Belfast Telegraph

Frank Cushnahan was peddling Nama assets overseas, Wallace claims in parliament

Frank Cushnahan was peddling Nama assets overseas shortly after being appointed as a Northern Ireland adviser to the state agency in 2010, it has been claimed in the Irish parliament.

Independent TD Mick Wallace said he travelled to Asia last weekend to collect emails and documents from an unnamed businessman which, he says, will help show the controversial Project Eagle sale was the biggest financial scandal in Irish history.

Here is a transcript of some of the emails he read into the Dail record:

:: An email from Mr Cushnahan to the unnamed businessman dated December 2010.

"My apologies for the delay in completing the document but I have been heavily engaged by Nama.

"There are very substantial opportunities for major returns to be made for anyone who can access international and institutional funds to acquire blocks of development assets from either development or agency itself.

"I will of course initiate any necessary documentation to secure the best interest of all.

"Many thanks, Frank."

:: A reply

"Completely understand the demands made on you by Nama and the work it entails and explained this to both individuals.

"Both now also understand the situation, especially as the plight of Ireland has been internationally reported. If anything, it has reinforced our opinions of your abilities.

"Thanks also for giving us the information on acquisition success fees."

:: Another email

"Hi, Had a very good meting with Frank yesterday.

"On the Nama bank debt issue I have a draft of the agreement we should all sign along with Frank to ensure that we not only get a percentage of the money being invested but also a percentage of the special purpose vehicle and the profits to be made when the asset is sold.

"Frank will ensure that only people with the highest integrity at government level will be involved and the returns look very, very good."


From Belfast Telegraph