Monday 23 October 2017

Developer's wife's €36k bracelet sold to pay NAMA

Tim Healy

A DEVELOPER'S wife who is being pursued by NAMA for €20m has had another piece of jewellery sold for €36,000 by a receiver.

Earlier this year, NAMA got court orders appointing a receiver over items of jewellery belonging to Mary McCabe, wife of John McCabe Snr, whose building firm's projects included homes for millionaires in Abington, Malahide, Co Dublin.

NAMA brought the court application to ensure she handed over the jewellery – including the proceeds of the sale of an 8.38 carat diamond ring which she put up for auction in Florida for €150,000 in January.

Mrs McCabe, of Rath Stud, Ashbourne, Co Meath, had refused last January to hand over three items of jewellery as required by NAMA, including the diamond ring.

There was also a diamond bracelet and a diamond necklace with a combined estimated value of €140,000.

As a result, NAMA obtained court orders to secure possession of the items and the proceeds of the sold ring were handed over.

Yesterday, Rossa Fanning BL, for NAMA, said the bracelet had also since been sold by the receiver for €36,000.

The necklace, as well as a diamond brooch, have yet to be sold, Mr Fanning told the Commercial Court.

Mr Justice Peter Kelly approved legal and other costs associated with the sale. He said he was dispensing with any requirement for NAMA to have to return to court to report on the other two items of jewellery when they are sold.

SATISFIED

The judge said he had put the matter into his list yesterday to give Mrs McCabe an opportunity to make any representations she wished. She had not appeared, but he was satisfied she was aware of the matter.

Last year, John McCabe Snr was ordered to repay NAMA amounts totalling more than €100m arising mainly from loans to companies in his building group and guarantees.

NAMA also secured judgment in various sums against Mrs McCabe and the couple's children.

McCabe Builders (Dublin) is in liquidation.

Mr McCabe Snr was one of 10 Anglo Irish Bank customers who each bought a 10pc stake in the bank in the so-called 'Maple 10' deal of 2008.

Irish Independent

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