In December 2012, NAMA was named as one of the respondents being sued by two individuals seemingly over a Portugese property development. Yesterday, NAMA, along with Irish Bank Resolution Corporation and two other respondents named by the Court Service as “OCEANICO LUSOILANDES -INVESTIMENTOS IMOBILIARIOS E TURISTICOS” and just “SA” were the subject of an application by a third individual Patrick Robert Ryan who is represented by Dublin 4 solicitors, Mangan O’Beirne. The case reference is 2013/1019 P.
In the previous applications, the respondents included (1) Gerry Fagan trading as Oceanico Developments and (2) MORGADO DA LAMEIRA EMPREENDIMENTO TURISTICO E GOLFE SA. These are not named in yesterday’s application, at least not by the Court Service.
Over a year ago, it was reported that NAMA was trying to sell €500m of loans which had been advanced to Gerry Fagan and his Oceanico vehicle, which was planning to build golf resorts in Portugal and the US. There doesn’t appear to be any report of that sale being completed, but such is NAMA’s lack of transparency, we wouldn’t really know if they had been sold – NAMA recently said it had sold €2.4bn of loans, but €800m will be Maybourne’s €250m will be Donal Mulryan’s and €600m will be Cyril Dennis’s.
This is the first application against NAMA in the High Court this year.
UPDATE: 4th February 2013. Philip Connolly in the Sunday Business Post yesterday reports that in the past week 12 applications have been made against Oceanico, and that the applicants are all people who paid deposits of between €40-450,000 for property on a Portugese golf resort development.