Friday 15 December 2017

NAMA takes businessman to court over €46.8m debt

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

Tim Healy

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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