dissolved | 

Former socialite Marcus Sweeney’s firm to be struck off

CAB also alleged Mr Sweeney had associations with other known criminals in Ireland and abroad

Patrick O’Connell

Today at 12:16

Two companies at the centre of former socialite Marcus Sweeney’s battle with the Criminal Assets Bureau (CAB) have been listed for strike off by the Companies Registration Office.

Evergreen Wealth Management (EWM) Property Holdings Ltd was formally placed on the strike off list on January 10, while Evergreen Wealth Management Ltd — formerly Smart Shark Investments Ltd — was listed for strike off on November 21.

Sweeney and Evergreen had 56 days from the dates of being listed for strike off before the companies are officially dissolved and their remaining assets forfeited to the State.

In March 2023, Sweeney, who was described by a High Court judge as being “up to his oxters” in organised crime, and EWM agreed to hand over lands in Co Meath as settlement in a case brought against him by CAB.

The court was told EWM was consenting to an order, under the Proceeds of Crime Act, for the Bureau’s receiver to take possession of the site.

The ten-acre site, which was bought by EWM for €102,000 was subsequently auctioned off by CAB with a guide price of €150,000.

CAB alleged EWM purchased the land using, in part, cash from unknown sources, another investment company and from an innocent investor.

Mr Justice Alexander Owens said the firm appeared to be involved in what he described as a “highly dubious investment scheme”.

Money given by investors was used for a different purpose, meaning the property was purchased with the proceeds of crime, he said.

CAB alleged that Sweeney was the director and founder of EWM and Evergreen Wealth Management Limited, the latter of which accepted €721,000 worth of cash lodgements from unknown sources between 2014 and 2020.

The court heard claims that a convicted heroin dealer, who cannot be named as he is before the courts on serious charges, invested in Evergreen in 2015 through his car company. He was not a part of CAB’s proceedings against EWM.

The Bureau also alleged Mr Sweeney had associations with other known criminals in Ireland and abroad.

CAB alleged Sweeney had been seen by gardai at a meeting in Dublin in the company of two men who were later arrested in possession of nearly €1m worth of heroin.

UK drug dealer Kuldip Singh and Turkish heroin smuggler Ali Adnan Duran were arrested following the meeting after gardai raided their B&B room in Saggart.

Sweeney was also arrested but was later released without charge.

The former socialite subsequently denied knowing that the pair were involved in the heroin trade and said that the idea “scared the s**t out of me”.

In an interview with the Sunday Independent given after Judge Owen’s ruling, he also denied acting as a “go-between” who helped criminals with money laundering.

Speaking about his relationship with the convicted heroin dealer who invested in EWM, Sweeney said the gang leader “believed in me and supported me” when he set up Evergreen Wealth Management Limited.