Investor launches High Court action against Nama
A High Court action is being brought against the National Asset Management Agency (Nama) after a receiver was appointed over lands in Clonmel, Co Tipperary.
The investors, who borrowed around €655,000 from Anglo Irish Bank, say their right to redeem the mortgage has been frustrated and blocked by the move.
One of the four investors in the sites in The Island, Clonmel is Galway businessman Joseph Hynes from Gortmore, Rosscahill.
In an affidavit, he told the court that the lands were bought in 1999 and 2001 with loans from Anglo Irish Bank.
Life policies of €1m were assigned as security but when one of the investors died, he was surprised when the payout from Canada Life was closer to half that sum.
In March last year, he was informed the loan had been acquired by Nama and that a receiver had been appointed to the lands, which have since been put on the market.
He claims the investor's right to redeem the loan has been blocked and that the bank has so far refused to hand over documents that would explain the insurance shortfall.
The case will return to court on Monday.
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