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Nama property sale: Call for investigation into Mick Wallace claims Nama property sale: Call for investigation into Mick Wallace claims
(about 1 hour later)
Politicians have called for an inquiry into a claim a law firm had £7m in an account, reportedly earmarked for a Northern Ireland politician.Politicians have called for an inquiry into a claim a law firm had £7m in an account, reportedly earmarked for a Northern Ireland politician.
The allegation, over a major property deal, was made in the Irish parliament by independent member Mick Wallace.The allegation, over a major property deal, was made in the Irish parliament by independent member Mick Wallace.
He said it was in connection with sale of the Northern Ireland property loan portfolio of the National Asset Management Agency (Nama) in 2014. He said it was in connection with the sale of the Northern Ireland property loan portfolio of the National Asset Management Agency (Nama) in 2014.
The matter is to be raised in the Northern Ireland Assembly on Friday.The matter is to be raised in the Northern Ireland Assembly on Friday.
'Matter of urgency''Matter of urgency'
Deputy First Minister Martin McGuinness said an "intensive investigation" should begin as soon as possible.Deputy First Minister Martin McGuinness said an "intensive investigation" should begin as soon as possible.
"This is a very serious statement by Mick Wallace, it needs to be very thoroughly investigated," the Sinn Féin MLA told BBC Radio Foyle."This is a very serious statement by Mick Wallace, it needs to be very thoroughly investigated," the Sinn Féin MLA told BBC Radio Foyle.
He said Mr Wallace should speak to An Garda Síochána (Irish police) and the Police Service of Northern Ireland (PSNI) "as a matter of urgency so we can get to the bottom of the story".He said Mr Wallace should speak to An Garda Síochána (Irish police) and the Police Service of Northern Ireland (PSNI) "as a matter of urgency so we can get to the bottom of the story".
"It may be baseless, it may not be. It absolutely needs to be investigated and I'm very keen for this to happen," Mr McGuinness added."It may be baseless, it may not be. It absolutely needs to be investigated and I'm very keen for this to happen," Mr McGuinness added.
'Isle of Man account''Isle of Man account'
The PSNI said nothing has been reported to it regarding the claims, and "as such there is no investigation".The PSNI said nothing has been reported to it regarding the claims, and "as such there is no investigation".
Traditional Unionist Voice leader Jim Allister said he will table a priority written question to the first and deputy first ministers on Friday.Traditional Unionist Voice leader Jim Allister said he will table a priority written question to the first and deputy first ministers on Friday.
He said it is "imperative that this matter is thoroughly investigated by all relevant authorities, including the PSNI".He said it is "imperative that this matter is thoroughly investigated by all relevant authorities, including the PSNI".
"The PSNI needs to make its intentions clear," Mr Allister added."The PSNI needs to make its intentions clear," Mr Allister added.
The Nama portfolio was purchased by New York firm Cerberus Capital Management for £1.3bn.The Nama portfolio was purchased by New York firm Cerberus Capital Management for £1.3bn.
Analysis: BBC NI business correspondent Julian O'NeillAnalysis: BBC NI business correspondent Julian O'Neill
Legal and property circles in Belfast and Dublin have been buzzing with speculation and gossip on the NAMA property sale story for months.Legal and property circles in Belfast and Dublin have been buzzing with speculation and gossip on the NAMA property sale story for months.
Journalists who made enquires, including to the Law Society of Northern Ireland and PSNI, largely got nowhere in terms of establishing on-the-record facts.Journalists who made enquires, including to the Law Society of Northern Ireland and PSNI, largely got nowhere in terms of establishing on-the-record facts.
But yesterday, after Mick Wallace's Dáil allegations, or speculation if you prefer, Tughans issued a very revealing and startling statement.But yesterday, after Mick Wallace's Dáil allegations, or speculation if you prefer, Tughans issued a very revealing and startling statement.
"They threw their former partner under a bus," was how it was put to me, with Tughans saying he had diverted fees "to an account of which he was the sole beneficiary, without the knowledge of the partners"."They threw their former partner under a bus," was how it was put to me, with Tughans saying he had diverted fees "to an account of which he was the sole beneficiary, without the knowledge of the partners".
The $64,000 question - or maybe the £7m one - is why?The $64,000 question - or maybe the £7m one - is why?
Mr Wallace named Belfast solicitors Tughans as having acted for Cerberus and said "a routine audit showed that £7m ended up in an Isle of Man bank account".Mr Wallace named Belfast solicitors Tughans as having acted for Cerberus and said "a routine audit showed that £7m ended up in an Isle of Man bank account".
According to the official transcript of parliamentary proceedings, he added: "It was reportedly earmarked for a Northern Ireland politician."According to the official transcript of parliamentary proceedings, he added: "It was reportedly earmarked for a Northern Ireland politician."
'Outlandish claims''Outlandish claims'
Tughans has denied Mr Wallace's allegation, while Cerberus said "no improper or illegal fees were paid by us, or on our behalf".Tughans has denied Mr Wallace's allegation, while Cerberus said "no improper or illegal fees were paid by us, or on our behalf".
The Democratic Unionist Party MP Sammy Wilson cautioned that Mr Wallace is "known for outlandish claims", but added that the allegation should be "properly investigated".The Democratic Unionist Party MP Sammy Wilson cautioned that Mr Wallace is "known for outlandish claims", but added that the allegation should be "properly investigated".
Northern Ireland Justice Minister David Ford said: "Mick Wallace should be making a formal statement to the Garda, not just making an allegation under parliamentary privilege."Northern Ireland Justice Minister David Ford said: "Mick Wallace should be making a formal statement to the Garda, not just making an allegation under parliamentary privilege."
Although Tughans denied Mr Wallace's specific allegation, it did disclose details of a dispute at the highest level of the firm.Although Tughans denied Mr Wallace's specific allegation, it did disclose details of a dispute at the highest level of the firm.
'Left the practice''Left the practice'
In its statement, the law firm said: "We can confirm that a former partner diverted to an account, of which he was the sole beneficiary, professional fees due to the firm, without the knowledge of the partners.In its statement, the law firm said: "We can confirm that a former partner diverted to an account, of which he was the sole beneficiary, professional fees due to the firm, without the knowledge of the partners.
"We have since retrieved the money and he has left the practice."We have since retrieved the money and he has left the practice.
"Tughans reported the circumstances of the departure of the former partner to the Law Society.""Tughans reported the circumstances of the departure of the former partner to the Law Society."
The man who left Tughans was Ian Coulter, the firm's then managing partner.The man who left Tughans was Ian Coulter, the firm's then managing partner.
Mr Coulter is also a former chairman of the Confederation of British Industry in Northern Ireland.Mr Coulter is also a former chairman of the Confederation of British Industry in Northern Ireland.
The BBC has attempted to contact Mr Coulter for comment.The BBC has attempted to contact Mr Coulter for comment.
A spokesperson for the Law Society of Northern Ireland said it "does not comment on whether or not there is any investigation ongoing in relation to any particular matter or firm".A spokesperson for the Law Society of Northern Ireland said it "does not comment on whether or not there is any investigation ongoing in relation to any particular matter or firm".