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Friday 22 August 2014

NAMA leaked details of my financial affairs: Crosbie

Shane Phelan

Published 14/06/2014 | 02:30

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Mr Crosbie has also made a series of claims about his alleged treatment by the agency, all of which have been denied by NAMA
Mr Crosbie has also made a series of claims about his alleged treatment by the agency, all of which have been denied by NAMA

Prominent businessman Harry Crosbie has issued legal proceedings against the National Asset Management Agency (NAMA) and accused it of leaking personal information about his financial affairs.

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The sensational claim was made after lawyers representing Mr Crosbie served papers on NAMA.

He is countersuing the toxic assets agency after it moved to enforce loans totalling €77m last month, alleging Mr Crosbie failed to disclose substantial assets to the agency when first asked to do so.

Judgment has yet to be made in that case and in a new twist yesterday William Fry Solicitors issued proceedings on the businessman's behalf.

In the proceedings, Mr Crosbie claims NAMA is in breach of a solemn agreement it entered with him in August 2012.

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

If successful, the action would require NAMA to cease pursuing Mr Crosbie over debts and remove the agency's receiver from the Grand Canal Theatre, also known as the Bord Gais Energy Theatre.

Mr Crosbie has also alleged the agency leaked personal information about his financial affairs and he is seeking compensation for this.

NAMA had no comment to make on the development last night.

Mr Crosbie is being represented in the case by barrister Michael McDowell, who is a former justice minister and attorney general.

When contacted by phone yesterday, Mr Crosbie, who is currently abroad, declined to comment.

One of the country's most prominent developers, Mr Crosbie played a major role in transforming Dublin's docklands with the O2 Arena and the Grand Canal Theatre.

NAMA told a court earlier this year it took action against Mr Crosbie because he failed to disclose substantial assets, including three apartments in the south of France, when originally asked to provide details.

It emerged solicitors for NAMA had sent a letter in August 2012 claiming Mr Crosbie had displayed a "lack of candour" in his dealings with the agency.

The letter said this was simply not acceptable given Mr Crosbie and related companies owed the agency €420m.

NAMA required the information for a memorandum of understanding with Mr Crosbie.

The agency told Mr Crosbie it was terminating the memorandum, reserving all its rights and wanted him to take various steps, including resigning directorships of companies and selling various properties.

Mr Crosbie has denied the allegations made by NAMA.

The developer's legal team has claimed NAMA is bound by an agreement made in August 2012 relating to management and disposal of assets and liabilities of Mr Crosbie and companies connected with him.

They say NAMA obtained some €35m from the sale of assets under that agreement but was now seeking to resile from aspects of the agreement.

Mr Crosbie has also made a series of claims about his alleged treatment by the agency, all of which have been denied by NAMA.

He claims NAMA "told" him not to accept an honorary OBE from Queen Elizabeth II for services to cultural relations between Ireland and Britain.

Mr Crosbie has vowed to fight to regain control of Grand Canal Theatre and accused NAMA of resenting his public profile.

Irish Independent

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