Treasury Holdings has been described by the National Asset Management Agency (NAMA) as significantly insolvent and past the point of rescue in Commercial Court proceedings.
The bad bank of the State says the group of companies has debts of €2.7 billion and is reliant on financial support from NAMA.
A portfolio manager at the agency has said there was ‘grave concern’ about the Board of Treasury approving the transfer of €20 million worth of shares to benefit the company’s owners – Richard Barrett and John Ronan – at a time when the board was aware their loans would be transferred to NAMA.
It is day 2 of an action by Treasury Holdings challenging a decision by NAMA to appoint receivers over some of its property assets.
