Nama has secured a number of High Court orders freezing the assets of developer John McCabe and family.

The agency had expressed it’s fear that €6.2m of assets have been “misappropriated or dissipated” by Mr McCabe and his family, including their companies, without the consent of NAMA.

The McCabes, whose companies owe NAMA for more than €235m, have denied the claims.

At the High Court on Tuesday, Mr Justice Patrick McCarthy said he would grant Nama a number of mareva injunctions — freezing the assets of John McCabe Sr and his wife Mary McCabe, of Rath Stud, Ashbourne, Co Meath.

Similar orders were obtained against their children John McCabe Jr, Helen McCarthy (née McCabe), Angela McCabe, Pauline McCabe, and Sandra McCabe.

Under the terms of the injunctions the McCabes cannot dispose, sell or transfer any asset worth more than €5,000 that any of them has a legal or beneficial interest in.

They are also prevented from taking any action to sell, transfer, or discharge a number of their assets including shares, properties, and cash in bank accounts.

They are further prevented from obstructing Nama from recovering debts against the defendants.

Rossa Fanning BL, for Nama, said his client had acquired approximately €235m worth of loans owed to AIB, IBRC, and Bank of Ireland by companies controlled by the McCabes, guaranteed by John McCabe Sr.

The information on which Nama based its application was contained in letters to Nama by solicitors for the defendants, so there could be no dispute as to the facts, counsel said.

Counsel added that undertakings, offered late in the day by the defendants, were now not acceptable to his client and Nama wanted the injunctions in place.

As reported in The Examiner: Lawyers for the McCabes had opposed Nama’s application. Martin Canny BL, for Mr and Mrs McCabe and four of their children, denied any wrongdoing. He asked the court to adjourn the matter to allow time to respond to Nama’s claims, and offered several undertakings on behalf of his clients.

Counsel added that a freezing order could negatively impact on the proposed sale of an apartment owned by Mr and Mrs McCabe at London’s Park Lane.

The Independant reported:  The disputed money includes €1.43m in rent allegedly misappropriated from a unit at Ashbourne Business Park in Co Meath. A further €1.4m was allegedly paid to directors of a company called McCabe Builders (Dublin), which is in receivership and liquidation.  A further €933,000 in rent paid by the McEniff hotel group in relation to the Ardmore Hotel in Glasnevin, Dublin, has also allegedly been misappropriated.

NAMA also alleged that equity totalling €1.7m was released from a London apartment at Park Lane and Rath Stud. Equity in both properties had been promised to NAMA, the agency claims.

The agency alleges that €4.9m of the funds misappropriated by the McCabes have been used to pay a company called Western Gulf Advisory (WGA) in the Middle East.

WGA is thought to have intimated that it could engineer loans for the McCabe group. The McCabes are thought to have paid as much as €6m to date to WGA.

NAMA reviewed a business plan from the McCabe group of companies in 2010 and last September approved working capital facilities of €12.6m.

Lawyers for the McCabes had opposed NAMA’s application. Martin Canny for Mr and Mrs McCabe and four of their children denied any wrong doing.

Lawyers for Ms McCarthy said she was a stranger to the allegations who had resigned her directorships of the various McCabe companies, and had nothing to do with the dissipation of assets.

In his ruling Mr Justice McCarthy said he was satisfied from the evidence before him to grant the injunctions sought.

The judge said the orders would only remain in place until Friday.