Court dismisses investors’ claim of unfair treatment by Nama in sale

A group of “heavy-hitting international investors” has lost a High Court claim that it was unfairly treated by Nama in the sale of a valuable London development site to a rival bidder for a lower price.

Bruce Rippon, chief executive of Smart Design and Build International, (SDB) of Narborough St, London, had sued Nama after the firm’s unsuccessful bid for a 10-acre site in London.

He was a member of a partnership with Arif Dar, a representative of wealthy property owners including “certain unidentified royal families”; Dr Hitesh Bodani, whose personal fortune was estimated at $800m (€600m), and architect and designer Paul Sawford.