Belfast Telegraph

McKillen in action over Anglo Irish Bank ruling

By Tim Healy

Belfast-born developer Paddy McKillen claims he has not been given an adequate opportunity to respond to a process whereby a long awaited Government-appointed assessor has been asked to come up with a valuation for the nationalised former Anglo Irish Bank.

Mr McKillen, who was a substantial shareholder in Anglo, was given leave by the High Court to bring judicial review proceedings over the short timescale the developer was given to respond to the role of the assessor in determining compensation for shareholders.

At the time of nationalisation in January 2009, shares had a "hope value" of 22 cents but the Government decided to defer appointing someone to assess the actual valuation until later.

It was not until February last that regulations were published under which the newly appointed assessor was to carry out his work.

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