Treasury Holdings to take legal action against Nama

A major development company is seeking hundreds of millions of euro in damages from Nama and is alleging the act which created the body is unconstitutional.

Treasury Holdings is taking the case specifically in relation to the Battersea power plant site in London. The case is based on the acquirement of €1.7bn in Treasury Holdings loans by Nama two years ago. Nama appointed receivers to the site and a number of other assets belonging to the firm after it claimed Treasury Holdings was insolvent. In March, the firm was given leave to seek a judicial review, after it argued Nama’s actions were irrational. The firm is believed to be of the view it has incurred significant damage since Nama appointed the receivers to the London site. It has claimed the move will guarantee it loses out on hundreds of millions of euro in potential future profits — and is seeking damages for the amount.

A Nama spokesman told RTÉ it would be defending its position and decision to acquire the loans .