Disneyland dream turns to nightmare for investors

Date Published: 20-Aug-2009

A MULTI-MILLION euro investment beside Disneyworld in Florida – planned and organised in Connemara – has turned into a legal nightmare, with a number of local investors fearing massive losses and facing a costly court action to recover any of their cash.

None of the planned work on 100 villas beside Disneyworld has been carried out by the American-based businessman with whom the Clifden syndicate linked up.

They have now taken court action against the businessman Shammand Maharaj – otherwise known as Sham Marahaj – in order to try and get their investment back. That case is expected to come before the courts in Florida next month.

The main shareholder in the syndicate was the late John Cusack, a well known builder and developer in the Midlands who invested about €7.5m. But a group from the west Connemara area also invested substantial amounts – well over a €1m per individual in some cases.

Those who are known to have been involved in the €15m investment include Kevin Barry, an accountant in Clifden; Declan Maher, a bank manager in Clifden; Brian Hughes, a Clifden hotelier and businessman, and businessman and former county councillor Josie Conneely from Ballyconneely. Joseph Glynn, who formerly lived in Ballyconneely and is now resident in east Galway, was also an investor. It is understood that another person from Connemara was also an investor as were individuals from Roscommon and Clare and a bank official from Galway city.

The money invested in Ireland was…