£5m 'sale fee' to former Nama advisor revealed

Some £5 million was to be paid to a former adviser of Ireland’s bad-bank as part of a massive portfolio sale in the North, it has been claimed.

Nama said an investment fund disclosed that the money was destined for Frank Cushnahan, who retired from Nama’s Northern Ireland advisory committee several months before the Project Eagle sale was agreed with another New York investment fund Cerberus.