Northern Ireland

Nama deal: Frank Cushnahan claims he was due 'fixer fee' over £1bn Nama deal

Frank Cushnahan Image copyright Ex BBC Newsline
Image caption Former banker Frank Cushnahan was a Nama Northern Ireland advisor from May 2010 until November 2013

The businessman, Frank Cushnahan, who has been at the centre of the £1bn Nama deal controversy, claimed last year that he was due to be paid a fixer fee in relation to the transaction.

The statement is made on a covert recording made by the BBC's Spotlight programme.

Mr Cushnahan, who had been an adviser to Nama, has consistently denied that he was due to receive money.

Nama is the Republic of Ireland's "bad bank".

It sold its entire Northern Ireland loan portfolio to the Cerberus investment fund in 2014.

Nama was established in 2009 in the aftermath of the Irish banking and property crisis.

It took effective control of a huge property loan book in Northern Ireland and formed a committee to advise on that part of its portfolio.

Mr Cushnahan, a former banker, was appointed to that committee by the DUP.

Unknown to Nama he began talking to a US investment fund, Pimco, who were interested in buying the entire Northern Ireland portfolio.

Prior to leaving his post at Nama, Mr Cushnahan attended meetings with Pimco as it prepared to mount a bid.

He was due to be paid £5m if the bid succeeded - but it collapsed when Nama learned of Mr Cushnahan's role.

Another company called Cerberus then bought the loan portfolio for more than £1bn.

Nama had received assurances that no one connected with Nama (which would include Mr Cushnahan) was to benefit from that deal.

However, in the recording, Mr Cushnahan discusses work he did with a Belfast solicitor Ian Coulter.

He said: "You know when I was working on that Cerberus thing to get that thing out, he worked with me to get that. And basically all the work was done by me and him."

He goes on to say his role was deliberately hidden because of Nama's objections.

Meanwhile, a developer whose loans were in Nama has told BBC Spotlight he has made allegations of corruption to the US financial regulator

In a statement given to the programme late on Sunday, John Miskelly said that over several years he had gathered extensive evidence and records of his business meetings which he claims implicates others in financial misconduct, insider trading, and other corrupt practices.

His statement said: "I realised that, in view of the continual suppression of my complaints to financial institutions, that this would be the only way to expose their financial misconduct and their corrupt dealings.

"All payments made by me to any persons during this period are fully accounted for.

"I have also reported financial misconduct to the US Securities and Exchange Commission (SEC) in relation to the Project Eagle sale.

"My complaint to the SEC relates to insider trading and the bribery of foreign officials. I have initiated the whistleblower procedures with the SEC.

"I have consistently truthfully raised what I consider to be criminality and financial misconduct with the relevant authorities.

"In view of the ongoing investigation of my criminal complaints and in the interest of integrity of the judicial process I do not thing it is appropriate for me to make any further public comment on these matters."

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