On Wednesday, Mr Justice Brian Cregan granted lawyers for San Leon a short-term order freezing up to €50m in assets owned by Tri Ri. The judge also granted a short-term order restraining Tri Ri from selling its 419,000 shares in Palantir.

On Friday, Brian Kennedy — appearing with John Lavelle for Tri Ri and instructed by Arthur Cox — said that while his client did consider an investment in San Leon, “that was on the basis of certain representations which have turned out to be untrue”. 

Mr Kennedy said they would deal with the allegations in replying affidavits.

Claim of threats

Mr Kennedy, who also appeared for Tri Ri director Shan Ahamad Ali and chief investment officer Asad Ali, said the two men strongly refuted San Leon chief executive Oisín Fanning’s claim that they made certain threats against him.

Mr Kennedy said he had “very significant” jurisdictional concerns, arguing Shan Ahmad Ali and Asad Ali are not “appropriate parties to these proceedings”. Both men live outside the State.

Mr Justice Brian Cregan clarified that the interim orders he granted are against Tri Ri — not the other two co-defendants.

Gary McCarthy, appearing with Damien Harmon for San Leon and instructed by Turner solicitors, said that if there was proof before the court that the assets at the centre of the proceedings are in the possession of Tri Ri, he “may take a certain view” on proceedings against Shan Ahmad Ali and Asad Ali.

“I may not need to go against the other defendants, despite the fact that we believe that they’re involved in these transactions,” Mr McCarthy said.

He added he would have concerns if it turned out the assets in question are not in the name of the company.

Mr Justice Cregan adjourned the case to next month to allow for the filing of affidavits.