Nama; developer Michael O’Flynn (centre) outside the Four Courts in 2014

The Irish Times reports:

The State’s National Asset Management Agency (Nama) received just £340,000 (€390,760 ) from the O’Flynn group’s sale of two British properties that were later valued at £5.3 million, the Court of Appeal heard.

Companies linked to developer Michael O’Flynn are suing former workers Patrick Cox, Liam Foley, Eoghan Kearney and others, claiming that they earned a €12.5 million profit on a student accommodation project at the property business’s expense.

Mr Cox and the others are challenging the claim on several grounds, including that the companies taking the legal action never employed them.

Nama got just £340,000 from sale of O’Flynn properties, court hears (Barry O’Halloran, The Irish Times)


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3 thoughts on “How Much?

  1. dav

    FORMER NAMA executive Enda Farrell has given the High Court details of the people to whom he sent highly confidential agency data he allegedly misappropriated from the agency.

    The “dishonest conduct” of Mr Farrell and his wife, Alice Kramer, of Knockudder, Dunboyne, Co Meath, to date may constitute a criminal offence under the Nama Act 2009, the agency claims.

    In documents supplied to the court, Nama alleges, from evidence to date, it appeared at least some of the information about loans under their control and the location and ownership of properties held by the agency as security for those loans was unlawfully deployed in the commercial property marketplace.

    It is still considering a claim for damages against Mr Farrell over his passing of the information on to his wife and others.

    In an affidavit, Mr Farrell, a property portfolio analyst with the agency until his resignation last February, said he forwarded certain listed items to people outside the employment of Nama. He said he had forwarded 29 emails to his wife at her work email between October 16th, 2011, and February 24th and asked her to forward those to her personal email account at Yahoo, which she did.”

    1. Cú Chulainn

      Poor fool. Obviously he fit in well with the circle of gross incompetence mixed with greedy corruption.

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