Treasury Holdings to challenge NAMA in High Court

Treasury Holdings to challenge NAMA in High Court

NAMA

Lawyers for Treasury Holdings will today seek the permission of the High Court to challenge the appointment of receivers by the National Asset Management Agency to certain property assets.

The company was given permission yesterday evening to bring the application at short notice.

There is a long list of property assets to which NAMA has decided it will appoint receivers. Among them is property in Dublin’s St Stephen’s Green, Ballymun and the city’s Docklands.

Last night Treasury Holdings, which is owned by developers Johnny Ronan and Richard Barrett, said they were very disappointed by the move by NAMA.

The company claimed it had assembled investors prepared buy the property loans at a higher price than they were purchased by NAMA.

But the agency said it was not possible to reach a mutually acceptable agreement. It said proposals from Treasury were not commercially viable and it had engaged rigourously with company since 2010.

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