Belfast Telegraph

Investor loses 'bad bank' challenge

State-run "bad bank" Nama has claimed its landmark legal victory over a billionaire property investor highlights the critical importance of its work.

Paddy McKillen, from Belfast, failed in a High Court challenge to stop the agency transferring some of his 2.1 billion euro loans to its control.

Three Commercial Court judges ruled Nama had no case to answer after Mr McKillen's Dellway Investment's tried to strike down the institution on five grounds.

It dismissed the challenge on all grounds.

In a statement, Nama praised the advice of some of the country's top legal minds for defending its recovery work, including Attorney General Paul Gallagher.

"Clearly this has been a very significant case and we will study the decision of the court closely over the coming days," a spokesman for Nama said.

"However it is clear that the decision highlights the critical importance of the work of the Agency for Ireland and the extraordinary circumstances which led to its establishment."

The spokesman said the ruling would allow Nama to continue to focus on the task in hand - acquiring eligible assets from the country's five main lenders to maximise the return for taxpayers.

Mr McKillen, who the court said did "significant business" with Anglo-Irish Bank, has dozens of property investments including in Knightsbridge and Old Bond Street, London.

He had claimed that Nama tried to acquire his assets without considering that his loans were performing and that only a quarter of his assets were in Ireland.

Popular

From Belfast Telegraph