Laing O’Rourke is to be handed a 21-day payment ultimatum by Irish tycoon John Magnier over a disputed €50m property deal in Spain.
Magnier signed a deal with the contractor’s Explore Investments division in 2006 to buy a 50% stake in the scheme to develop the 3.6ha site in Marbella.
However, it emerged last week that Explore was embroiled in a court case in Ireland over a €3.5m payment that had been due in September.
A source close to the case claimed that Laing O’Rourke could wind up the division of Explore responsible for its share of the deal.
A spokesperson forMagnier said: “If the payment isn’t made then we will pursue the company directors and, if necessary, the parent for the money.”
Explore declined to comment.
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