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Updated 21.50
THE UK’S NATIONAL Crime Agency (NCA) has confirmed that it will investigate the sale of Northern Irish assets owned by NAMA.
The PSNI had agreed yesterday that there was enough concern in relation to potential criminal activity around the sale to warrant an investigation.
The north’s police force had subsequently been in contact with the NCA with regard to their heading up the investigation.
“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 agency’s deputy director of operations, Graham Gardner, said in a statement.
We will not be providing a running commentary on our progress but will provide updates as and when appropriate.
Earlier, the chair of NAMA, Frank Daly, insisted that its Northern Ireland property portfolio was sold as part of a robust, competitive process.
Speaking this morning before a sitting of the Public Accounts Committee (PAC), Daly claimed Nama was under no political pressure to accept a bid from Cerberus Capital Management for the 850 properties.
The loans, estimated to be worth €5.7 billion, were bought by the US investment firm for €1.5 billion last year.
The winning bid, according to Daly, “secured the best outcome for the Irish taxpayer”.
Unlawful payment
Mick Wallace TD claimed in the Dáil last week that an independent audit of Belfast law firm Tughans, which was involved in the sale, found that €9.8 million (£7 million) had been diverted into an Isle of Man account.
Some of this money, he claimed, was “reportedly earmarked for a Northern Ireland politician or political party”.
But Daly told the committee today that Nama had no knowledge of the alleged payment until it was brought into the public domain in recent days.
If a payment did find its way to an account in the Isle of Man, as has been alleged, then wherever such a payment came from it most certainly did not come from Nama or from proceeds that were due to Nama under this sale.
He also said there was no reason at the time to question why Cerberus would have made payments after the sale to both Tughans and another law firm, Brown Rudnick.
What did concern us, based on Pimco’s disclosure, was the possibility that a payment would have been made to a former member of [Nama's Northern Ireland advisory committee, the NIAC].
Nama, he said, subsequently received an assurance from Cerberus that no fees were paid to any party with a connection to Nama.
Pimco bid
Daly told the committee that Nama earlier instructed US investment firm Pimco to withdraw its bid for the portfolio after concerns were raised about its relationship with Frank Cushnahan, a former external member of the NIAC.
In March 2014, he said, Nama was informed that Pimco’s compliance staff had discovered that its proposed fee arrangement with Brown Rudnick included the payment of fees to Cushnahan and Tughans, the Belfast law firm that also advised Cerberus.
The three parties were to share €21 million (£15 million) from Pimco’s proposed purchase of the portfolio.
The NIAC, which Cushnahan resigned from in November 2013, only advised Nama on broad economic issues and was no provided with any specific information in relation to particular debtors or assets, Daly said.
He added that Brown Rudnick, which advised both Pimco and Cerebrus, received no payment from Nama, while Tughans was paid just under €8,000 for delivery of title documents and assistance with due diligence queries.
Blame
Brendan McDonagh, NAMA CEO, told the committee that US private equity company Fortress, rather than Pimco, was the other final bidder in the process.
McDonagh told the committee that he was confident the sale was conducted “in line with best international practice”.
Any wrongdoing was on the part of those advising bidders, rather than Nama, he said.
- additional reporting by Cianan Brennan
Congratulations to all involved, it is a wonderful opportunity.
Hmm, that’s what they said about unpaid internships.
@Phillip O’Brien: ya right great on you supporting a cult
@rowan hill: I have the right to my religion, yes.
You might need to check exactly what a “cult” is before using it in ad hominem attacks.
@Phillip O’Brien: Opportunity for what? To kowtow to a corrupt organisation and it’s mealy mouthed leader?
The irony of women doing laundry/ironing for this is beyond comprehension.
@Phillip O’Brien: you need to look up what ad hominem actually means.
@Dave O Keeffe: Apparently giving out about massively wealthy international organisations now qualifies as an “ad hominem” – what a world we live in.
@Dave O Keeffe: No I don’t, there was a statement made against me.
@Phillip O’Brien: cult (noun) – 1. a system of religious veneration and devotion directed toward a particular figure or object. Eh, yeah….
@Phillip O’Brien: no, the comment referred to you as a supporter of the church but referred to the church as a cult.
@Phillip O’Brien:
Yes you do have a right to your religion Phillip. It’s just a pity your chosen religion (The Catholic Church) is the most unchristian organisation on the planet.
