Nama denies data leak

The National Assets Management Agency and a company of the agency “very much deny” claims they leaked confidential information of businessmen Michael and John O’Flynn and their company O’Flynn Construction Ltd, the Commercial Court has been told.

Mr Justice Brian McGovern, who queried whether the O’Flynns’ case had sufficient commercial law aspects to warrant being fast-tracked in the Commercial Court, said yesterday he was satisfied to transfer the case to the commercial list.

The judge was earlier told by Michael Cush, counsel for the O’Flynns, that the information at issue was financial, personal, and corporate and the sums involved were very large, relating to assets worth “hundreds of millions” of euro.

That information, as far as his side was aware, was disseminated to four identified entities and his clients’ claim was that undermined the marketing strategy which Nama had agreed with them, counsel said.

Paul Sreenan, counsel for Nama and National Assets Loan Management Ltd, said his clients were neutral whether the case was fast-tracked or not but “very much deny” the claims, “especially the claim that the information was confidential”.

The court was told that the O’Flynns’ case is also against Enda Farrell, a former employee of Nama, and he had been served with the proceedings. Mr Cush said his side had been told that a solicitor, Robert Dore, was likely to come on record for Mr Farrell.

Having heard the sides, Mr Justice McGovern said he would transfer the case to the Commercial Court. He also approved directions for exchange of legal documents between the sides and said Mr Farrell has liberty to apply if he wished to raise any issue in that regard. A hearing date will be fixed later.

The case arose after Nama acquired loans advanced to the brothers’ companies in 2010 and the parties had engaged in a major restructuring process. In their action, the O’Flynns say that Mr Farrell, with an address in Belgium, pleaded guilty before Dublin Circuit Court last May to eight counts of unlawfully disclosing information and was given a two-year suspended term.

In July, Nama confirmed to the O’Flynns and their company information about them had been leaked by Mr Farrell, it is claimed.

The O’Flynn side claims that the alleged leaks had a material and depreciative impact on prices achieved by both them and Nama in relation to disposal of assets from 2010-2013 and a significant loan sale in 2014.