Crosbie ‘failed to disclose assets’

Nama moved to enforce loans of €77m against businessman Harry Crosbie after he failed to disclose substantial assets to the agency when first asked to do so, the Commercial Court has heard.

A letter sent by solicitors for Nama in August 2012 said full and complete disclosure was a requirement of Nama’s January 2012 memorandum of understanding with Mr Crosbie and his “lack of candour” in dealings with Nama was “simply not acceptable”, especially when Mr Crosbie and related companies collectively owed Nama more than €420m.

Nama was terminating the memorandum, reserving all its rights, and wanted Mr Crosbie to take various steps, including resigning directorships of companies and sell various properties, the letter said.