Three men were arrested and bailed
pending further enquiries into scandal-hit rental business Euro UK
The company, which was wound up at
the end of last year, was at the centre of a City of London Police
investigation as of May, in which it is believed the Garda, the
police force in the Republic of Ireland, were also involved.
The Garda refused to confirm
whether Euro UK Hire was the subject of an ongoing investigation
but said no arrests had been made in Ireland.
Euro UK Hire first came under fire
in 2009 after being accused of raising finance from Irish lenders
on machinery already owned by UK finance houses.
The Irish lenders themselves were
also being sued by a number of UK lessors and some of these claims
are still ongoing.
A source close to the case also
confirmed a second wave of claims had been made earlier this year,
which could be resolved by July.
It is also understood that leasing
company Hitachi Capital, which issued the initial winding up
petition against Euro UK Hire in September 2009, is now pursuing a
personal bankruptcy petition against Simon Mangan.
Mangan, an Irish businessman and
former director of Euro UK Hire, was said to have gone to ground in
is now believed to be instructing solicitors to act on his
Hitachi declined to comment.