AN IRISH property developer, whose assets include London luxury hotels Claridges, the Connaught and the Berkeley, yesterday won a legal challenge to stop the National Asset Management Agency (NAMA) acquiring his loans, a ruling that complicates the operations of the state-run agency, dubbed the “bad bank”.
Ireland’s Supreme Court said yesterday a decision to acquire €2.1bn (£1.7bn) in loans secured on Paddy McKillen’s assets was not valid because it was made before NAMA was legally established.
That overturned a High Court ruling last year that found in NAMA’s favour. McKillen, wants to avoid transferring his loans to NAMA lest such a transfer damage his reputation and compromise his companies.
“It is clear that the decision taken by the interim team of NAMA between 11 and 14 December had no legal effect,” chief justice John Murray said in court.