Oireachtas Joint and Select Committees
Tuesday, 18 October 2016
Public Accounts Committee
Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed)
10:00 am
Seán Fleming (Laois, Fianna Fail) | Oireachtas source
We are talking about good practice and ethics. Would it not have been good practice for NAMA to know the identities of the full team of advisers for Cerberus? NAMA knew the identities of the advisers for PIMCO. Essentially, it only found out at the last minute, when it was asking Cerberus to sign an undertaking, that Tughans and Brown Rudnick were also advisers to Cerberus. Did that not raise concerns for the risk committee? Is it possible that one of these companies was also working for Fortress and we do not know about it? Perhaps it was all a cosy arrangement. Has NAMA been able to exclude the possibility that some of them were also working for Fortress which came in with a lower bid? I am asking what mechanisms the risk committee had in place to insure against this?
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