Receivers appointed by Nama to developer

Nama has installed receivers to take control of a suite of companies run by a publicity-shy property investor once regarded one of the country’s most ambitious boom-time speculators.

The agency finally moved on Cork-based Joe O’Donovan’s firms, which market sources said could have debts of between €300m and €500m, after agreed repayments were not received by a certain deadline.

A spokesperson for Nama declined to comment.