Nama sues Treasury and its owners over €20m share transaction

Treasury Holdings and its owners Richard Barrett and John Ronan are being sued by Nama in a bid to reverse a controversial transaction where €20m shares were allegedly transferred out of the group to the benefit of Mr Barrett and Mr Ronan for €100,000 and unsecured loan notes.

Nama, which acquired €1bn of Treasury’s €2.7bn loans in April and May last year after the disputed TAIL transaction of Mar 22, 2010, claims there was no commercially valid reason for that transaction made when Treasury was either insolvent or in very difficult financial circumstances.

The transaction was for “a significant undervalue”, impaired the rights and interests of Nama as the major creditor of Treasury and was made with the intention of defrauding bank and/or other creditors of Treasury, it alleges.