PAC to probe Nama deal

The Oireachtas committee overseeing public spending has asked individuals linked with Nama’s €5.7bn Northern Irish property sale to answer outstanding questions over the deal.

Shocked TDs heard revelations last week that a £5m fee was due to be paid for the deal to a former Nama official by a US equity fund.

The Public Accounts Committee (PAC) will this week issue letters and requests for people connected to the deal – called Project Eagle – to answer questions.

But it remains unclear if PAC will be able to further probe the 850-property deal, as many of the key players are based in the North.

PAC last week heard that former Nama official Frank Cushnahan was set to receive a £5m under a bid led by US firm Pimco.

Nama says it asked Pimco to exit the bid, later successfully won by another US firm, Cerberus.

PAC members have expressed concern about Project Eagle, with chairman John McGuinness yesterday confirming other businesses and individuals will now be asked to share information with it. Mr McGuinness has said the deal did not achieve value for money for taxpayers, a claim vigorously rejected by Nama.

PAC will now write to representatives at the Northern Executive with copies of its hearing - as well as Mr Cushnahan and Tughans, a Belfast lawyer firm that advised both Pimco and Cerberus.

Independent TD Mick Wallace recently claimed an audit by Tughans disclosed that stg£7m relating to the Cerberus bid was diverted an Isle of Man account. It was earmarked for a “Northern politician,” he alleged.