The High Court in London has been told the nationalisation of Anglo Irish Bank and NAMA's transfer of loans of a company controlling some of London's top hotels caused catastrophic financial damage to Irish property developer Paddy McKillen.
Belfast-born Mr McKillen has been giving evidence in his legal action against the Barclay brothers, owners of Telegraph Newspapers and the Ritz Hotel.
Mr McKillen claims the Barclay brothers unlawfully bought a share holding in Caroin, a company owned by Irish financier Derek Quinlan which controlled Claridges Hotel, the Connaught and the Berkeley Hotels in London. It is claimed the move presented a take-over bid by Mr McKillen.
In the witness box today, Paddy McKillen has been describing the difficulties he faced in 2010 in getting fresh investors for Caroin after NAMA had taken over the company's loans from Irish banks.
The Barclay brothers subsequently bought €800m of the hotel group's debt held by NAMA.
Mr McKillen, who owned 36% of the company, claims he was denied a chance to take over the hotel group because of a conspiracy between the Barclay brothers and Derek Quinlan.
