Stormont inquiry chairman Daithí McKay criticises Nama

The chairman of the Stormont inquiry investigating the sale of Nama’s loan portfolio in the North has accused the agency of trying to brush any matters relating to its former adviser, Frank Cushnahan “under the carpet”.

Daithí McKay, who has been chairman of the inquiry conducted by the Northern Ireland Assembly’s finance committee, said it had uncovered evidence which had given rise to concerns – North and South – about Mr Cushnahan’s potential conflict of interests while a member of Nama’s advisory committee.

Mr McKay believes Nama did not act on these concerns.

“They have a responsibility to uncover the truth because they appointed Frank Cushnahan. The Irish public – North and South – want to know exactly what was involved in the sale of Nama’s Northern property portfolio,” he said.

Business dealings

He said the agency should conduct its own inquiry into Mr Cushnahan’s business interests and dealings while he was a member of its Northern Ireland advisory committee.

But a spokesman for Nama said: “Nama has provided comprehensive answers to questions it has received from the Northern Ireland Finance Committee and the Public Accounts Committee and has made its position clear on the sale of its Northern Ireland loan portfolio.”

Last year Nama chairman Frank Daly wrote to Mr Cushnahan to ask him to clarify details regarding his shareholding in the Belfast-based Graham Group and to provide details of any meetings he had with US company Pimco, which had also expressed an interest in Nama’s Northern Ireland loan book, and any other potential bidder.

New York investment firm Cerberus ultimately acquired the Nama portfolio for £1.2 billion (€1.54 billion) in 2014.

‘No knowledge’

Nama has not confirmed if Mr Cushnahan has responded to its request for clarification.

The agency had also previously written to the inquiry to formally inform it that Nama had “no knowledge” of any possible meetings between Mr Cushnahan and any prospective buyers of the agency’s assets in the North.

Mr Daly wrote to Mr McKay last year to confirm that the agency was neither aware of any meetings between Mr Cushnahan and possible buyers or of his potential “representation of individuals or companies whose loans had transferred to Nama”.

Mr Cushnahan has always firmly denied “any wrongdoing” and expressed his commitment to “fully co-operate with any police inquiry”.