Sheridan Millennium failed to reverse the Department of Social Development's (DSD) decision to remove the company's 'preferred developer' status for the huge Queen's Quay project.
Owner, Peter Curistan, claimed the decision had been erroneously based on allegations of IRA money laundering and brought the DSD to the high court to have the decision overturned.
During the hearing, Mr Justice Gillen said Mr Curistan had allowed his extreme annoyance at the unfounded money laundering allegations and his annoyance at losing preferred developer status to blind him to his company's deficiencies, which were the real reasons it had lost its status.
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The DSD said in a statement that the decision was based on an independent assessment of the developer, which failed to conclusively endorse the company. According to a departmental spokesman: "The Department and Laganside have concluded that they cannot properly form an opinion on Sheridan Millennium's ability to deliver the project and so cannot proceed to enter into a development agreement with Sheridan Millennium. As a result the current competition initiated in January 2005 through which Sheridan Millennium was identified as preferred developer has been terminated by Laganside."
After the hearing, Mr Curistan said he may appeal the decision adding: "We are obviously very disappointed that the court has been unable to find sufficient grounds to reverse the department's decision.
"However, the judge has repeatedly made it clear in his judgement that the court was reviewing the process whereby the department made its decision and not the actual merits of the decision itself."
(DW/JM)
