Developer's wife refuses to hand over jewellery to Nama

The National Asset Management Agency has claimed the wife of well-known developer John McCabe is refusing to hand over an 8.38 carat diamond ring, necklace and bracelet being sought by the agency towards satisfying judgments against her for more than €20 million.

The agency believes the ring alone is worth more than €150,000, while Mary McCabe had valued the ring, the bracelet and the necklace collectively at some €140,000, Rossa Fanning, for Nama, said.

Mr Justice Peter Kelly yesterday agreed to grant orders to Nama appointing a receiver over the three items of jewellery of

Ms McCabe, of Rath Stud, Ashbourne, Co Meath.

When the judge asked barrister Alison Keirse, who was in court on another matter, how big an 8.38 carat ring was, Ms Keirse said she did not know because she had never owned a ring that size.

Making the application, Mr Fanning said Ms McCabe had refused to hand over the jewellery by January 18th, as sought by his client, and Nama was concerned, if it did not secure the orders sought, the jewellery may not remain in her possession.

A letter written to Nama by a son of Ms McCabe had alleged the agency was behaving unfairly in bringing court proceedings over this, but the position of Nama and the taxpayer could be prejudiced if this jewellery was sold, counsel said.

Nama contended it was entitled to the jewellery to go towards discharging the substantial liabilities of Ms McCabe, he said.