A bad day for the McCabe family as judge orders them to pay €270m to NAMA

RTE was in the Commercial Court division of the High Court today to hear the judge, Mr Justice Peter Kelly, grant judgments orders against John McCabe and members of his family, in favour of NAMA, for sums totalling €270m comprising:

€100m against John McCabe senior

€31m against Mary McCabe, wife of John McCabe senior

€36m against son, John McCabe junior

€29m against daughter, Angela McCabe

€29m against daughter, Pauline McCabe

€29m against daughter, Sandra McCabe

€18.3m against daughter, Helen McCarthy (nee Helen McCabe)

NAMA is said to be “fuming” at recent events involving the McCabes with accusations that €6.2m had been “misappropriated or dissipated” by the McCabes. This led to an application by NAMA last month to have the McCabes’ assets frozen. It is unclear if this order has been continued, RTE doesn’t say but the betting is, with such substantial judgments, that it has.

Judge Kelly today granted European Enforcement Orders to NAMA which facilitates the Agency in enforcing these judgments orders elsewhere in Europe – the McCabes have an apartment in Mayfair in London and had dealings with a Swiss (Bahraini/Dutch) company called Western Gulf Advisory.