The Irish High Court has fast-tracked an action by Nama to force property investor Treasury Holdings to reverse a controversial sale of Chinese property shares, according to The Irish Times.
Treasury Holdings sold the shares for €100,000m in a transaction which took place in March 2010, but Nama says that their market value at the time was more than €28m.
Nama has called the transaction “a significant undervalue: and claims that it works against its interests and rights as creditors to Treasury. It has also said that Treasury’s owners, Richard Barrett and John Ronan, have breached the Nama act and their fiduciary duty to creditors.
Nama took on €1bn of Treasury’s €2.7bn loans in April and May 2011.
Sophia.furber@estatesgazette.com
