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US Justice Department investigates sale of NAMA portfolio in Northern Ireland

The US Department of Justice is investigating the purchase of the property portfolio of the Natio...
Newstalk
Newstalk

08.49 7 Sep 2015


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US Justice Department investig...

US Justice Department investigates sale of NAMA portfolio in Northern Ireland

Newstalk
Newstalk

08.49 7 Sep 2015


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The US Department of Justice is investigating the purchase of the property portfolio of the National Asset Management Agency (NAMA).

It has also sent a subpoena for information to the investment firm that won the 2014 auction, dubbed 'Project Eagle'.

This is the latest development in the controversy surrounding the sale of the portfolio, following political scrutiny both here and the UK - as well as a criminal investigation by the UK National Crime Agency (NCA).

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TD Mick Wallace made the allegations in the Dáil back in July.

Around 850 assets were sold in one lot for over €1.5bn last year. But Deputy Mick Wallace claimed they were worth in the region of €4.5bn - a claim NAMA strenuously denied.

The agency said NAMA sold its Northern Irish loan book for its full value "and not a cent less".

"The assets may - years earlier - have been worth more but the fall in their value was a result of the property crash and they were not worth anything more that the price NAMA achieved when sold by NAMA," it added.

The chairman of NAMA has said any money diverted to the Isle of Man after the sale of NAMA loans in Northern Ireland did not come from the agency, nor the money that was due to be paid to a former NAMA advisor Frank Cushnahan.

Mr Cushnahan was set to receive stg£5m for advising a rival bidder, Pimco, which had to pull out when NAMA was told of his role.

Tom Lyons is business editor of the Sunday Business Post. He told Newstalk Breakfast US authorities will want to know more.


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