GO
Loading...

Irish property developer Treasury Holdings to be wound up

Friday, 5 Oct 2012 | 7:04 AM ET

DUBLIN, Oct 5 (Reuters) - Irish property developer Treasury Holdings is to be wound up, a Dublin court heard on Friday, making it one of the biggest and most high-profile casualties of a property crash that led the country into an EU/IMF bailout.

The company, controlled by developers Johnny Ronan and Richard Barrett, had built up a multibillion-euro property empire that included golf course resorts in Sweden, a five-star hotel in Moscow and offices in Paris.

However most of its debts were transferred to Ireland's state-run National Asset Management Agency (NAMA) after a building boom came to a sharp halt in 2008. Backed by NAMA, another debtor, Belgian financial group KBC , won consent to have the company wound up on Friday.

(Reporting by Sarah O'Connor; Writing by Padraic Halpin; Editing by David Holmes)

((padraic.halpin@thomsonreuters.com)(+353 1 500 1529)(Reuters Messaging: padraic.halpin.thomsonreuters.com@reuters.net))

Keywords: IRELAND PROPERTY/TREASURYHOLDINGS