Nama probing ex-staff’s land deal

Nama has confirmed that it is investigating the facts of a property transaction involving one of its former employees; but has said it has no initial concerns over the price paid.

The agency has not identified the former employee being investigated, nor the value of the transaction under review. However, The Sunday Times yesterday reported that one of Nama’s former property portfolio managers, Enda Farrell — who left the organisation in January — bought a two-acre property in Lucan, west Dublin for €410,000 at the end of last year.

The newspaper said Mr Farrell had made an unsolicited approach to the property’s former owner, businessman Thomas Dowd, who had originally bought the house for €1.4m in 2004.