Oireachtas Joint and Select Committees

Wednesday, 22 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Sean Mulryan:

That's about four years ago when they were on a commission, a trade commission in Anhui in China and, at the same time, I was in China. It was the time of NAMA and I was trying to raise funds to exit NAMA at that period. So I got a meeting with the chairman of CIC of China and his team to put a proposal to raise our funds to exit NAMA very early. And at that time as well we had been approached the Chinese in London. And the ambassador ... they were doing a new city in Anhui, and they were seeing what was being done in Europe - and they would like us to do the master planning, and help them with a European designed city. So I met Mr. Ahern there and he joined me at that promotion but we didn't go ahead with that because we had to commit to our four years with NAMA or five years with NAMA so we agreed with NAMA to withdraw from the Chinese venture and concentrate on London and working our debt through and take on no new projects. But I was disappointed with the ... it was a huge opportunity in Anhui in China but we decided to withdraw from that and-----

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