Saturday 3 December 2016

Businessman barred from meeting Nama

Published 25/07/2010 | 05:00

Businessman Paddy McKillen wants to sit down with Nama to tell it why he should not be brought into the state's 'bad' property bank.

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But he is forbidden by the legislation, and that is why Anglo Irish Bank has gone in to argue his case ahead of October's High Court legal case in which he will challenge the State's right to take over his business empire, which includes hotels, shopping centres and restaurants.

Mr McKillen argues that he is not a developer, that he does not have bad loans.

He says that bringing him into Nama is jeopardising his business at home and internationally.

This includes the imminent re-financing of top London hotels such as Claridges and The Connaught, which is almost complete and would bring €700m back into the cash-strapped Irish banks which funded the venture.

Mr McKillen is a major shareholder in the Maybourne Hotel Group, which was originally put together by Derek Quinlan at the height of the property boom. Mr McKillen hasn't bought property since 1998.

"He wants to know why he is being included (in Nama) -- if his loans are taken into Nama they will be taken in at a discount, which means the banks will take a hit," said a spokesperson.

Mr McKillen simply wants to protect his business empire, said the spokesperson.

"But because of the legislation he cannot meet them.

"The only way open to him is to challenge them through the courts and that is taking a lot of energy that he could be devoting to his business."

Mr McKillen has also claimed that he received an email from Bank of Ireland advising him that registered letters had been sent to tenants of two of his companies directing that rents be paid into a Bank of Ireland nominated account. He was told that this was part of the 'perfection' of Bank of Ireland's security prior to the transfer of the underlying loan to Nama.

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Sunday Independent

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