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.