Nama apologises to O’Flynns over leaked information

Former agency official passed on details on the developers and their business in 2012

Developer Michael O’Flynn and his brother John had information leaked form Nama.

Developer Michael O’Flynn and his brother John had information leaked form Nama.

 

State assets agency Nama apologised “unreservedly” to developers Michael and John O’Flynn for former employee Enda Farrell’s leaking of their personal and business information.

The O’Flynns took proceedings against Nama after discovering that Mr Farrell unlawfully leaked information about them and their business, the O’Flynn Group, to a third party in 2012.

Nama’s lawyers told the High Court on Thursday that the agency “wishes to express its sincere regret to the O’Flynns that this should have happened”.

In a statement read out in court, Nama said that Mr Farrell acted on his own, and once the agency discovered the incident it immediately investigated it and reported the matter to the Garda.

The agency acknowledged that the O’Flynns had to take court action to obtain the information that was leaked about them and their business .

“Nama wishes to unreservedly apologise to the O’Flynns that they were compelled to take these High Court proceedings before the information requested was provided to them,” the agency said.

It has agreed to pay a “substantial” share of the O’Flynns’ legal bill for the case.

Mr Farrell’s lawyer apologised on the former agency official’s behalf. He confirmed that he had knowingly leaked confidential and commercially sensitive information in relation to the developers and their group.

“I apologise earnestly and unreservedly to Michael O’Flynn, John O’Flynn and the O’Flynn Group for the said unlawful dissemination of this information and for all of the consequences of my actions,” he said.

The O’Flynns were Nama clients between February 2010 and May 2014, when private equity group Blackstone bought their loans.