Nama case against Dunne and wife reaches stalemate –


THE NATIONAL Asset Management Agency case against Seán Dunne and his wife Gayle Killilea Dunne reached stalemate yesterday with the lawyers for the developer claiming Nama has no evidence against the couple, while those for Nama were granted more time to seek further documentation.

Nama is seeking to enforce a judgment for €185 million obtained through the Irish courts against the property developer.

Nama, operating as National Asset Loan Management Ltd in the US, filed papers in Stanford, Connecticut, in July alleging Mr Dunne and his wife had “utilised a number of lawyers . . . and shell companies to hide assets from creditors”, and asked Judge Douglas Mintz to freeze the couple’s assets. This request was refused on the grounds the documents provided by Nama were insufficient to prove its argument.

Nama subsequently served papers seeking access to documents from the real estate agency Sothebys relating to property deals in Connecticut that it believes will support its case. Lawyers for the Dunnes had objected to the subpoena but yesterday withdrew that objection.

Lawyers for Nama, who have not yet been able to access the documents they requested in July, had been expecting to argue that case before a judge yesterday morning.

Attorney Peter Nolin, representing Mr Dunne, told the court that all documents falling within the scope of Nama’s subpoena would now be produced.

The attorney representing Gayle Killilea, Philip D Russell, told reporters yesterday that the couple had originally intended to litigate against Nama’s request but subsequently decided against it.

“Sothebys will go ahead and furnish the documents. We walked away from that fight,” he said. Mr Russell went on to say that Nama was on “a fishing expedition” insisting there was no evidence to back up the agency’s claim.

Nama’s case hinges on a December 2010 “statement of affairs and declaration to Nama” signed under oath by Mr Dunne, in which he disclosed information concerning his financial affairs but omitted details of the transfer of his one half-share of an apartment in Geneva to his wife in February 2010, which he sold a month later for Swiss Francs 5.3 million (€4.7 million). The agency also alleges that the couple, operating through a string of limited liability companies, has bought and sold a number of properties in Conneticut using funds diverted from Mr Dunne’s former property empire.

Attorney Peter Nolin yesterday claimed that there were jurisdictional issues relating to the Geneva property and that Gayle Killilea Dunne had bought the Connecticut properties without involving her husband. “She has her own money,” he said.

via Nama case against Dunne and wife reaches stalemate – The Irish Times – Tue, Oct 23, 2012.

via Nama case against Dunne and wife reaches stalemate – The Irish Times – Tue, Oct 23, 2012.

About Old Boy

Love the past and the future but live in the present

Posted on October 23, 2012, in Crime, IMF/ECB and tagged , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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