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Developer Johnny Ronan Laura Hutton/Photocall Ireland
NAMA

Treasury Holdings commences legal proceedings against Nama

Treasury Holdings is seeking damages of hundreds of millions of euro, and is also believed to be making a constitutional challenge to the Nama Act.

THE DEVELOPMENT COMPANY Treasury Holdings has begun legal proceeding against the National Asset Management Agency (Nama) – seeking damages of hundreds of millions of euro.

Treasury Holdings is also believed to be making a constitutional challenge to the Nama Act, RTÉ reports.

In March, Treasury Holdings’ owners said they were pleased by a High Court finding, which said “substantial” legal issues concerning their treatment by Nama had been raised. At that point, the Court granted their application for leave to seek a Judicial Review.

Owners Johnny Ronan and Richard Barrett had sought the review against  Nama, taken on 8 December 2011, to enforce the securities held for multiple loans to them and if necessary to quash a further decision made on 25 January 2012.

Read: Treasury Holdings “willing to engage” with proposals to secure its future

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