Ex-Nama official sent commercially sensitive information

A former official with the National Asset Management Agency (Nama) who is facing jail for leaking potentially commercially sensitive information told investigators he thought he was advancing the interests of the agency.

Ex-Nama official sent commercially sensitive information

Enda Farrell, aged 40, sent confidential information about the Nama valuation of hundreds of properties to named individuals in the investment companies QED Equity Ltd and Canaccord Genuity.

The tranches of records covered properties from major developers, Nama’s hotel portfolio and Nama properties in Germany.

Farrell, of La Reine, Avenue Louise, Brussels, Belgium and formerly of Dunboyne, Co Meath, appeared on bail at Dublin Circuit Criminal Court yesterday.

After hearing the evidence Judge Karen O’Connor said she wanted time to consider the appropriate sentence and adjourned to May 12 and remanded Farrell on continuing bail. Earlier this month, Farrell pleaded guilty to intentionally disclosing to Stewart Doyle of QED Equity Ltd by email on May 17, 2012, Nama confidential information relating to the Cosgrave Group when he did not have the authority or was obliged to do so.

Yesterday, he admitted seven other offences of unlawfully disclosing information, in breach of the 2009 Nama Act, between May and July 2012. He faced 13 charges and the court heard evidence relating to 12.

Mr Farrell had access to huge amounts of highly confidential information which had potential commercial value, Detective Garda Gareth Lynch from the Garda Bureau of Fraud Investigation told the court.

The leaked information included lists of properties that had been taken into Nama and valuations placed on them in November 2009. The properties included those linked to developer Paddy McKillen, the O’Flynn Group, Tiger Developments, Harcourt/ Pat Doherty Group, and the Cosgrave Development Group. One tranche of information sent by Farrell included valuations of hundreds of hotels owned by developers sent to Kenneth Rouse in QED Ltd.

Farrell, a married father of three, did not profit from the disclosures and Nama was not at a loss as a result of them, Det Gda Lynch said.

Michael Bowman, defending, said once the offences emerged his client lost his job and was left destitute by civil proceedings

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