Jeweller ordered to hand over 5% commission from 'Nama-ed' diamond-ring sale

on 18/02/2013 16:58:56

A jeweller who sold a solitaire diamond for the wife of a developer in debt to Nama has been ordered to hand over his 5% commission.

The diamond ring was sold for more than €150,000 at auction in Florida. The sparkler has more than 8 carats and was sold in Miami two weeks after Nama asked Mary McCabe to hand it over.

The agency is trying to recover a €20m judgement against the wife of the Co Meath-based developer John McCabe.

Jeweller John Farrington handled the sale of the solitaire diamond. He has transferred the funds to Nama, minus 5% he deducted as commission.

Mr Justice Peter Kelly has now ordered him to hand over this €7,500 in line with a court order. Mr Kelly emphasized there has been no impropriety by Mr Farrington who he said "got caught in the crossfire".