| 5.9°C Dublin

Developer Crosbie to be sued by Nama in cash move


 Harry Crosbie. Photo: Damien Eagers

Harry Crosbie. Photo: Damien Eagers

Harry Crosbie. Photo: Damien Eagers

LEGAL proceedings have been launched against prominent Dublin buinessman Harry Crosbie who has personal borrowings of €450m.

Papers were this week lodged in the High Court by the National Asset Loan Management Ltd, on behalf of Nama, which list Mr Crosbie as the defendant

It remains unclear how much he is being sued for, but he is known to have borrowed in the region of €450m against his own name, as opposed to one of his companies, leaving him personally exposed.

Mr Crosbie was one of the biggest developers operating in Dublin in the boom years, building concert venues and hotels.

He had ambitious plans to transform the Dublin docklands area and skyline.

The developer (below) had previously entered into talks with the state's bad bank to secure a deal, but last year Nama moved, through receiver Grant Thornton, to seize many of his business ventures.

His 50pc stake in the O2 venue was sold for €35m last month, while he also lost control of a 200-year lease on the Grand Canal Theatre, valued at €80m.


Before that, receivers had also taken over his Point Village plan, a massive €650m development on a 12-acre site that was considered the jewel in his docklands empire.

The plan included apartment towers, the five-star Gibson Hotel and the Odeon cinema. The Point Village development was understood to owe €3.6m to Nama at the end of 2010.

Nama will use the legal services of McCann Fitzgerald in itsaction against Mr Crosbie, the court papers reveal.

Representatives for the businessman last night said the former tycoon did not wish to comment when approached by the Herald.

It is understood receivers moved to sell on Mr Crosbie's assets after several advances from firms interested in buying his sites that would have otherwise been unavailable if not in the possession of the receivers.

Tech giant Yahoo has recently agreed a deal with Nama to occupy several floors in the Point Village development as the company moves its operation from the UK to Dublin, free from strict company surveillance laws in England.