Former Nama executive sent data to leading firms
FORMER NATIONAL Asset Management Agency (Nama) executive Enda Farrell sent information, allegedly misappropriated from the State agency, in emails to professionals in Dublin, London, Paris, Berlin and Amsterdam, he has told the Commercial Court in documents.
Among those emailed were executives at the property investment division of French insurance giant Axa and US company Fidelity International, two of the world’s biggest investment groups.
The insurance company’s property division is the largest real-estate fund in Europe, managing assets of more than €42 billion.
Fidelity is the world’s fifth-biggest property fund manager.
Nama is claiming in a Commercial Court case that information about loans and the ownership of properties supporting those loans were unlawfully deployed in the commercial property market.
Mr Farrell, a property portfolio analyst with Nama until he resigned in February 2012, said he forwarded emails to his wife, Alice Kramer, who worked in Ernst Young advising on compliance and she sent the emails on to her personal Yahoo email account.
Mr Farrell said in affidavits that while at Nama that he sent an email with information in October 2011 to Fabian Neuenschwander, an employee of a Swiss investment manager, The Partners Group.
That month, he sent information by email to Borge Tangeraas, a consultant to property investor FREO Group in Amsterdam.
He also emailed information to Jos Short, owner of real-estate investment manager Internos in London, in January 2012.
On January 11th, he emailed information to Denis Morel, a fund manager at Axa Real Estate Investment Managers in Paris, and sent the same email to Axa executives Jean Michel Rossi, Laurent Vouin, and Harry Badham in London.
David Jackson and Peter Riley of PRUPIM Real Estate Investment Managers in London received emails on January 16th.
After Mr Farrell left Nama and while employed as a consultant for six months with UK private equity property firm Forum Partners, he sent emails from March 30th to April 17th to Neil Cable, head of European real estate investments at Fidelity in London and Darren Ehlert, managing director of IN-West Immobilien in Berlin, which was affiliated to Forum.
He also sent information in an email to Andrew Walker in April at the European branch of Forum.
Irish recipients of emailed information from Mr Farrell include Bobby Geraghty of estate agents King Associates in Dublin who received material last April.
Mr Farrell sent emails in May to Ken Rouse and Stewart Doyle of QED Equity Solutions, an investment company based at the IFSC in Dublin. Financier Dermot Desmond and former Irish Nationwide chairman Michael Walsh are listed as directors of the company.
Mr Rouse received further emails in June and July this year.
Ray McMahon, who ran the Irish business of Canadian asset manager Canaccord Genuity in Dublin, received emails in June.
Another recipient was Tony Waters, managing director of a chartered surveyors firm, HWBC, on Harcourt Street in Dublin.
Details of the Nama information and the identities of a small number of other recipients cannot be disclosed by court order.
Mr Farrell said he made no financial gain from supplying the information and has co-operated with Nama and National Treasury Management Agency since they took legal action against him.
Mr Justice Peter Kelly was told in court this week that Mr Farrell and his wife have co-operated with Nama’s investigation, while those who received information indicated they intended to co-operate.
The case has been adjourned.