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Dublin: 7 °C Thursday 21 November, 2019
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Harry Crosbie is suing Nama over €77 million debt charge

The former developer is alleging that Nama leaked personal information about him and is unfairly pursuing him over debts.

Image: Sasko Lazarov/Photocall Ireland

PROPERTY DEVELOPER HARRY Crosbie has issued legal proceedings against the National Asset Management Agency.

Crosbie is seeking to block any action by Nama seeking to pursue debts allegedly owed by the developer to the State’s bad bank, understood to be at least €77 million.

He is also seeking compensation for alleged leaks made by Nama of personal information regarding his financial affairs.

He will be represented in the High Court by former Minister for Justice and Attorney General Michael McDowell.

Statement

In a brief statement this morning issued on behalf of Crosbie this morning, the one-time owner of the 02 and Bord Gais Energy Theatre claims:

“That Nama is in breach of a solemn agreement it entered into with Harry Crosbie and which was committed into writing by McCann Fitzgerald on behalf of Nama and William Fry on behalf of Harry Crosbie in August 2012.”

The proceedings demand that Nama cease pursuit of any outstanding debt against Mr Crosbie.

If the legal action is successful, it will require Nama to cease pursuing Crosbie over his debts and to remove the receiver from the Bord Gais Energy Theatre.

Background

Receivers were appointed to the companies behind the Bord Gais Theatre and the Point Village complex in April of last year, with international powerhouse firm Grant Thornton installed by Nama.

The total development cost of the pair was around €450 million.

Last month, Nama decided to come after Crosbie for €77 million in loans after an alleged failure to disclose assets to the agency when first asked to do so.

The bank has also alleged he transferred over €1.4 million to his wife immediately before it took over his loans.

Nama is yet to respond to a request for comment.

More to follow

Read: Receivers appointed to companies behind former Grand Canal Theatre and Point Village>

Read: What does liquidations, examinership and recievership mean?>

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About the author:

Jack Horgan-Jones

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