Friday 31 October 2014

NAMA takes businessman to court over €46.8m debt

Tim Healy

Published 23/07/2014 | 02:30

Developer Garrett Kelleher at the launch of the Chicago Spire project in 2008
Developer Garrett Kelleher at the launch of the Chicago Spire project in 2008

NAMA is pursuing a businessman for around €46.8m relating mainly to a limited guarantee on substantial loans made by the former Anglo Irish Bank for developments in Ireland, the US and Belgium.

The State agency claims that Garrett Kelleher is liable for €6.8m in loans, along with some €40m in guarantees relating to some €350m which is outstanding under loans for the developments.

Mr Kelleher will contend that he was assured he would not be pursued under his guarantee given his "extensive co-operation" with NAMA, his counsel Michael Cush SC told the Commercial Court.

NAMA is seeking judgment against Mr Kelleher for the €6.8m arising from facilities advanced to CWD Properties Ltd from 2005 in connection with a development at Cratloe Woods, Limerick.

The €40m claim against Mr Kelleher, with an address at Herbert Park, Ballsbridge, Dublin, arises from his guarantee, limited to some €50m, of the liabilities of some companies of the "Shelbourne Connection" a company NAMA says is controlled by Mr Kelleher.

Some €10m has been recovered due to NAMA calling in a guarantee of a company with the effect, NAMA claims, Mr Kelleher remains liable for some €40m.

The Shelbourne Connection is, or has been, involved in various significant property and development projects, including the Spire development in Chicago, NAMA said.

Irish Independent

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