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NAMA 'can't touch' developers' wives


Aindriu

Well-known member
Joined
Jun 28, 2007
Messages
8,702
Lenahan screws up again! :mad:

NAMA cannot claw back millions of euro in assets belonging to developers who transferred properties to their wives and families just before the State's 'bad bank' was set up.
The National Asset Management Agency only has the power to pursue assets transferred to relatives since December 2009 as part of its efforts to recover billions of euro owed by indebted developers.
It cannot seize properties and other assets transferred before that date, the Irish Independent can reveal.
The revelation is in contrast with the strong statements being made by Finance Minister Brian Lenihan. He has said that while the Government couldn't prevent developers from moving abroad they would not be able to escape their debts.
Yesterday, a NAMA spokesman said the agency would use all powers at its disposal to collect monies owed by developers.
"Our preference is to work with debtors with a view to their loans being repaid," he said. "However, where that is not possible, then we will use all the means at our disposal within the law to pursue debtors."
Mr Lenihan included a provision in the NAMA legislation to give the bad bank power to "set aside" or reverse transactions that favoured family members and allowed developers to avoid using them to repay their debts.
But it is now clear that this will only apply to assets in a developer's name after December 2009.
Full article here.

No wonder the likes of Seanie Fitzpatrick are laughing and smiling every time they get clocked by the media!

The clown must go and go now!!!
 

eoghanacht

Well-known member
Joined
Apr 18, 2006
Messages
33,340
We knew this would happen. I can't see why your so angry. It's the corrupt social elite using Irish law to phuck us over again whilst Lennie and co. shake their heads in mock anger.
 

Aindriu

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Joined
Jun 28, 2007
Messages
8,702
We knew this would happen. I can't see why your so angry. It's the corrupt social elite using Irish law to phuck us over again whilst Lennie and co. shake their heads in mock anger.
I am so angry because both Clowen and Lendahand are lawyers!!! In Lendahand's case he got a first class honours in his law degree!!

He should have made sure that everything was put in place to ensure the barstewards couldn't do what they did. It could (and should) have been done. All it would have taken would have been a court order to freeze their assets!
 

Paddy Sarkozy

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Joined
Aug 19, 2010
Messages
1,859
Hundreds, maybe thousands, of wives have had assets transferred to them in recent years by their high net worth husbands.
Fair enough you might think.
Except that right through the collapse of our banking system, for over three years, female journalists especially, but also many other feminist activists and politicians have claimed the collapse would never happened had more women been in positions of power and authority, more women directors in the bank boardrooms, more women heading up the nation's businesses.
To which I say, what a load of auld bollix!
The females claim that somehow women are more conscientious, more honest, more upfront - the world would be a better place if only women got more of a chance.
Well let's see if that is true.
Let's see how many of the high rollers' wives put on the green jersey and fess up to the truth about their ill gotten gains.
Let's see how many wives decide to come forward and offer up their loot to the public, proving their determination to make a clean breast of things, play fair and help offset the huge cost to ordinary taxpayers like me and you of bailing out banks, and the huge cost of paying overpriced advisors for the next ten years at least for the criminal NAMA shakedown.
But prove me wrong.
Come back to me in a year and tell me look, here's at least 50 wives who didn't like how they got their huge wealth from, and walked away from it.
Yes, go right ahead and prove me wrong.
But I'm not holding my breath.
 
Last edited:

DaveMc

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Joined
Jan 31, 2009
Messages
860
That is incredible and shocking.

Some years ago I bought a house from a family member.
The revenue quite rightly would not accept my valuation as a lower rate of stamp duty applied to transfers between blood relatives, I had to produce an independent valuation.

The revenue then (again quite rightly) informed me that if the family member died within 7 years of the transfer I would have to pay a balance to the amount of ‘normal’ stamp duty.

How can these ‘pillars of society’ get away with this?
 

TimBuckII

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Joined
Jan 21, 2008
Messages
2,524
Twitter
Yes I am
I am so angry because both Clowen and Lendahand are lawyers!!! In Lendahand's case he got a first class honours in his law degree!!

