Nama v Dunne: a round-up of litigation between the sides

Properties, US companies and visa at centre of ongoing imbroglio

Nama chief executive Brendan McDonagh. Photograph: Eric Luke/The Irish Times

Nama chief executive Brendan McDonagh. Photograph: Eric Luke/The Irish Times

 

Two apartments – Geneva, Switzerland

Nama says: bought for 4.65 million Swiss francs (€3.8 million) in July 2008; sold for 5.3 million Swiss francs (€4.3 million) in March 2010. Dunne transferred his half-interest to Killilea the month before the contracted sale.

Dunne says: the properties were owned by Killilea and that his name appeared in Swiss land registry records on the properties “to guarantee residency in Switzerland.”

House – 38 Bush Avenue, Greenwich, Connecticut

Nama says: bought for $2 million (€1.5 million) in April 2010 through a trustee – New York City-based immigration attorney, Phillip Teplen – and sold for $5.5 million in July 2012; Dunne and Killilea were listed as the buyers by agent Sotheby’s and Dunne “actively participated in, and was a decision-maker with respect to the purchase, construction, marketing, negotiation and sale”.

Dunne says: denies he was the decision-maker in his property transaction.

House - 42 Bote Road, Greenwich, Connecticut

Nama says: Dunne and/or Killilea bought the house through their attorney Thomas Heagney as trustee for $825,000 in January 2011; property was sold for $3 million in April 2012

Dunne says: denies he purchased the property on his own or with Killilea

House – 1 Hidden Spring Lane, Rye, New York

Nama says: Dunne and/or Killilea bought the property through Brendan O’Reilly, a building contractor, as trustee for $1.7 million in April 2011 and that Dunne transferred the property into the name of another trustee, Scott Raissis, an architect, for several months before removing him as trustee. The property was divided in two lots and sold in October 2012 for a total of $2.5 million

Dunne says: denies that he purchased the property or that he transferred ownership to the trustees

House – 22 Stillman Lane, Greenwich, Connecticut

Nama says: Dunne and/or Killilea bought the house for $1.55 million in January 2011 through Heagney as trustee; Dunne’s US bankruptcy trustee Richard Coan questioned the developer on whether this is the Dunne family home in the US, as he claimed, because the property appeared to be vacant

Dunne says: denies being a purchaser of the property; maintains the house is the family’s US home

Court case – Sean Doyle v Sean Dunne

Nama says: Dunne told New York builder Sean Doyle in March 2012 that he had $6 million available for immediate investment and that he could wire about $1 million for a 50 per cent share in Doyle’s company JDDC Construction from an account in Switzerland but that Killilea had to be named as the shareholder “because he was emerging from financial difficulties and still had bad credit”.

Dunne says: has neither admitted or denied these allegations

Two companies – Mountbrook USA and Molly Blossom

Nama says: Dunne formed the companies in Connecticut in April 2010 and was listed as a shareholder

Dunne says: denies that he set up Mountbrook USA or Molly Blossom; denies he is a shareholder of Mountbrook; says that the company is owned by his wife.

US visa

Nama says: Dunne was the principal applicant on a E2 visa to live and work in the US received in August 2010, requiring him to actively invest a substantial amount of capital in a US enterprise, to have “control of the funds” and to “develop and direct the enterprise”.

Dunne says: neither admits or denies this