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Developer's '€1m transfer' probed

THE National Asset Management Agency (Nama) is investigating a possible transfer of €1m investment money to the children of a developer and his wife.

Thomas and Patricia Joyce, of Summerville House, Rosbeg, Westport, Co Mayo, are being pursued over unpaid property loans of some €50m, and are said to be insolvent, it emerged at the Commercial Court yesterday.

Earlier, AIB secured an interim assets freezing order against the couple, restraining them from dealing with some £900,000 (€1.07m) payable as a result of an investment in a property at King's Road, Chelsea, London.

The couple denied they owned the investment and claimed it was owned by a partnership, the Summerville Partnership.

Mr Justice Peter Kelly yesterday continued the freezing order at the request of Jarlath Ryan for AIB, who said he was concerned about remarks appearing to indicate the €1m sum was payable to their children.