Category: Asset 5Business

NAMA to sue in U.S.

August 20, 2012

By Staff Reporter

The Republic’s National Assets Management Agency, or NAMA, has a long arm.

It has launched a legal action in the U.S. against Sean Dunne, the property developer dubbed the “Baron of Ballsbridge,” due to his links to some of Dublin’s highest profile hotels during the Celtic Tiger boom years.

The case is understood to be part of state-controlled NAMA’s efforts to recover some of the €185 million Mr. Dunne was ordered to repay by courts back in March. the Irish Independent reported.

A spokesman for NAMA declined to comment because the case is now before the courts in America. Weekend reports said a hearing is due to go ahead in October. Mr. Dunne, who is based in the U.S., could not be reached for comment, the report stated.

And it added: “The latest action comes after a luxury U.S. house linked to Mr. Dunne’s wife, Gayle Killilea, was sold for $5.5 million (€4.4m) in recent weeks. The property is located in one of the wealthiest and most exclusive neighborhoods in the entire U.S. – Belle Haven in Greenwich, Connecticut.”

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Sean Dunne, who moved to the U.S. two years ago after his Irish businesses collapsed, always denied owning the controversial property, the report said.

It has been listed in U.S. documents as the home of his wife.

The Dunne’s financial affairs have come in for intense scrutiny since the High Court ordered Sean Dunne to repay €185 million to NAMA to cover guarantees he provided for the debts run up by some of his companies during the boom.

“That debt has yet to be collected, and NAMA is known to have scoured the globe in an effort to find properties and assets that may be owned by Mr. Dunne,” the Independent report concluded.



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