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The 'Project Eagle' controversy is not going away - here's what you need to know

Earlier this morning Belfast-based security correspondent, Alan Murray joined Newstalk ...
Newstalk
Newstalk

13.33 8 Sep 2015


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The 'Project Eagle&...

The 'Project Eagle' controversy is not going away - here's what you need to know

Newstalk
Newstalk

13.33 8 Sep 2015


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Earlier this morning Belfast-based security correspondent, Alan Murray joined Newstalk Breakfast to discuss the fresh round of cross-party negotiations which begin in Belfast today.

Towards the end of the interview the conversation turned towards the controversy surrounding the sale of the National Asset Management Agency's (NAMA) Northern Irish 'Project Eagle' portfolio.

Mr Murray suggested that there is more to this story than he initially thought:

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"I must admit that the last number of weeks - and particularly the testimony or Mr Gareth Graham last week suggests that there is a huge amount which will come out in relation to this. It maybe very damaging to different elements who have been involved in it.

"It's certainly now 'giving off a smell' - I do feel that this is a massive scandal which is just about to break which will engulf some political people - and we can't go into any details about it on air."

So, what was so explosive about Gareth Graham's testimony, and why could Project Eagle be a "massive scandal"?

Gareth Graham's testimony on September 3rd was described as "extraordinary" by Stormont committee chairman Daithi McKay.

The businessman said that thousands of hours of tapped phone calls exist involving former-Nama adviser Frank Cushnahan and that they reveal an "ingrained culture of inappropriate, and possibly illegal conduct."

The recordings predate the Project Eagle sale - but Mr Graham says that he believes that they are relevant to the current investigations into the sale of the portfolio as they shed light on the relationships which existed between Mr Cushnahan and members of Northern Ireland's financial, legal and political communities.

The US Department of Justice is also investigating the purchase of the property portfolio - it has sent a subpoena for information to Cerberus Capital Management in New York, the investment firm who won the 2014 auction for the portfolio.

Tom Lyons from The Sunday Business Post joined Newstalk Breakfast yesterday to discuss the subpoena, and the broader controversy.

TD Mick Wallace raised questions about the sale of the properties in the Dáil in July.

Around 850 assets were sold in one lot for over €1.5bn last year. Deputy Wallace claimed they were worth in the region of €4.5bn.

NAMA has strenuously denied that this is the case - the agency said it sold the Northern Irish loan book for its full value "and not a cent less".

Mr Wallace also told the Dail that a routine audit of a legal firm, Tughans of Belfast - who were involved in the process - showed that "£7 million sterling ended up in an Isle of Man bank account" - and that this money was "reportedly earmarked for a Northern Ireland politician."

In the Dáil yesterday Fianna Fail leader, Micheál Martin and Sinn Fein's Gerry Adams called for a commission of investigation to be established to examine the deal.

Jobs Minister Richard Bruton said NAMA "conducted itself in a proper way, and is accountable to the Dáil Committee of Public Accounts (PAC)."


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