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PROPERTY

RICHARD Barrett has stepped down from a Chinese listed property after securing millions for his shares.

Mr Barrett built up Forterra Trust with long-time business associates Rory Williams and Johnny Ronan.

Disclosures on the Singapore Stock Exchange showed that Mr Barrett and Mr Williams resigned as directors of Forterra Trust, the former Treasury China Trust, on August 29, six days after selling their entire stakes in the business to a Hong Kong investor.

Mr Barrett, inset, stepped down as a director of Forterra after being paid just over €80m for his directly held shares as part of the sale, the filings show. Mr Williams, a long-time director of Treasury Holdings in Ireland before its liquidation, was paid just under €2.5m for his shares.

He also stepped down from the board of the listed "trust".

Mr Ronan recouped €41m from his sale of Forterra shares as part of the same transaction. However, he also retained a stake of more than 3pc in the business, according to Bloomberg data.

The stakes in Forterra were bought by investment group Nan Fung. The deal had to be signed off by the High Court here because of the implications for NAMA and other creditors of Mr Barrett and Mr Ronan's bust Treasury Holdings property empire in Ireland.


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