Oireachtas Joint and Select Committees

Thursday, 24 November 2016

Public Accounts Committee

Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed)

9:00 am

Photo of Seán FlemingSeán Fleming (Laois, Fianna Fail) | Oireachtas source

Therefore, NAMA was aware that it was an individual.

While it might not be easy to bring this up on the screen, among the documents NAMA sent to us was a letter dated 23 July 2015 from Mr. Daly to Martin McGuinness in his constituency office in Cookstown, County Tyrone. It is part of a bundle of documents NAMA submitted to us. I will read the paragraph which I find a bit unusual. Obviously, Mr. McGuinness wrote to Mr. Daly concerned about all the things that emerged in 2015 and the revelations. Mr. Daly wrote back to Mr. McGuinness as follows:

It subsequently emerged only very recently, [this was July 2015] that a former partner of a Belfast law firm, Tughans, had, according to that firm, "diverted to an account of which he was the sole beneficiary, professional fees due to the firm without the knowledge of the partners". According to Tughans, the diverted fees relate to its professional work on the buyer side, not the seller side, of the NAMA loan sale. NAMA could not have been aware of this matter and the disclosure has no relevance to the competitive sales process run on behalf of NAMA. As you point out in your correspondence, the Tughans matter is subject to investigation by the police in Northern Ireland. It would be entirely wrong, as some parties have sought to do, to conflate NAMA's process with the unrelated Tughans issue.

So NAMA was very much on notice that the first fixer's fee, as it is being called, was to the managing partner, the named person. Then when NAMA got the letter from Cerberus it was informed that there was a payment again, to two parties on this occasion, Brown Rudnick and Tughans.

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