NAMA says Crosbie failed to disclose assetsWednesday 14 May 2014 18.58
The National Asset Management Agency has claimed businessman Harry Crosbie failed to disclose substantial assets to the agency.
NAMA made the claims at the Commercial Court where it is seeking to recover loans of €77m from Mr Crosbie.
Lawyers for NAMA told the court Mr Crosbie had been asked to provide details of all assets held by himself and his family to the agency.
Senior Counsel Paul Sreenan said Mr Crosbie had initially provided NAMA with materially inaccurate sworn statements of the assets which failed to disclose all the assets held, including property in France.
He said NAMA was also concerned to learn about payments totalling almost €1.4m from Mr Crosbie to his wife, Rita, around the time NAMA took over his loans.
The court was also told Mr Crosbie failed to disclose significant cash gifts to his children.
The court was told Mr Crosbie misappropriated monies from companies, which should have gone to NAMA.
The agency was also concerned about valuations provided by Mr Crosbie for items of property.
Mr Sreenan said companies linked to Mr Crosbie owed NAMA around €400m.
He said it was in all these circumstances that NAMA decided to enforce loans and was asking the court to direct Mr Crosbie to repay €77m.
The €77m arises from personal loans given to Mr Crosbie and personal guarantees given by him.
Mr Sreenan said there were no grounds for Mr Crosbie's claim that NAMA had agreed in August 2012 that it would not move against him.
He said Mr Crosbie had no real defence to the claim for summary judgment.
Mr Crosbie claims NAMA obtained €35m following an agreement about the sale of assets and was not seeking to resile from aspects of that agreement.