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British MP accuses NAMA of ‘running away’ with £15m

The National Assets Management Agency has been accused by a British MP of “running away” with £15 million earmarked to help British residents affected by a tower block that has fire safety and structural issues.

Conservative MP for Ipswich Tom Hunt urged British Prime Minister Rishi Sunak to raise the “immoral case” with Taoiseach Leo Varadkar.

Speaking in the House of Commons, he said residents of The Mill apartment complex in Ipswich had been left in the “cruellest form of limbo”.

He said £15 million had been received in an out of court settlement to deal with defects but the Irish financial entity NAMA had “run away with that money”.

Mr Hunt added it was “putting my residents and constituents back into square one with little or no hope”. Mr Sunak agreed to look into the case.

It was previously reported that administrators RSM UK, who took over the freehold of the development in 2010, have said maintenance funds could run out early this year.

The announcement followed news that RSM had been forced to pay £15 million that it had received in a settlement to NAMA.

The money was awarded after cladding was torn away from the tower in a gale in 2013.

The administrators said a lack of further cash meant the process of moving the development into liquidation would begin.

A reserve fund for some fire safety measures and insurance costs had been secured but was likely run out early this year, RSM UK said.

The situation has left owners of 249 apartments alongside the tower block being unable to sell.

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