NAMA’s enforcement action continues apace with news from today’s edition of Iris Oifigiuil that NAMA has had receivers appointed to three companies.
First up is Glenabbey Developments Limited (NOT related to Frank Boyd’s Glenabbey) whose directors are Sean Scanlan (61), Joe Hanrahan (50) and John Shee (61) – the company is 75% owned by Cracken Properties Limited and 25% by Sean Scanlon. Billy O’Riordan and Michael O’Regan, both of PriceWaterhouse Coopers were appointed receivers on 30th November 2012. Previously NAMA has had receivers appointed to companies controlled by Shee/Hanrahan who also featured in the legal case with NAMA about legal costs.
NAMA had Kieran Wallace of KPMG appointed receiver to Fuchsia Investments Limited on 4th December 2012. Fuchsia is the Cork developer whose directors are Jason Clerkin (41), Alan Morris (45). The company is owned by Timothy Gregory Coughlan (36%), Brendan Murtagh (32%), Eoin McCarthy (20%), Brian Madden (12%) and Howard Property Ireland (less than 1%).
And lastly, NAMA had Tom O’Brien of Mazars appointed receiver to Meath developer, Millbank Developments Limited on 28th November 2012. The company is owned 50% each by Fergus Lynch and John Lynch who are also the two directors of the company.