RICHARD Barrett and long-time business associate Rory Williams have stepped down as directors of the listed Chinese property business they built up with Johnny Ronan after getting millions of euro for selling their stakes in the business.
Mr Barrett in particular has pinned his hopes of rebuilding his shattered property empire on the Chinese venture.
Disclosures on the Singapore Stock Exchange show Mr Barrett and Mr Williams resigned as directors of Forterra Trust, the former Treasury China Trust, on August 29, shortly after each sold their entire stakes in the business to a Hong Kong investor on August 23.
Mr Barrett stepped down as a director of Forterra after being paid just over €80m for his directly held Forterra Trust shares as part of the sale, the filings show.
Mr Williams, who was a long-time director of Treasury Holdings in Ireland before its liquidation, was paid just under €2.5m for his shares or "units" in Forterra, according to a stock market notice.
He also stepped down from the board of the listed "trust" at the end of August.
Mr Barrett's long-time business partner Ronan recouped €41m from his sale of Forterra shares as part of the same transaction, but also retained a stake of more than 3pc in the business, according to Bloomberg data.
The stakes in Forterra were all bought by Hong Kong-based investment group Nan Fung under a deal originally agreed in July that had to be signed off by the High Court here because of the implications for NAMA and other creditors of Mr Barrett and Mr Ronan's bust Treasury Holdings property empire in Ireland.
The acquisition included Nan Fung paying a further 70m Singapore dollars (€41m) for Treasury Asian Investments Limited (TAIL), a controversial investment vehicle controlled by Mr Ronan and Mr Barrett that owned further shares in Forterra and was at the centre of a long-running dispute between them and NAMA.
Under the agreement with Treasury's liquidators its creditors here will get the bulk of the TAIL proceeds, but Mr Ronan and Mr Barrett will each recoup a significant share of the €41m.
Separately, Mr Barrett was paid an additional €17.5m by Nan Fung for two property management companies linked to the main Forterra Trust as part of the same series of transactions.
He had bought the companies from Treasury Holdings when he still controlled the business, controversially signing the deal just before the liquidation of the main business. However, some of the proceeds of that sale are expected to be owed back to the main Treasury Holdings liquidation.