While Greece is limping to its Bailout 3.0, our national heroes at Nama are busy fighting massive (California-sized) forest fires.
The Northern Ireland story (covered on this blog here) is refusing to go away:
- An academic legal eagle exposition from the U.S. It’s in NYTimes, which is on the ‘radar’ of all our development agencies (the folks that do have Good Minister’s ear to whisper into).
- And Irish News is covering the statement issued by Mr. Ian Coulter, the former managing partner of Belfast law firm Tughans. Sluggerotool.com covers same with extra details. Same covered in the Journal.ie piece here.
- A good article from the Irish Times on Cerberus (the fund in the middle of Nama’s Northern Ireland’s case) and its use of Irish companies as vehicles for purchasing some EUR19 billion worth of assets. “Each of the Irish companies owns hundreds of millions, or in some cases billions, of euro in assets but has no employees in Ireland and in some instances, pays no corporation tax here. Cerberus has established at least 10 such companies in Ireland since it started its European property loan shopping spree in 2013, all of which appear to be owned by Promontoria, a Dutch fund that is 100 per cent owned by Cerberus Capital Management.”
- Another person in the middle of Norther Irish deal – Mr. Frank Cushnahan was, it appears, a ‘serial director’ in “over 30 companies” according to this article in the Irish Times. Which, obviously, qualified him to advise Nama.
- Deputy Mick Wallace went on to add to the story, claiming that Nama was aware of the suspicious aspects of transaction in the North, ‘since January’. Nama categorically denied this.
- The UK National Crime Agency will investigate Deputy Wallace’s claims.