Namagate is a political corruption scandal. The alleged corruption surrounds the sale of a portfolio of loans by the National Asset Management Agency (Nama) in April 2014.
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Namagate is a political corruption scandal. The alleged corruption surrounds the sale of a portfolio of loans by the National Asset Management Agency (Nama) in April 2014.
'Project Eagle' was the name Nama gave to their sale of a portfolio of Northern Irish loans and properties. The portfolio was originally worth £4.5bn, but it was bought from Irish banks by Nama for £1.1bn after the Irish financial crisis. The sale was completed in June 2014, with the portfolio being sold to Cerberus Capital Management for £1.3bn. [1]
Cerberus won the bid after Pacific Investment Management Company (PIMCO) withdrew their bid upon realising that a former Nama adviser, Frank Cushnahan (who had resigned from that role in November 2013) was in line for a £5m payment upon the completion of the sale. [2] Ian Coulter, a managing partner of Tugans (a law firm based in Belfast that were working for PIMCO) was also set to benefit from the sale. [2]
Despite learning of these planned payments, Nama did not suspend the sales process, and the portfolio was subsequently bought by Cerberus, who were also represented by Tughans. [1] Commenting upon this in a Public Accounts Committee hearing, Sinn Féin TD, Mary Lou McDonald said the following:
"...you [Nama] take out the purchaser [PIMCO]. That identity changes but lo and behold you've the same cast of characters in and about the final decision." [2]
On 2 July 2015, independent TD, Mick Wallace, speaking under parliamentary privilege in the Dáil Éireann, claimed that Tughans had put £7m in an Isle of Man bank account after the Project Eagle sale, and that it was "earmarked for a Northern Ireland politician". [3] Wallace has since expanded on these claims, adding that "a Nama insider" helped ensure that Cerberus' bid won. [4] Wallace claims that he has been threatened by Cerberus on account of the allegations he made. [5]
In September 2015, Wallace further alleged that a further £45m had been set aside in "fixer fees" and that the £7m earmarked for a Northern Ireland politician was "only for openers". [6]
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