NAMA silent on pursuit of transferred assets | Irish Examiner

NAMA is unable to say how successful it has been in dealing with developers who transferred mansions, helicopters and other valuable to their wives.

The agency promised a tougher stance on the practice last year, vowing to pursue 30 highly indebted builders who were still living millionaire lifestyles after being bailed out by the state.

But since making its pledge, not a single case has gone through the courts this year using powers in the NAMA Act. The law allows the agency to force a reversal of asset transfers that were aimed at putting valuables beyond NAMA’s reach.

Despite its displays of bravado about actively pursuing these developers, a spokesperson for the agency would not answer questions on whether it has reversed any transfers this year.

The Government is considering a move to include NAMA in the Freedom of Information Act and making the agency more answerable to the taxpayer.

The problem of asset transfers to wives, partners or other family members, was first raised in October 2010 when the then Finance Minister, Brian Lenihan, told the Dáil that NAMA and the banks were "examining spousal transactions and ensuring they are set aside".

Mr Lenihan said that laws setting up the agency contained a provision for "setting aside any transaction where assets are transferred to a spouse for the purpose of defeating the rights and just claims of creditors".

The phenomenon of developers continuing to live luxury lifestyles after their bad loans were taken over by the taxpayer was highlighted again in Prime Time documentary last December.

In its response at the time, NAMA said there were already three cases where transfers to developers’ wives had been reversed.

It confirmed that the "majority" of the top 30 developers in the agency had transferred assets, including mansions and large tracts of land, to their spouses.
The agency said it identified a number of cases where it "disagrees" with transfers and would seek to reverse them, firstly through discussions with developers, but also in the courts if necessary.

A spokesperson for the Department of Finance said last night it was confident that the agency had been successful in pursuing developers, but that it had no obligation to inform the department of its progress.

via irishexaminer.com

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