Nama has reached settlement agreements pending formal High Court approval with property developers Johnny Ronan and Richard Barrett regarding outstanding matters relating to Treasury Holdings, which went into liquidation last year.
The result follows High Court proceedings, brought by Nama, against the developers aimed at reclaiming the perceived true value regarding a transaction that saw parts of the Singapore-based Forterra Trust — formerly Treasury’s Chinese arm, TCT — transferred into another company owned by the duo, Treasury Asian Investments Ltd, three years ago. If the High Court approves the resolution arrangements, surrounding that deal, certain amounts owing to Treasury subsidiaries will be paid in full, with an additional surplus over the original price being paid.
Additionally, Mr Barrett has agreed to pay an additional sum to another subsidiary of Treasury, regarding an acquisition made last year. Again, if approved, this will also see additional money going to Treasury’s creditors, of which Nama is the largest.
Although the agency has refused to comment on monies it could recoup from the settlements, a figure of €100m has been suggested. In a statement, Nama said: “Nama and the joint official liquidators are pleased to have resolved these matters and to report that, if approved, the arrangements will result in a considerable recovery to the creditors of Treasury and, ultimately, for the Irish taxpayer.”
In a separate statement, Forterra — which, yesterday, announced that Hong Kong property developer, Nan Fung has acquired a near 30% stake in the company — said it was making “very pleasing” progress with Nama and Treasury’s liquidators.
Forterra chairman, Graham Sugden noted the substantial progress made by Richard Barrett in resolving “these outstanding matters and to make certain compromises.” Source: Irish Examiner