June 19, 2009

NAMA & DDDA And The IGB Frontman

The DDDA Farce Continues.

What is the true purpose wherein Finance Minister Lenihan even considers appointing the front-man for the Irish Glass Bottle site 'sale' to NAMA?

What about basic governance? What about past business deals with DDDA? NAMA now has less credibility than either Anglo or DDDA.

DDDA is highly challenged by its curious links with Anglo-Irish Bank. DDDA and Anglo were possibly the catalyst for the €490 thousand million banking guarantee scam, and the €90 thousand million NAMA scam.

The large hole in the ground at the Irish Glass Bottle site in Ringsend is apparently being sold to Irish taxpayers for €490 million, or so. This is consistent with Mr Biffo and Mr Lenihan following the instructions given to them by the galway tent cartel in September 2008.


Glass Bottlers dealmaker Mulcahy linked with property role at Nama

By Nick Webb

Sunday June 14 2009

JOHN Mulcahy, chairman of Jones Lang LaSalle, is likely to be tapped up to become Nama's latest recruit. Mulcahy was a key adviser on some of the largest property deals done at the height of the boom.

As the then chief executive of Jones Lang LaSalle,

  • Mulcahy fronted a number of major deals, including the €430m sale of the Ringsend Glass Bottle site by South Wharf to a consortium including Bernard McNamara, Derek Quinlan Dublin docklands Development Authority.
  • Mulcahy was also involved in a number of major DDDA schemes including the development of retail and residential complexes at Grand Canal quay.

It is understood that the businessman may be approached to take a key property portfolio advisory role at the State asset management agency. Further legal and banking advisers are also being sought after PwC and HSBC were appointed by Nama last week.

Mulcahy welcomed the creation of Nama after the April budget. "This measure makes sound commercial sense for both Government and banks," he said.

Based in Dublin since 1964, Jones Lang LaSalle has been central to the development of major office and retail schemes around the country. It is also prominent in the industrial property sector. The company is part of the US Jones Lang LaSalle group.

Last year, Jones Lang LaSalle made pretax profits of €4.9m.

John Mulcahy was unavailable for comment.

- Nick Webb

1 comment:

Anonymous said...

Civil debt jailings reveal inequality


Friday June 19 2009

IN the film on the Irish Famine (RTE 1, June 16), Eddie Hobbs was in an old Cork graveyard commenting on the bulk burying and lack of dignity shown to the unfortunate famine victims under the tyranny of British landlordism at the time.

Half muttering, he sadly commented: "Terrible isn't it, when you realise we're all equal in the end?"

I might add, we still haven't seen the wheel take full turn. Last year, 276 people were sent to jail for an average of three weeks for non-payment of civil debts (Irish Independent, June 15).

Five inhabitants in one large housing estate are currently fighting to avoid imprisonment for failing to comply with court orders to pay installments on credit union loans. One, an unemployed mother of two, is unable to pay back money she borrowed for her newborn baby's funeral. A father of two was jailed over failing to continue paying his installments on a €7,000 credit union car loan after he became redundant.

These are ordinary people simply trying to salvage the bare necessities of life and retain their self-respect.

On the other side of the coin, we currently have 50 top borrowers who are believed to account for up to €50bn of the €80bn unpaid development loans due to be transferred at a bargain price to NAMA, the new state toxic bank, bolstered by honest Irish taxpayers.

One of the country's largest developers is understood to have borrowings in excess of €2bn and it is believed several others have loans exceeding €1bn.

No mention of jail sentences here!