Panama Papers: Developer used the firm at the centre of the controversy to shield assets from NAMA

The State agency is still a beneficiary of ongoing actions to chase Ray Grehan's assets

Panama Papers: Developer used the firm at the centre of the controversy to shield assets from NAMA

panamapapers.icij.org / ICIJ graphic released with its report which detailed politicians, criminals and celebrities financial maneuverings

Developer Ray Grehan used the Panamanian law firm Mossack Fonseca at the centre of the 'Panama Papers' to shield assets from the National Asset Management Agency (NAMA).

He did not declare that he had a quarter share in a €50 million Dutch casino when NAMA took over his €300m debt in 2010.

The Irish Times reports that this stake was transferred to a company in the British Virgin Islands (BVI) called Subiaco, which was established by Mossack Fonseca.

The law firm told regulators in the British Virgin Islands in March 2012 that the beneficial owner of the company was a Spanish national called Marcelino Alvarez Garcia.

During the previous month, Mr Grehan admitted ownership of the company, along with one of his children, when he was questioned in the high court in London.

In 2011 NAMA became aware that Mr Grehan had not disclosed all his assets and obtained a worldwide freezing order - he subsequently declared himself bankrupt in the UK.

As NAMA continued to pursue the developer, he told a British court in April 2012 that he had transferred his 26% interest in the casino to Subiaco, the firm created by Mossack Fonseca in August 2011 for €1.

Subiaco was 75% owned by Mr Grehan, while the other 25% was owned by his daughter. He denied that this was aimed at hiding the assets, rather it was done at the request of his co-investors who did not want to be involved with NAMA.

Documents indicate that Mossack Fonseca was aware of Ray Grehan's situation when it told British Virgin Island regulators that Mr Grehan was not involved with the company.

An internal Mossack Fonseca email documents a Mossack Fonseca employee referring to Mr Grehan's bankruptcy and that fact that authorities in Ireland and the UK had "discovered the link of this person [to] Subiaco BVI company."

The Irish Times' reports that internal Mossack Fonseca communication related to Mr Grehan and Subiaco reveal unease at the dealings.

The company was wound-up during the summer of 2013 - it is unclear if NAMA uncovered any money from the company.

Mr Grehan is subject to bankruptcy restrictions until 2021 - NAMA is a beneficiary of ongoing actions by the bankruptcy trustee to chase his assets.

In 2014, he agreed to a bankruptcy restriction order in the UK and gave an address in Nigeria.

NAMA and Mossack Fonseca declined to comment on this matter when approached by the newspaper, and Mr Grehan did not respond to attempts to contact him.