Crosbie takes legal action against Nama

Businessman Harry Crosbie has initiated High Court proceedings against Nama in a bid to stop it chasing him for outstanding personal debts.

Mr Crosbie, who has developed the Point Village in Dublin and the Grand Canal Theatre, has claimed Nama broke a commitment it made with him two years ago.

The businessman has also claimed that Nama leaked personal information about him and his finances and he should be compensated for this.

He also wants to be given back control of the Bord Gáis Energy Theatre on Grand Canal dock.

The proceedings come after Nama went to the Commercial Court in a bid to get a €77m judgement registered against Mr Crosbie. This related to personal loans AIB gave to Mr Crosbie in 2011 which were not secured against the property assets near the Point Village.

In its action, the agency alleged that the businessman had moved assets to his wife before his debts were taken over by Nama.

These claims were disputed by Mr Crosbie.

In the Commercial Court proceedings, it emerged that, in 2012, the parties had signed memorandum of understanding which required Mr Crosbie to make a full disclosure about his assets.

However this broke down and in August 2012 Mr Crosbie said a “solemn agreement” was instead struck between the sides and the agency had got €35m from it. Nama challenged his position on what its legal team termed a “purported agreement”.

A statement on behalf of Mr Crosbie said William Fry Solicitors had been instructed by him to take the latest case against the State’s bad bank.

He will be represented by senior counsel, and former justice minister, Michael McDowell.

“The proceedings demand that Nama cease pursuit of any outstanding debt against Mr Crosbie,” the statement said.

The effect of the legal action is that, if successful, it will require Nama to cease pursuing Mr Crosbie over his alleged debts, to remove their receiver from the Bord Gáis Energy Theatre and to compensate Mr Crosbie for leaks made by Nama of personal information regarding his financial affairs.”

Nama did not make any comment on the latest action last night.