Nama Scandal: The key players....

The key players of the Nama scandal

The National Asset Management Agency, the bad bank set up to buy and sell impaired loans and based in the Treasury Building (main pic), sold 850 property loans last year in a deal named Project Eagle. While some of the properties were in the Republic and Britain, half of the properties were in the North. Nama sold the property-linked loans to US firm Cerberus for €1.6 bn (£1.3bn), at a loss of over €280m. It claims that the deal was the best value for money for the taxpayer. But it now faces massive questions about the deal after revelations about fees being paid to third parties.

Nama Scandal: The key players....

Pimco, a US firm, was kicked out of the process when it emerged it was going to pay fees for advice on the deal, including £5m to an ex-Nama official. Both Brown Rudnick and Tughans had been involved in Pimco for its bid also. Nama sasy it does “not question” why a purchaser of a loan portfolio would be making payments to two law firms.

Nama Scandal: The key players....

Fortress Capital, another US private equity firm, was one of the three final bidders, alongside Pimco and Cerberus

Nama Scandal: The key players....

US equity firm Cerberus, one of nine bidders for the massive property portfolio, says it paid fees for advice on the deal to US lawyers Brown Rudnick, which says these were shared with Belfast solicitors Tughans.

Nama Scandal: The key players....

The UK’s top law enforcement body, the National Crime Agency, is to investigate the allegations at the heart of Project Eagle, the largest ever property deal in the North. It has been asked by the PSNI to examine alleged pay-offs made on the side of the sale of 850 properties to Cerberus.

Nama Scandal: The key players....

Independent TD Mick Wallace raised questions in the Dáil over Project Eagle and alleged a £7m fund in the Isle of Man had been ‘earmarked for a politician or political party’. Mr Wallace says that PAC does not have ‘the wherewithal’ to investigate the deal and that an independent probe is needed. He says he will speak to police in the North about an investigation there into the deal.

Nama Scandal: The key players....

Peter Robinson, the North’s first minister, has been drawn into the controversy after PAC heard that a letter from his office to Nama proposed a deal with the successful buyer where the guarantees of debtors in the North would be protected or released for ‘nil payment’. Nama says it found this proposal

‘offensive’.

Nama Scandal: The key players....

Finance Minister Michael Noonan was ‘alarmed’ about fees being paid under the Pimco bid in March last year, but did not suggest that Nama halt the property portfolio sale. He referred a letter to Nama, forwarded to him, where lawyers Brown Rudnick told the North’s finance minister Sammy Wilson about two clients wanting to bid for Project Eagle.

Nama Scandal: The key players....

Sammy Wilson, the North’s former finance minister, was involved in appointing Frank Cushnahan to Nama’s Northern Ireland advisory committee. Wilson wrote to Noonan in June 2013, forward-ing a letter from Brown Rudnick, where the US firm had notified the Northern minister that two of its clients were interested in bidding for Project Eagle. The firm said one of the clients was known to Nama and ‘highly credible’. The firm asked Wilson about the ‘integrity’ of the sale, saying it wanted a closed deal to be con-ducted with one party exclusively.

Nama Scandal: The key players....

Frank Cushnahan was the ex-Nama official who was set to get £5m in fees if the Pimco deal was successful. He was originally nominated to Nama’s Northern Ireland advisory committee in the North by politicians. He stepped down for personal reasons in November 2013, five months before Project Eagle was completed. Namasaid the next time it came across him— after he resigned— was when it emerged he might get a fee for advising Pimco.

Nama Scandal: The key players....

Belfast-solicitor firm Tughans has confirmed that one of its partners involved in the purchase of the Nama loan book, advising purchasers Cerberus, had diverted fees to an Isle of Man bank account. Tughans say the money was diverted without its knowledge. Tughans had advised Pimco before later advising the successful bidders Cerberus.

Nama Scandal: The key players....

Brown Rudnick: The law firm acted for both Pimco and later Cerberus.

Nama Scandal: The key players....

The Isle of Man: £7m was put in a bank account on the island, money Mick Wallace alleges was destined for a Northern Ireland politician.

More on this topic

NAMA review finds it has made 'exceptional progress', will manage loan book beyond 2021NAMA review finds it has made 'exceptional progress', will manage loan book beyond 2021

Nama forced into €2m settlement with Revenue, correspondence revealsNama forced into €2m settlement with Revenue, correspondence reveals

'It is very frustrating to see it': Developers buy back Nama loans at discounts'It is very frustrating to see it': Developers buy back Nama loans at discounts

Taxpayers let down over historic assurances about NamaTaxpayers let down over historic assurances about Nama


Lifestyle

Hannah Stephenson has advice on how to care for your garden when wet weather strikesHow to prevent and deal with waterlogging in the garden

If you're down in the epidermal dumps, exfoliation, hydration and decongesting is what you need.The Skin Nerd: How to prep and pep that played-out January skin

The Winter Show, which gets underway in New York this Friday, is a celebration of world cultures, from antiquity to the present.Time travellers are packing their suitcases for New York this week

“Finish him!” It’s one of the most famous lines in video games – in fact, they pretty much built the entire series around it. Mortal Kombat is notorious for brutal finishing moves, in which the characters kill off their opponents in horrific (and often humourous) fashion.Game Tech: Mortal line lives on in the cinema

More From The Irish Examiner