Crescent Linkfamily had NAMA loans

THE company behind the bid to bring ASDA to the Waterside is controlled by the Newry-based Murdock family, which transferred a number of loans from other companies it controls to the Irish Government’s National Asset Management Agency (NAMA) back in 2010.
By The Newsroom
Published 4th Jan 2013, 10:41 BST

Environment Minister Alex Attwood’s decision to approve Genova North West’s proposal to bring ASDA to the Crescent Link Retail Park received a broad welcome in Londonderry shortly before Christmas.

The approval of Genova North West’s application allows ASDA to proceed with a planned £30m investment at the Crescent Link Retail Park.

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Back in 2010 representatives from ASDA and Genova North West briefed members of Derry City Council’s Planning Committee on the major jobs-boosting proposal.

During the briefing councillors were informed that Genova North West was “owned by the Murdock family” and that the company had purchased the Crescent Link Retail Park - the second biggest in Northern Ireland - back in 2006.

In September 2011 it was revealed in the accounts of three companies controlled by the Murdock family that loans had been transferred to NAMA.

The companies concerned were Clyduff, Rathdrum Properties and Murdock Nursing Homes.

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Clyduff’s accounts revealed that the company’s Bank of Ireland loans were taken over in October 2010.

The accounts for Murdock Nursing Homes and Rathdrum Properties revealed their loans were transferred to NAMA in November 2010

Related topics:ASDANewry