Belfast Telegraph

Friday 26 December 2014

Tycoon Paddy McKillen to sue Nama in hotel row

Paddy McKillen
Paddy McKillen

Businessman Paddy McKillen is suing Nama amid claims the Irish ‘toxic bank’ breached his privacy and released confidential information in an ongoing fight for control of luxury London hotels.

The Belfast-born tycoon has been battling the Barclay Brothers — David and Frederick — to retain ownership in the high-profile Maybourne hotel group in London, which includes exclusive properties such as the Connaught, Claridges and the Berkeley.

The hotel businesses were originally acquired in 2004, using nearly €800m from Anglo Irish Bank and Bank of Ireland.

Financier and former tax inspector Derek Quinlan had also been involved in the hotel group, but the Barclays now control Mr Quinlan's 35.4% stake in the Maybourne holding company — Coroin — having acquired the related debt in 2011. Mr McKillen has a 36.2% stake in Coroin.

Mr McKillen has alleged that the agency “wrongfully and improperly provided confidential information to the Barclay interests, their servants or agents”.

Nama will “dispute the action vigorously”.

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