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| Nama property sale: Emergency finance committee meeting call | |
| (35 minutes later) | |
| The assembly's finance committee is to meet amid calls for an inquiry into claims a £7m payoff had been set aside 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 the 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. |
| Mr Wallace claimed the £7m was in a law firm's account and was earmarked for the politician. | |
| The Nama portfolio was purchased by New York firm Cerberus Capital Management for £1.3bn. | |
| The chair of the assembly's finance committee, Sinn Féin's Daithí McKay, said he will convene an emergency sitting to examine the allegations. | |
| "As part of this examination I would expect Cerberus to appear before the committee," he said. | |
| "I would intend to call on Nama officials and Mick Wallace to appear before the committee and the law firm involved to elaborate on their recent statement on the matter. | |
| "I will be calling the committee together at the earliest opportunity to consider these very serious allegations in the interests of transparency and accountability." | |
| '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. |
| Analysis: BBC NI business correspondent Julian O'Neill | Analysis: 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". |