Claridges owner wins NAMA case

first_img AN IRISH property developer, whose assets include London luxury hotels Claridges, the Connaught and the Berkeley, yesterday won a legal challenge to stop the National Asset Management Agency (NAMA) acquiring his loans, a ruling that complicates the operations of the state-run agency, dubbed the “bad bank”.Ireland’s Supreme Court said yesterday a decision to acquire €2.1bn (£1.7bn) in loans secured on Paddy McKillen’s assets was not valid because it was made before NAMA was legally established. That overturned a High Court ruling last year that found in NAMA’s favour. McKillen, wants to avoid transferring his loans to NAMA lest such a transfer damage his reputation and compromise his companies. “It is clear that the decision taken by the interim team of NAMA between 11 and 14 December had no legal effect,” chief justice John Murray said in court. whatsapp Show Comments ▼ Tags: NULL Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof Thursday 3 February 2011 7:59 pm Share Claridges owner wins NAMA case KCS-content whatsapplast_img