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Tycoon Paddy Kearney slams 'garbage' aimed at him by critics over £1.2bn Nama deal

By David Young, PA

Published 05/11/2015

Paddy Kearney arriving at Stormont to address MLAs yesterday
Paddy Kearney arriving at Stormont to address MLAs yesterday

A property developer has rejected allegations of corruption linked to the controversial sale of Nama's assets in Northern Ireland as "garbage" akin to "graffiti on the wall".

Paddy Kearney launched a stinging attack on his accusers as he gave evidence to the Stormont committee investigating the £1.2bn sale of Nama's northern portfolio to US investment firm Cerberus.

Nama is the so-called bad bank set up by the Irish Government during the financial crisis to buy high-value loans off the books of bailed-out banks.

The huge deal involving the eventual sell-on of Nama's assets in Northern Ireland was thrust into the spotlight in the summer when outspoken Independent TD Mick Wallace used parliamentary privilege in the Dail to make allegations of a political pay-off.

He claimed £7m in an Isle of Man bank account was "reportedly earmarked for a Northern Ireland politician or political party".

Political watchdogs on both sides of the border are examining the circumstances surrounding the Nama sale while the National Crime Agency (NCA) has also launched a criminal investigation.

All parties involved in the deal have denied wrong-doing.

Loyalist blogger Jamie Bryson, who gave evidence before the Stormont finance committee inquiry last month, has also made explosive claims about the sale, alleging corrupt conduct by First Minister Peter Robinson and a number of senior business, property and legal figures in Northern Ireland. All have denied the claims.

Among his claims, Mr Bryson alleged that Mr Robinson exerted undue influence to secure a favourable "sweetheart deal" for Mr Kearney when he moved to refinance his Nama-controlled loans when they were bought by Cerberus.

Mr Kearney told the committee on Wednesday he had been the victim of "unfounded and unsubstantiated allegations" and "unwarranted personal attacks".

"Past testimony I refer to alleged I was somehow involved with others in manipulating in a criminal and corrupt manner the sale and purchase of the Northern Ireland Nama loan book resulting in what has been termed a sweetheart deal for myself and my company from Cerberus," he said.

"These allegations are totally unfounded and unsubstantiated."

Mr Kearney was scathing about Nama and how it handled his loans, claiming they tried to "intimidate, frighten and bribe" him to hand over control of his company. He said he approached Mr Robinson only to ask him to write to senior Nama figures to ask for a face-to-face meeting to discuss his case.

The developer, one of the so-called Maple 10 who bought shares in the troubled Anglo Irish Bank during Ireland's financial crash, used strong terms to accuse Nama of inflicting major damage on the property market.

"In my view and in terms of disruption of value and of progress in the property market in Northern Ireland, Nama did in three years, without firing a shot, what the terrorists couldn't do in 50," he said.

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