Two companies asked to attend Project Eagle inquiry

The two companies at the heart of the Nama Project Eagle controversy have been asked to attend a cross-party Dáil inquiry next month due to ongoing concerns surrounding the financial deal.

PAC chair and Fianna Fáil TD Sean Fleming confirmed last night Pimco and Cerberus will be invited to meetings with the Dáil’s public accounts committee in November as TDs continue attempts to examine the multi-billion euro controversy.

Pimco and Cerberus are central to the investigations into the Project Eagle deal, which saw Nama sell off its Northern Ireland property portfolio for a reportedly €220m less than its value, due to the fact they were key to the sale’s bidding process.

While Pimco ultimately pulled out of the deal after concerns emerged over its alleged financial relationship with Nama advisor Frank Cushnahan, Cerberus — which also used the same legal experts as Pimco — was later awarded the contract.

However, while the requests for both firms to attend are due to be sent out this week, it is unclear whether either company will meet with the PAC as they turned down similar invitations from a Northern parliamentary investigation.

The issue is expected to be raised by PAC members today, when it grills Nama board members Willie Soffe, Oliver Ellingham and Brian McEnery over the events leading up to the 2014 sale.

The meeting is also likely to see last week’s revelations from former Nama advisor Brian Rowntree, who on Thursday contradicted Nama chairman Frank Daly’s claim that Mr Cushnahan — who is embroiled in disputed claims he was due to receive fixers’ fees for ensuring Pimco won the Project Eagle deal — had no useful information regarding the properties involved.

Speaking to the PAC last week, Mr Rowntree said the claim was untrue, and that advisors such as himself and Mr Cushnahan had access to the records involved.

“If I was conducting due diligence on behalf of an intended buyer [of Nama’s Northern Ireland loans], I would be smiling if I had a document like that [one provided to Nama advisors] because it would be a clear indication of the potential value of the landbank,” Mr Rowntree said last week.