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TD Mick Wallace vows to reveal more over £7m Nama scandal

By Deborah McAleese

Published 06/07/2015

Mick Wallace,Independent TD for Wexford
Mick Wallace,Independent TD for Wexford
Gerry Adams wants questions answered over Mr Wallace’s claims
David McNarry wants questions answered over Mr Wallace’s claims

More explosive allegations about Northern Ireland's biggest ever property deal are to be revealed by the politician who has sparked a financial scandal.

TD Mick Wallace's claims in the Dail last week, about details of the £1bn Nama (National Asset Management Agency) sale of its Northern Ireland property loan portfolio, has led to demands for a full inquiry into the agency.

Mr Wallace claimed that a £7m fee to be paid to a law firm was discovered in an Isle of Man bank account where it was "reportedly earmarked" for a leading Northern Ireland politician.

The BBC claims the money was intended to facilitate payments to non-lawyers or deal fixers.

Yesterday Mr Wallace said he could have used parliamentary privilege to reveal the identity of the politician who, it is alleged, was to have benefited from the monies which were deposited in the Isle of Man account by a lawyer at Belfast law firm Tughans.

He said he chose not to name the politician as he was not "100% certain" and if he'd been wrong he would have "done him a serious injustice."

"I have other information, and when I am more confident that I am 100% sure that what I am saying is correct, then I will let that out too," he told RTE.

The £7m was discovered in an account controlled by Ian Coulter, a former managing partner at Tughans. He left the company in January after it found out and retrieved the cash.

It had been received from a US law firm for work that Tughans did on behalf of New York investment firm Cerberus.

Cerberus bought an 850-property loan portfolio from Nama for more than £1bn last April.

Nama representatives are now to be summonsed before the Stormont Public Accounts Committee to explain what the Republic's 'bad bank' knows about the allegations.

David McNarry MLA has called on the PSNI to launch an investigation into the allegations of "fixer payments".

"The PSNI now have a clear line of investigation into the fixers payment put into an Isle of Man bank account.

"I suggest that they pursue vigorously such a line of inquiry," he said.

The Ukip politician added that the public had a right to know who the fixers were and who assisted them in fixing a deal.

"Not only that, but PSNI need to find out who the fixers used with sufficient political clout and access to do the fixing," said Mr McNarry.

He added: "The Nama revelations are sensational enough to bring governments in both Belfast and Dublin tumbling down."

Sinn Fein leader Gerry Adams has demanded answers from the Irish government on the sale of the Nama Northern Ireland loan book.

"It should be remembered that this sale was the largest by Nama in which loans with a par value of £4.5bn was sold at a huge discount for £1.3bn... It is not good enough that the government remains silent on this issue which has handed on a massive loss to citizens."


Nama (National Asset Management Agency), the Republic of Ireland's state-controlled "bad bank", was set up to handle property loans made by the Republic of Ireland's banks before the financial crash. It sold its entire Northern Ireland property loan portfolio last year to New York-based investment firm Cerberus Capital Management for more than £1bn. The loans originally had a value of £4.5bn. Nama-controlled loans included office blocks, shopping developments, pubs, hotels and land.

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