U2’S Adam Clayton sues former accountant for EUR 10m in losses on investments in Ireland and Romania


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U2’S Adam Clayton has sued his former accountant for more than EUR 10m in losses on a string of risky property and other investments in Ireland and Romania, irishmirror.ie reports.
The supergroup’s bassist claims he relied on Gaby Smyth as his accountant between 2001 and 2010 and for financial and investment advice.
Mr Smyth negligently and in breach of duty advised him to enter high-risk investments when the musician did not want to do so, he claims.
Mr Smyth, of Wyvern, Killiney, Co Dublin, denies negligence or acting as Mr Clayton’s financial and investment adviser as alleged. He says he acted as the musician’s personal accountant and tax agent and Mr Clayton’s former personal assistant, Carol Hawkins, prepared his financial reports. He sometimes gave his opinion on investments either entered into or contemplated by Mr Clayton, Mr Smyth also says.
Mr Clayton’s first case, initiated in 2011, involves a claim for EUR 4.2m losses allegedly suffered by Mr Clayton after he, allegedly on the advice of Mr Smyth, invested in two funds.
In the second case, initiated in 2013, Mr Clayton claims Mr Smyth has a liability for some EUR 5.37m losses after he invested in the Timisorara Partnership in Romania; for EUR 1.05m losses arising from his 2008 investment in a European Hotel Consortium in Belgium: and for some EUR 270,000 arising from his investment in a pharmaceutical company. He is also claiming damages on grounds including negligence and breach of contract.
The President of the High Court, Mr Justice Nicholas Kearns, remarked Mr Clayton was not the first performer in the music business who would not have total knowledge about investments made on his behalf.
In an affidavit, Mr Smyth said he provided as much information as he could concerning the investments at issue. He could not get some documents from banks and investment houses and also understood Ms Hawkins had destroyed a significant amount of documents.
The application has been adjourned to resume in November.

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