NCA To Lead Investigation Into NAMA

The National Crime Agency is to investigate the sale of Northern Ireland assets owned by the Republic of Ireland's National Assets Management Agency (NAMA).

NCA Deputy Director of Operations Graham Gardner said: "The NCA has considered a request from Police Service Northern Ireland and has agreed to lead an investigation, calling on support as necessary from PSNI officers."

The investigation was launched after Mick Wallace made allegations in the Dáil last Thursday related to the role of Belfast law firm Tughans, which carried out work on the Nama deal.

However, SDLP Finance spokesperson Dominic Bradley MLA has raised concerns over the involvement of the NI Executive in the NI NAMA portfolio.

Following a Committee of Public Accounts meeting in the Dail, Mr Bradley MLA said: "While we still need clarification on a number of issues relating to the sale of the NI NAMA portfolio, one thing is very clear – this scandal is not going to go away. With every day and every committee meeting, more questions arise.

"It emerged during lengthy questioning today in the Dail that in January 2014 NAMA received from the Principal Private Secretary to the NI First Minister a copy of a 'letter of intent' relating to the proposed management of the NI portfolio.

"It appeared to summarise an agreement between PIMCO and the NI Executive. The PAC today was told the purpose was to require the purchaser of the portfolio to enter into a memorandum of understanding with the NI government confirming certain conditions.

"What was that memorandum of understanding? And who was involved in setting up this agreement? It is wholly legitimate for the OFMDFM to talk to firms but we need clarification if this was done by both the First and Deputy First Ministers.

"We also found out that there was a fixers' fee of £15m which would have been shared between Frank Cushnahan, Ian Coulter from Tughans and Brown Rudnick had the PIMCO deal gone through. This was what led to NAMA asking PIMCO to withdraw. But why then did NAMA continue the sale instead of holding an investigation? And why more crucially did it approve a bid from Cerberus a few days later which involved two members of that original group – Tughans and Brown Rudnick?"

(CD)