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| Nama property sale: £6m cash was set for portfolio 'deal fixers' | |
| (about 1 hour later) | |
| At least £6m in an Isle of Man bank account was intended to facilitate payments to deal-makers involved in the sale of the Northern Ireland National Asset Management Agency (Nama) property portfolio, the BBC understands. | At least £6m in an Isle of Man bank account was intended to facilitate payments to deal-makers involved in the sale of the Northern Ireland National Asset Management Agency (Nama) property portfolio, the BBC understands. |
| An investigation has established the cash was diverted at Belfast law firm Tughans by its then managing partner. | An investigation has established the cash was diverted at Belfast law firm Tughans by its then managing partner. |
| Ian Coulter moved the money into an account in his name. | Ian Coulter moved the money into an account in his name. |
| It is understood it was for payments to non-lawyers or fixers behind the deal. | It is understood it was for payments to non-lawyers or fixers behind the deal. |
| But when the firm said it found out, it retrieved the money - described as "professional fees" - and Mr Coulter left the practice. | But when the firm said it found out, it retrieved the money - described as "professional fees" - and Mr Coulter left the practice. |
| Tughans has said Mr Coulter had acted without the knowledge of other partners and it informed the Law Society of Northern Ireland. | Tughans has said Mr Coulter had acted without the knowledge of other partners and it informed the Law Society of Northern Ireland. |
| Unsolicited | Unsolicited |
| The money was paid by another law firm to Tughans for work it is said to have done on behalf of US investment firm Cerberus, who bought the 850-property portfolio for more than £1bn last April. | The money was paid by another law firm to Tughans for work it is said to have done on behalf of US investment firm Cerberus, who bought the 850-property portfolio for more than £1bn last April. |
| Cerberus has said "no improper or illegal fees were paid by us or on our behalf". | Cerberus has said "no improper or illegal fees were paid by us or on our behalf". |
| BBC Northern Ireland's Spotlight programme has been investigating the deal. | BBC Northern Ireland's Spotlight programme has been investigating the deal. |
| It understands that Mr Coulter and Frank Cushnahan, a Nama Northern Ireland advisor between 2010 and 2013, had earlier been involved in trying to set up the sale of the property portfolio to another US investment firm, Pimco. | It understands that Mr Coulter and Frank Cushnahan, a Nama Northern Ireland advisor between 2010 and 2013, had earlier been involved in trying to set up the sale of the property portfolio to another US investment firm, Pimco. |
| The firm has confirmed "an unsolicited approach" was made, but it did not progress a deal and said it raised concerns with Nama. | The firm has confirmed "an unsolicited approach" was made, but it did not progress a deal and said it raised concerns with Nama. |
| In a statement issued on Saturday night, Nama said it asked Pimco in March 2014 to withdraw from the sales process over the discovery of proposed fee arrangements between Tughans and its former advisor, Mr Cushnahan. | In a statement issued on Saturday night, Nama said it asked Pimco in March 2014 to withdraw from the sales process over the discovery of proposed fee arrangements between Tughans and its former advisor, Mr Cushnahan. |
| Millions | Millions |
| It said it had "serious concerns... in particular" the proposed payment to a former advisor. | It said it had "serious concerns... in particular" the proposed payment to a former advisor. |
| Later, as a result of a formal sales process, Cerberus, who were the highest bidder, obtained the portfolio. | Later, as a result of a formal sales process, Cerberus, who were the highest bidder, obtained the portfolio. |
| Sources told Spotlight that the Law Society has been unable to establish what work was carried out by Tughans to earn millions of pounds in fees. | Sources told Spotlight that the Law Society has been unable to establish what work was carried out by Tughans to earn millions of pounds in fees. |
| A Law Society investigation is ongoing. | A Law Society investigation is ongoing. |
| Mr Coulter told Spotlight he was unable to respond to requests for a response. | Mr Coulter told Spotlight he was unable to respond to requests for a response. |
| Mr Cushnahan's lawyers said he is satisfied that at all times he complied with his fiduciary and statutory obligations as a member of Nama's Northern Ireland advisory committee. | Mr Cushnahan's lawyers said he is satisfied that at all times he complied with his fiduciary and statutory obligations as a member of Nama's Northern Ireland advisory committee. |