NAMA to benefit by up to €100m after settlements with Ronan and Barrett

Monday 22 July 2013 23.19
High Court proceedings were brought by NAMA against the two developers
High Court proceedings were brought by NAMA against the two developers

NAMA is expected to benefit by up to €100m following settlements with developers Johnny Ronan and Richard Barrett.

The settlements relate to transactions in which the developers had bought assets in deals, which NAMA claimed had significantly undervalued the true worth of the assets.

High Court proceedings were brought by NAMA against the two developers in relation to a transaction where assets in Forterra Trust were sold to a firm controlled by Mr Ronan and Mr Barrett.

In a statement NAMA and Treasury's liquidators said they were "pleased to have resolved the matters" and the arrangements would result in "considerable recovery" to the taxpayer.

Mr Barrett has also agreed to pay an additional sum to a subsidiary of Treasury in respect of an acquisition of a company in August of last year.

This deal will also have to be approved by the High Court.