Dublin developer David Agar’s profile was raised last year as NAMA had receivers appointed to his companies, and unusually for NAMAed developers who oftentimes seem cowed by the Agency, David then reacted through the press claiming NAMA wouldn’t be happy until developers were reduced to living in three-bed semis and driving around in Cortinas – for the younger audience, the Ford Cortina was the Ford Mondeo of the 1960s, 1970s and early 1980s before being discontinued. David cropped up again in summer last year in a far more favourable context when he reportedly won a substantial sum from Ulster Bank on foot of allegedly mis-sold interest rate hedging products.
Today, he is reported by the Independent to have launched a legal case in Dublin’s High Court to recover €500,000 which he claims was a loan to a “business partner”, “best man” and “godfather to one of his children”, Westmeath businessman, George Tracey. The loan dates back to April 2007 when David himself invested €500,000 in an AIB property fund, called “Alpha Japan Fund” and it is alleged that David also lent an additional €500,000 to George to make a similar investment. The Fund is now apparently making distributions and David wants his money back. David launched his legal bid at the High Court on 20th December 2012 and the respondents are George and also AIB and the Fund itself. It is reported that AIB turned at court yesterday to say it was “in the middle of a dispute between the two businessmen, and was happy to comply with any orders made by the court”
NAMA is not a party to the case but no doubt, it is keeping an eye on proceedings to see if there is any unencumbered windfall heading into David’s lap.
The case continues and appears set for further mention on 14th January 2013, but for the time being, an injunction has been granted stopping distributions by the Fund to George.