 minutes ago
- Reuters
European shares end flat as markets assess earnings flurry
July 18 (Reuters) - European shares were unchanged on Friday, as losses in heavyweight healthcare shares were countered by an advance in oil and gas stocks, closing out a busy week filled with corporate earnings from around the continent. The pan-European STOXX 600 index (.STOXX), opens new tab held steady at 547 points, clocking marginal weekly losses. Regional bourses were mixed with Germany's benchmark DAX (.GDAXI), opens new tab dropping 0.3%, while the UK's blue-chip FTSE 100 (.FTSE), opens new tab gained 0.2%. With corporate earnings gaining steam, investors are closely examining corporate guidance to see how firms are adjusting to the shifting U.S. tariff policy, ahead of the August 1 trade deadline. "Earnings misses in Europe are being punished by more than history would suggest, pointing to greater scrutiny after a remarkable rally year-to-date," said Laura Cooper, head of macro credit and investment strategist at Nuveen. "How corporates are navigating tariff uncertainty, potentially weaker demand, and supply chain dynamics will be in focus, though a message of past-peak tariff enthusiasm could prop up sentiment and drive greater upside." On Friday, Swedish mining equipment maker Epiroc ( opens new tab dropped 9.2% after its second quarter results missed market expectations. Atlas Copco ( opens new tab also fell 7.8% after the Swedish industrial group reported second-quarter adjusted operating profit below market expectations and a decline in orders. There were bright earnings as well, with Saab ( opens new tab jumping 16.4% after posting higher-than-expected second-quarter earnings and raising its sales outlook. Getinge ( opens new tab added 6% after the Swedish medical equipment maker reported second-quarter core earnings above market expectations. Industrials (.SXNP), opens new tab was the best performing STOXX sub-sector this week, while automobiles (.SXAP), opens new tab was the laggard this week. On Friday, healthcare stocks (.SXDP), opens new tab were the top losers with British drugmaker GSK (GSK.L), opens new tab down 4.6% after a U.S. FDA advisory panel recommended against approving its blood cancer drug Blenrep due to concerns over side effects. Helping offset some losses, oil and gas shares (.SXEP), opens new tab added 0.6% and food and beverages (.SX3P), opens new tab advanced 0.8%. Among other moving stocks, Danish wind turbine maker Vestas ( opens new tab jumped 15% after J.P. Morgan upgraded its rating to "overweight" from "neutral". Iveco ( opens new tab climbed 8.3% after a Reuters report that Italy's Agnelli family is in talks over the possible sale of the truck maker with two mentioning Tata Motors ( opens new tab as a potential buyer. Swedish home appliances maker Electrolux ( opens new tab slumped 14.3% after poor second-quarter performance in Europe and India's Reliance Industries ( opens new tab said its retail unit acquired home appliance maker Kelvinator from Electrolux.
Telegraph
18 minutes ago
- Telegraph
Revealed: The true cost of watching the BBC
The cost of watching the BBC has shot up by three-quarters in the last decade, Telegraph analysis has found. Licence fee income in England rose to just over £3.2bn over the 2024/25 financial year, thanks to an increase in the standard rate to £169.50 per household. It has since been raised further to £174.50. While this also funds the BBC's radio output and online journalism, the majority of total spending nationwide was on television production, to the tune of just under £1.4bn – up 12.4 per cent on 2023/24. Dividing this total by the 30-million-odd consistent weekly viewers aged over 16 in the country, and again by the time these people spend in front of the television or iPlayer, the cost works out to 14p per hour. Wind the clock back to the year of the Brexit vote – when the corporation's reach was up at 82 per cent – and the comparable figure was just 8p. That equates to a 73 per cent increase in nine years. Even when adjusting television spending for inflation, the change remains a significant 29 per cent. A record low of 63 per cent of adults in England regularly tuned in to BBC television channels over the past year, translating to an estimated loss of some 6.5 million viewers over the past nine years. The average time spent watching its programming in a given week also plummeted from just over eight and a half hours to below six and a half. The dismal audience figures come from the same annual report that this week revealed the bumper pay rises handed out to the public broadcaster's leading talent, with Laura Kuenssberg and Nick Robinson pocketing an extra £70,000 and £65,000 in 2024/25, respectively. The dwindling reach comes amid a storm of controversy for the corporation. On Monday, the internal review into Gaza: How to Survive a Warzone – which featured a young narrator who was the son of a Hamas official – concluded that it had breached the BBC's editorial guidelines. Tim Davie, the BBC director-general, said the report had identified a ' significant failing in relation to accuracy '. MasterChef, the broadcaster's flagship cooking competition programme, has also lost both of its lead presenters over the past fortnight. Gregg Wallace has been banned from the BBC after claims of inappropriate behaviour, while John Torode's time with the show has ended following an allegation that he used an ' extremely offensive racist term '. The spotlight has also been trained on the salaries of the BBC's stars. The broadcaster's disclosure of the pay bands for the 67 presenters and journalists earning over £178,000 during the year was once again topped by Gary Lineker. His £1,350,000 to £1,354,999 earnings alone are equivalent to one per cent of television spending in England. You can use our calculator below to see how much value-for-money you are getting from the taxpayer-funded media giant based on your viewing and listening habits – and how the licence fee might change if just these areas were accounted for. Meanwhile, more people than ever are turning elsewhere for their news and entertainment. Barb, the industry's ratings and audience measurement organisation, found that 67.5 per cent of UK homes had access to at least one subscription service in the first three months of 2025. A BBC spokesman said: 'These figures are misleading. Our audited figures show that the average cost of each hour of BBC content consumed by audiences across the UK has risen in line with inflation since the start of the current charter. 'Our audiences are at the heart of everything we do, so we are prioritising high-impact content to deliver maximum value for licence fee payers. 'Digital consumption of BBC content has significantly increased this year, with nearly 10 per cent more requests on BBC iPlayer and total time viewing the platform rising to 4.5 billion hours.'