He should have made sure that everything was put in place to ensure the barstewards couldn't do what they did. It could (and should) have been done. All it would have taken would have been a court order to freeze their assets!
Do you think it was an oversight?
 

cry freedom

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Joined
Nov 8, 2009
Messages
2,400
NAMA 'can't touch' developers' wives

Are we talking "soft touch" or "light touch" here?
 

olamp

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Mar 24, 2010
Messages
1,452
Is there not another avenue of pursuit? I thought they could be pursued through the courts and that the transfer of assets period was 3 yrs?
 

Aindriu

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Joined
Jun 28, 2007
Messages
8,702

Sensor

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Joined
Oct 7, 2009
Messages
530
There is a plot of development land where I live (D15). Couple of years ago , the developer was doing work on the land eventhough property market was in doldrums. I guess he'd have expected the loans have to be repaid. Within a couple of weeks of NAMA announcement all work stopped with roads and excavations half finished. The developer knew he is off the hook!
 

Gadfly

Well-known member
Joined
Nov 14, 2007
Messages
354
Lenahan screws up again! :mad:
It's only a screw up if you think there actually was an intention to defend the taxpayers's interests.

So much evidence points in the opposite direction that we can safely drop that assumption.
 

hammer

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Joined
Jul 6, 2009
Messages
58,514
Minister of Finance also has the power to appoint over 600 Fianna FAIL supporters to different quango`s :)

And as Bertie enlightened us they need only be friends of his if he so wishes :) :) :)

We are a backward corrupt clueless country.
 

Nemi_

Active member
Joined
Aug 20, 2010
Messages
252
Looking at the article, a key point seems to be this
NAMA does have the power to follow assets in circumstances where a developer is declared bankrupt.
So if NAMA follows its 'we'd rather work with the developer' choice, the wife gets to keep whatever she's been given.

Which means, if the public interest is to be served, NAMA must push for bankrupcy of these guys as soon as possible, as I take it the Courts will plod along at their usual snails pace. You only seem to be able to reverse from two years before the date of bankruptcy.

Like other posters, I can well remember how these transfers of assets were being reported over the last two years, and the blithe assurances that all of these transfers could be reversed. But we're now two years after the night of the guarantee. And presumably developers could see the writing on the wall before that. So, even if one was declared bankrupt today, the only transactions in the scope will be ones that took place after the guarantee went in. And, each day, that time limit will move on.
 

hammer

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Joined
Jul 6, 2009
Messages
58,514
Yes. Keep believing everything you hear from Fianna FAIL TDs :)

Remember the one about Lendahand not reading the PwC report on Anglo :)
Or that Bertie was innocent :)
 

politicaldonations

Well-known member
Joined
Sep 28, 2006
Messages
683
If its true that bankrupt developers can keep assets from being taken back by transferring to spouses/kids because of the introduction of NAMA then that truly is a scandal. If these assets could have been recovered if NAMA had not been introduced then NAMA can only be seen as a scheme to help FFs bankrupt friends keep some of their millions.
 

Skinner

Well-known member
Joined
Oct 6, 2010
Messages
579
Hundreds, maybe thousands, of wives have had assets transferred to them in recent years by their high net worth husbands.
Fair enough you might think.
Except that right through the collapse of our banking system, for over three years, female journalists especially, but also many other feminist activists and politicians have claimed the collapse would never happened had more women been in positions of power and authority, more women directors in the bank boardrooms, more women heading up the nation's businesses.
To which I say, what a load of auld bollix!
The females claim that somehow women are more conscientious, more honest, more upfront - the world would be a better place if only women got more of a chance.
Well let's see if that is true.
Let's see how many of the high rollers' wives put on the green jersey and fess up to the truth about their ill gotten gains.
Let's see how many wives decide to come forward and offer up their loot to the public, proving their determination to make a clean breast of things, play fair and help offset the huge cost to ordinary taxpayers like me and you of bailing out banks, and the huge cost of paying overpriced advisors for the next ten years at least for the criminal NAMA shakedown.
But prove me wrong.
Come back to me in a year and tell me look, here's at least 50 wives who didn't like how they got their huge wealth from, and walked away from it.
Yes, go right ahead and prove me wrong.
But I'm not holding my breath.
Absolutely +1

The 'girls' will stick together, pocket the loot and keep on shopping...
 
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