Crosbie to counter-claim as Treasury brings action over docklands

TREASURY Holdings (THL) has brought a legal action to compel businessman Harry Crosbie pay an alleged €3 million share related to a €19.2m debt to another company under agreements for the financing of the Spencer Dock Development Company (SDDC).

Lawyers for Mr Crosbie say he will be counter-claiming for some €70m from Treasury over agreements related to development in the docklands.

Treasury claims, in the face of a winding-up petition served on it last December, it had to pay some €9m that month to finance company Streamford Ltd, a subsidiary of Mercury Engineering Ltd, as part payment of €19.2m due by Spencer Dock Development Company Ltd to Streamford via a Treasury subsidiary, Sharwood Twen Property Management.