Nama set to recoup up to €100m from property duo

Nama has reached settlement agreements pending formal High Court approval with property developers Johnny Ronan and Richard Barrett regarding outstanding matters relating to Treasury Holdings, which went into liquidation last year.

The result follows High Court proceedings, brought by Nama, against the developers aimed at reclaiming the perceived true value regarding a transaction that saw parts of the Singapore-based Forterra Trust — formerly Treasury’s Chinese arm, TCT — transferred into another company owned by the duo, Treasury Asian Investments Ltd, three years ago. If the High Court approves the resolution arrangements, surrounding that deal, certain amounts owing to Treasury subsidiaries will be paid in full, with an additional surplus over the original price being paid.

Additionally, Mr Barrett has agreed to pay an additional sum to another subsidiary of Treasury, regarding an acquisition made last year. Again, if approved, this will also see additional money going to Treasury’s creditors, of which Nama is the largest.