@roderick: Need I say more – your comment is proof of what I’m saying.
@Dave O Keeffe: I’d suggest you read the thread again.
@James Joseph Superior Power: That’s certainly not been my experience.
@Phillip O’Brien: But it is the experience of so many who went through rape and abuse or imprisonment in a laundry where their babies were sold or those who didn’t make it in Tuam. You are entitled to your religion but let’s not sugar coat those other experiences
@Phillip O’Brien: Hi Phillip. I took the liberty of getting you a definition.
cult
kʌlt/
noun
a system of religious veneration and devotion directed towards a particular figure or object.
@David Quigley: Thank you. Your definition proves exactly that Roman Catholicism is not a cult.
Many people here are implying that RC is a cult which worships/adores/venerates Pope Francis which is clearly false and an uneducated view.
@Phillip O’Brien: Nah, more like a cult that worships/adores/venerates Jesus of Nazareth.
Unpaid laundry work has a familiar ring to it
Mascot is a sheep….. says it all !
@Hello DAVE!: the flock with the frock.
@Hello DAVE!: it’s all about blindly following….no questions asked, a sheep is the perfect moscot.
That’s why they refer to followers as the flock.
How do the 500,000 reconcile themselves with this? And wait till the Vatican shames and sorrows for the rest off the US, Ireland, the UK, Austrailia and then all the third world countries where these dark sick secrets are still hidden.
Can any of the faithful answer and remember, it’s not a once off….have a look at the 500000 of you in the Phoenix park. The crowd is huge. Please note it’s a safe bet that at least that number of children have suffered from the RCC the last 1000 years.
Please let me know.
@Paul Furey: at least that, worldwide in the last 200 years its likely in the millions that have been abused,
@Barry Somers: the earliest record of a paedophile priest dates from 400AD in the churches own writings. 1600 years of this.
This is like a referendum with thejournal carefully balancing the articles.
@Daveinson: Baa!
@Daveinson: would you rather they wrote articles defending child abuse? Millions abused worldwide, all covered up by the Vatican, what could you possibly put on the other side to balance that out?
@Dave O Keeffe: An opinion piece from an Archbishop saying “yeah but it wasn’t ALL the priests!!!” should do nicely for balance on this terribly nuanced issue…
@ihcalaM: it wouldn’t get past the Vatican because it would have to admit culpability.
@Dave O Keeffe: True. I forgot they were still in the ‘we’re really sorry about all that stuff and by the way we’re still shielding serial abusers’ phase.
@Dave O Keeffe: Is the Pope a Catholic??
@Peter Casey:
He might be Catholic but he is no Christian
Baptised a Catholic, but will not be part of a criminal organization. A religion that has always been a business. Granted the same could be said for all organised religions…. but the fallacy of the Catholic Church is beyond belief.
@Donal Desmond: Are You sure about that Sir? The Mother Church stopped Baptising human beings since well 1944 in english and 1777 in Latin. III. The Spirit of the Age http://ourladyisgod.com/
@Peadar117: I hope you stick around after the visit. You are great craic. Seriously, the sky fairy conspiracies are great.
Sheep outfit. Says it all, really. Waterford Whispers territory.
@Martin Meyler: I’m presuming you’re being sarcastic? You do actually get it?
@Phillip O’Brien: well, duh…
The church’s capacity for irony has never been great.
And if you check the link, the clear aim is to lure in the kiddies. Which, you’d imagine at this stage, they might have copped on as to how that might be perceived.
They should all don sheep outfits.
How are we still so stupid as to still believe in this nonsense?
@Tony Doran: Slowly, but surely, we are overcoming it.
Ironing mammies?? Have we moved on at all? I’ve a feeling we’re not in 1979 anymore
Good to see the Church back in the laundry business.
Some of those Priestly vestments will need a good scrubbing..
Sheep thing is creepy…
Baa baa black sheep have you any wool, yes sir, yes sir, three bags full, one for the master, one for the slave and one for the little boy who lives down the lane…..Hmmmmmm.
The use of the Defence Forces to fill the gaps where insufficient volunteers were available is disgraceful.
The Defense Forces are not volunteers and have been ordered to fill the gaps where the church couldn’t provide. It’s a disgrace.
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