NAMA in criminal case against developer
05 July 2012
NAMA in criminal case against developer
NAMA has said that it is pursuing a test criminal case against an unnamed property developer for allegedly hiding assets.
The agency said it was not a prosecuting authority and that it had referred the issue to gardai for assessment.
NAMA CEO Brendan McDonagh, told the Public Accounts Committee that the agency had identified E160m of assets which developers had tried to put beyond the reach of NAMA.
In one case a developer forgot to disclose the ownership of 29 car parking spaces, a creche and two race horses, he said.
"We have heard every sort of excuse. It is like a child saying a dog ate my homework," he added.
Mr McDonagh said the agency had spent E400,000 tracing assets and this had yielded E5m of assets.
NAMA's CEO said that a "fair value" of the loan book of the agency would be E25 billion.
He said the E14 billion overseas portfolio has increased 20pc in value since 2009.
He said he believed that NAMA wouldn't make a loss. He said that they planned to realise the overseas assets and get the money. He said that as of last Friday he had "visibility and control" of 86pc of overall debt.
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