Investigation into Nama deal may restrict Stormont

The Stormont finance committee is scheduled to meet this morning to determine how probing it can be in its inquiry into allegations by Independent TD Mick Wallace of financial corruption.

Daithí McKay, the Sinn Féin chairman of the committee, met members of the UK National Crime Agency (NCA) yesterday to discuss how to proceed with the inquiry into the National Asset Management Agency/ Cerberus £1.3 billion deal without impinging on the NCA’s criminal investigation.

The committee is due to meet first in private session to hear from Mr McKay the concerns expressed by the NCA.

“We will be considering how to proceed without impinging on the NCA-led criminal investigation,” said Mr McKay.

“We don’t want to do anything that could jeopardise that inquiry. I will be outlining to the committee the advice I have received and how that might affect the scope of our own inquiry,” he added.

The Law Society of Northern Ireland, which was inquiring into how former Tughans solicitor Ian Coulter ended up with £7 million in a private Isle of Man account, was due to give evidence to the committee today but there is a question mark over whether any members will address the committee.

The NCA, it is understood, is concerned any evidence in relation to certain potential witnesses could put its inquiry at risk.

Last week the committee said it wanted to speak to witnesses such as Mr Coulter, Frank Cushnahan – whom the Dáil was told last week was in line for a £5 million payment had US investment company Pimco been successful in purchasing Nama’s Northern Ireland 850-property portfolio – Mr Wallace, and representatives of Cerberus.

It may now be limited in whom it can hear evidence from while the criminal investigation is taking place.