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'At no time did I benefit financially from the sale of the loan book. I have not made one penny from the transaction' Frank Cushnahan

Published 18/09/2016

Advisor: Frank Cushnahan
Advisor: Frank Cushnahan

The man at the centre of allegations surrounding the sale of the Northern Ireland Nama portfolio has denied he financially benefited from it.

Frank Cushnahan broke his silence in today's Sunday Independent, revealing the onslaught of allegations following two BBC Spotlight programmes has had a devastating effect on both his and his wife's life and health.

In a statement to the paper through his lawyers, Frank Cushnahan has responded to sensational claims made about him.

Frank Cushnahan: Statement in full  

They say he has "consistently denied any wrongdoing and has now been released from police bail".

The Irish Government has ordered an inquiry into the controversial £1.2 billion sale of Northern Ireland property assets by bad bank Nama.

Mr Cushnahan was appointed to Nama's Northern Ireland advisory committee in 2010 and served until November 2013.

He later worked with the Pimco fund which was interested in buying Nama's Northern Ireland property portfolio.

The National Assets Management Agency (Nama) was set up to deal with impaired loans that were damaging Irish banks after the 2008 financial crash.

The sale of the Northern Ireland property loan portfolio has been the subject of allegations.

Mr Cushnahan has said he would welcome a proper inquiry in relation to the sale of the NI loan book.

"It was a sale that was essential for the Northern Ireland economy. I have no doubt that the sale achieved by Nama was the best price properly achievable and has allowed the Northern Ireland economy to regain some momentum following its virtual destruction with the collapse of the property market in 2008," he writes in today's Sunday Independent..

He has also revealed the stress the allegations have had on the lives of him and his wife.

"Words cannot describe the devastating impact this controversy has had on my own and my wife's life and health," he said.

"The consequential and ongoing needs to ensure that appropriate remedial and palliative care is provided for Yvonne at this difficult time adds significantly to the stressful situation for us both.

"I have been treated like a criminal by sections of the media, although few criminals would have been subject to the same onslaught I have had to endure over the past year."

Sunday Independent

Independent News Service

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