Nama claims Harry Crosbie failed to disclose key assets

Court told businessman paid wife €1.4m just before Nama took over his loans in 2010

Nama yesterday claimed in the Commercial Court that businessman Harry Crosbie   had misappropriated funds from his companies which should have gone to Nama, and given cash gifts to his children. Photograph: Sasko Lazarov/Photocall Ireland

Nama yesterday claimed in the Commercial Court that businessman Harry Crosbie had misappropriated funds from his companies which should have gone to Nama, and given cash gifts to his children. Photograph: Sasko Lazarov/Photocall Ireland

Thu, May 15, 2014, 01:00

The National Asset Management Agency has claimed Dublin businessman Harry Crosbie failed to disclose substantial assets to the agency and paid his wife €1.4 million just prior to it taking over his loans in 2010.

Nama made the claims yesterday in the Commercial Court where it is seeking a €77 million judgment against Mr Crosbie.

Paul Sreenan, senior counsel for Nama, claimed the agency was concerned Mr Crosbie had misappropriated funds from his companies which should have gone to Nama, and given cash gifts to his children.

Nama also wished to know more about his ownership of valuable antiques and questioned spending on a music studio in a house in Wexford.

Mr Sreenan said Mr Crosbie had initially given “materially inaccurate” sworn statements regarding assets held by himself and his family, which included not mentioning three apartments his family owned in the south of France. This was at a time, he said, when the agency advanced Mr Crosbie €32 million to complete his Point Village retail and hotel development in Dublin’s north docks .

Mr Justice David Keane heard the total level of debt associated with Mr Crosbie’s companies was €431 million.

In an affidavit Mr Crosbie noted he paid Nama €20 million in cash in December 2010, immediately after it took over his loans, and said it had never paid him a salary. He claimed negotiations with Nama had been “frankly vicious”.