NAMA 'Can't Touch' Developers' Wives

[ang]

It would now seem contrary to what we were lead to believe, any assets transferred to developers wives before the end of December 2009 will not be able to be clawed back by NAMA

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.

http://www.independent.ie/national-n...s-2371941.html

[Slim Buddha]

This was intentionally written into the legislation. It is FF's crony protection clause. What do you expect from a fundamentally corrupt organisation who very raison d'etre is to corrupt the state for their and their supporters own benefit. After all, this is why they exist.

[ang]

The Legislation gave NAMA the power to reverse transactions that favoured family members but it would now seem that this can only be done if assets were transferred after December 2009.

We had been led to believe that any transfer of assets to family members, would be dealt with by NAMA, that would now seem to not be the case.

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.

In recent years a number of high-profile builders have transferred properties into their spouses' names.

Bernard McNamara, who has debts of more than €1bn, transferred his shareholding in one of his companies to his wife Moira in September 2009.

Builder Seamus Ross, of Menolly Homes, put three Dublin properties into his wife's name between February and July 2009. Gerry Gannon, who part-owns the K Club golf resort in Co Kildare, also transferred properties into his wife Margaret's name last year. Other developers, including Joe O'Reilly, who built the Dundrum Shopping Centre, and Liam Carroll, also put properties in their wives' names last year.

There is no suggestion these transfers were made to avoid paying debts now in NAMA.

http://www.independent.ie/national-n...s-2371941.html

[C. Flower]

Even the Revenue can't pursue these arrangements after I think its only 6 months, from what was reported in relation to one of our former bank execs.

It can take longer than that to get a case into the courts.

[Newsy]

So that's it!!!!

Now seanie, fingers, drumm and all developers possible and all the rest of them can live in their spouses home, quite peacefully, AFTER ripping the country off....without fear that it will be taken from them.

Sweet Jesus.....give me strength.

[Newsy]

I read somewhere last night that in the case of bankruptcy......all transations for the previous 5 years can be reversed!!!!

Anyone know anything about this????

[ang]

I read somewhere last night that in the case of bankruptcy......all transations for the previous 5 years can be reversed!!!!

Anyone know anything about this????

In the same article above it talks about in the case of bankruptcy all transactions for the previous two years:-

NAMA does have the power to follow assets in circumstances where a developer is declared bankrupt. It can then seek to go after any assets that were transferred to safeguard them from creditors up to two years prior to being declared bankrupt.

[Slim Buddha]

I firmly believe the "transferring it in the wife's name" racket must be outlawed in whatever form it takes. The wives and families were long-term beneficiaries of the rackets criminals in general took part in and therefore should be subjected to the confiscation or sequestration of any assets transferred to them. It's time for this bolloxology to end.

[Newsy]

In the same article above it talks about in the case of bankruptcy all transactions for the previous two years:-

Thanks ang.....I am just too angry.

lenihan is a solicitor......he KNOWS the law.......THIS IS DELIBERATE.

Such a clause in the NAMA leglislation, is heavly weighted infavour of the developers.

[Slim Buddha]

Thanks ang.....I am just too angry.

lenihan is a solicitor......he KNOWS the law.......THIS IS DELIBERATE.

Such a clause in the NAMA leglislation, is heavly weighted infavour of the developers.

Lennie is the BARRISTER! Clowen is the SOLIUCITOR! They BOTH know the law, or at least they should.

[Newsy]

77 (Dermot Ahern, Michael Ahern, Noel Ahern, Chris Andrews, Seán Ardagh, Bobby Aylward, Niall Blaney, Áine Brady, Cyprian Brady, Johnny Brady, John Browne, Thomas Byrne, Dara Calleary, Pat Carey, Niall Collins, Margaret Conlon, Seán Connick, Mary Coughlan, Brian Cowen, John Cregan, Ciarán Cuffe, John Curran, Noel Dempsey, Jimmy Devins, Timmy Dooley, Frank Fahey, Michael Finneran, Michael Fitzpatrick, Seán Fleming, Beverley Flynn, Paul Gogarty, John Gormley, Noel Grealish, Mary Hanafin, Seán Haughey, Máire Hoctor, Billy Kelleher, Peter Kelly, Brendan Kenneally, Michael Kennedy, Tony Killeen, Michael Kitt, Tom Kitt, Brian Lenihan Jnr, Conor Lenihan, Michael Lowry, Tom McEllistrim, Mattie McGrath, Michael McGrath, John McGuinness, Martin Mansergh, John Moloney, Michael Moynihan, Michael Mulcahy, M J Nolan, Éamon Ó Cuív, Seán Ó Fearghaíl, Darragh O'Brien, Charlie O'Connor, Willie O'Dea, Noel O'Flynn, Rory O'Hanlon, Batt O'Keeffe, Ned O'Keeffe, Mary O'Rourke, Christy O'Sullivan, Peter Power, Seán Power, Dick Roche, Eamon Ryan, Trevor Sargent, Eamon Scanlon, Brendan Smith, Noel Treacy, Mary Wallace, Mary White, Michael Woods)

So these are the people who voted for this.

[matt]

Can a WAG-style appelation for these female financial conduits of conspiracy be very far away, ask the Tabloids ?

[Newsy]

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.

http://www.independent.ie/national-n...s-2371941.html

Why wasn't this MADE KNOWN, at the time???

[Captain Con O'Sullivan]

Why is anyone surprised? The actions of investment loans being taken over by NAMA does not bankrupt a developer. NAMA cannot chase assets unless the developer goes bankrupt.

Why is anyone surprised that NAMA and the associated legislation is quite clearly a vehicle for removing debt but unlike the Inland Revenue or Criminal Assets Bureau will not have any power to reverse transactions where assets are transferred to spouses?

You didn't think Lenihan was serious about chasing down the assets of friends of Fianna Fail did you?

Come on.

Its taking way too long for Irish people to recognise the theft of public money to (a) cover up the fraudulent practices at the modern version of Ansbacher (Anglo-Irish) and (b) the system whereby wealthy friends of Fianna Fail get all nasty loans on rapidly depreciating assets taken away and have a legalised method of retaining personal wealth beyond the reach of authorities.

In the words of the immortal Rolf Harris ... "Can you see what it is yet?"

[Captain Con O'Sullivan]

Vote Fianna Fraud.