Developer to sue Nama over €8.3m interest fee

A developer who built a €90m private hospital in Cork, only for it to close six months later, is to sue Nama alleging that he and others were fraudulently charged €8.3m in interest.

The action is based on 84 loans, valued at €152m, taken out with Anglo Irish Bank during a 15-year period.

The borrowers include Chicago-based Dr Joseph Sheehan, whose Sheehan Medical Group set up the Cork Medical Centre without critical backing from the VHI. It closed in 2011.