Property mogul says he was misled from the start by Nama and was asked to pay back all the money he owed the taxpayer. In the end he had to concede defeat and was declared bankrupt
The former property mogul says he was misled from the start by Nama and was asked to pay back all the money he owed the taxpayer. In the end he had to concede defeat and was declared bankruptwill undoubtedly emerge as an individual more sinned against than sinning. A true business colossus brought down by nit-picking civil servants hell bent on looking after the interests of the taxpayers.
He then found himself dragged in front of the banking inquiry in 2016. Derek desperately wanted to tell the members of the commission the truth about Nama and their ridiculous insistence that he pay his debt. Instead, he was gagged by Nama. He went to Nama in 2017 with an ingenious offer – backed by US billionaire Riaz Valani – to pay them €1.25 million if they would write off the remaining debt.
Nama just would not see sense, claiming “certain inaccuracies and inconsistencies” in the information received from him and seeking a sworn statement of affairs from his wife, “given the apparent interconnectivity of her financial affairs with Derek Quinlan’s”.Shortly after Nama turned down his compelling €1.25 million offer, Quinlan was sued by another billionaire investor, Robert Tchenguiz, in connection with a deal not connected to Nama.
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