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Cushnahan-linked firm offers to testify to £1.3bn Nama committee

Former Nama northern advisory committee member Frank Cushnahan
Former Nama northern advisory committee member Frank Cushnahan Former Nama northern advisory committee member Frank Cushnahan

A property firm that once had Nama northern advisory committee member Frank Cushnahan on its board has offered to give evidence to the Stormont committee probing the circumstances of the £1.3bn sell-off of the bad bank's loan book.

A company owned by Gareth Graham – son of bookmaker Sean Graham – is currently in a legal battle with Cerberus, the US vulture fund that bought Nama's Northern Ireland debt portfolio, known as Project Eagle.

The deal has been mired in controversy since it emerged that £7m of fees relating to Cerberus's purchase had been lodged in an offshore bank account by former CBI chairman and Tughans solicitors managing partner Ian Coulter.

Independent TD Mick Wallace told the Dáil that the money had been destined for a politician from the north.

In the days following Mr Wallace's claims, the chairman of Nama revealed that Frank Cushnahan had asked for payment of £5m from Pimco, the company which had previously sought to buy the Project Eagle loans.

Mr Cushnahan, who sat on the board of at least one of Mr Graham's property firms, has denied any wrongdoing. He was recommended for appointment to Nama's northern advisory committee by former DUP finance minister Sammy Wilson.

In a letter to Finance and Personnel Committee chairman Daithí McKay, Mr Graham's solicitor says his client's "circumstances and the background to his current dispute with Cerberus will inform your inquiry".

"Our client’s companies have been directly impacted by the decision to appoint members to the Nama Northern Ireland advisory committee and we believe that the lack of accountability between those members and the Department of Finance and Personnel has led directly to his current dispute with Cerberus," the letter states.

"Mr Graham’s evidence will assist your fact-finding review in relation to the operations of Nama in Northern Ireland, including the Project Eagle sale."

The committee will meet this morning to decide whether to invite Mr Graham to give evidence. If they decide that he will be of help to the inquiry, then he could be in front of MLAs as early as Thursday.

Mr Graham's offer to give evidence comes just days after the committee agreed to hear from leading loyalist Jamie Bryson.