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McKillen issues legal challenge to State's purchase of loans
 

BUSINESSMAN PADDY McKillen and 15 of his companies have issued judicial review proceedings against the National Asset Management Agency (Nama), the State and the Attorney General challenging the legality of the agency.

Mr McKillen is opposing Nama’s purchase of both good and bad loans, and is claiming the transfer of his loans from Irish banks including Bank of Ireland and Anglo Irish Bank – on which interest is being repaid – will negatively affect his overall business.

Mr McKillen is challenging the eligibility and suitability of the transfer on the basis that most of his loans are secured on commercial investment property and that he is paying the loan interest due.

A spokeswoman on behalf of McKillen’s companies said: “There is no justification in Nama taking our loans. All our loans are fully performing against quality assets, with no land and developments. We are simply protecting our business.”

McKillen is being represented by Dublin law firm Eugene F Collins. A spokesman for Nama said the agency had no comment on the legal action, which is being defended by the Attorney General.

Mr McKillen issued the High Court proceedings on July 1st. The case is scheduled to come before the court for mention on July 19th.

The Government has warned that it would see off any legal challenges that could hamper Nama.

Mr McKillen’s companies listed in the action are: Dellway Investments, Metrospa, Berkeley Properties, Maginotgrange, May Property Holdings, SCI 20 Place Vendome, Directdivide Trading, Submitquest, Belfast Office Properties, the Forge Limited Partnership, Finbrook Investments, Connis Property Services, Formcrest Construction, Chesterfield (The Pavements) Subsidiary and Abbey Developments.

Several firms are registered in Northern Ireland and company accounts show that they have provided intercompany guarantees on loans from Bank of Ireland.

Some £630 million (€740 million) in loans to Anglo and Bank of Ireland on the five-star London hotels Claridge’s, the Berkeley and the Connaught, which are co-owned by Mr McKillen, are earmarked to be moved in the next €13 billion in loans moving to Nama this month.

Coroin, the company behind the Maybourne Hotel Group, is resisting the transfer as it tries to refinance the loans with foreign banks to prevent their sale. The group is concerned Nama will force its sale against its wishes.

Source:

http://www.irishtimes.com/newspaper/finance/2010/0707/1224274191107.html

 
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