News

Nama: Where are the secret tapes and why were they made?

The Irish News revealed the existence of hours of tapes connected to Frank Cushnahan in early July
The Irish News revealed the existence of hours of tapes connected to Frank Cushnahan in early July The Irish News revealed the existence of hours of tapes connected to Frank Cushnahan in early July

In early July The Irish News revealed the existence of hours of recordings that could help join some dots with regards the Nama sale of assets to US investment fund Cerberus.

The integrity of the sale was called into question after an allegation that a payment of £7m, linked to the Cerberus purchase, had been made to Belfast law firm Tughans.

TD Mick Wallace claimed, using parliamentary privilege in the Dáil, that the money was intended for a Northern Irish politician.

The recordings will neither prove nor disprove that allegation. In fact the recordings, of which there are believed to be over 100 hours worth, pre-date the £1.3 billion sale of Nama's Northern Irish portfolio to Cerberus by more than three years.

The Irish News understands that the recordings were made by the controlling company of Sean Graham bookmakers and the property companies run by the Graham family, and are being held by the company's lawyers.

The contents of the tapes are expected to be explosive because they include telephone conversations of Frank Cushnahan, one of the businessmen at the heart of the Nama sale scandal.

Mr Cushnahan had been in line for a payment of £5m from Pimco, the US investment company which had previously sought to buy the Project Eagle loans from Nama.

Read the full background to the £7m Nama scandal

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Florida drops anti-sectarianism laws over Nama bidOpens in new window ]


Robinson involvement in Nama's loan book continued after saleOpens in new window ]


Freedom of Information anomaly sparks concernsOpens in new window ]


Nama letter shows Cushnahan had "designated assistants at Tughans"Opens in new window ]


Peter Robinson's son worked for firm given £9m by NamaOpens in new window ]


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£7m lawyer says no Nama sale money intended for politiciansOpens in new window ]


Ian Coulter's Nama statementOpens in new window ]


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The Nama scandal – a timelineOpens in new window ]


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Nama: What we know, and what questions remain unansweredOpens in new window ]


Peter Robinson denies he was to benefit from Nama dealOpens in new window ]


Frank Cushnahan was 'well known and well placed'Opens in new window ]


Nama: Simon Hamilton criticised over Cerberus meetingOpens in new window ]


Martin McGuinness 'unaware' of Robinson Nama letterOpens in new window ]


£5 million Frank Cushnahan Nama fee 'arrangement' revealedOpens in new window ]


Law Society 'silliness' over handling of Tughans probe criticisedOpens in new window ]


First Minister's son breaks silence on Nama dealOpens in new window ]


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McGuinness kept in dark over Robinson's Quayle meetingOpens in new window ]


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Peter Robinson could face Stormont Nama probeOpens in new window ]


No signs of life at Gareth Robinson's publicity-shy PR firmOpens in new window ]


Secret Cerberus meetings between Peter Robinson and ex-US Vice PresidentOpens in new window ]


Peter Robinson's son worked for Nama deal law firmOpens in new window ]


Former Nama member Frank Cushnahan had close ties to the DUPOpens in new window ]


Stormont calls for anyone with Nama information to come forwardOpens in new window ]


Peter Robinson: I met with US firm over Nama portfolioOpens in new window ]


Analysis: Questions in the Nama sale which remain unansweredOpens in new window ]


Allister says 'immediate questions need answered on 'NAMAgate'Opens in new window ]


TD claims further revelations to come on NI Nama saleOpens in new window ]


Peter Robinson: I met with US firm over Nama portfolioOpens in new window ]


Secret tapes stored on £7m Nama dealOpens in new window ]


Explosive claims about £7m 'earmarked for politician"Opens in new window ]

The Pimco bid fell through after it was revealed that Mr Cushnahan, who had just months earlier resigned as an advisor to Nama, was involved in the bid.

Gareth Graham, son of bookmaker Sean Graham, would not confirm the existence of the tapes and refused to answer questions posed by The Irish News.

He is due to appear in front of the Stormont Committee for Finance and Personnel on Thursday. It is unlikely the contents of the tapes will fall within the committee's 'terms of reference'. In other words even if Mr Graham is asked about the recordings he may not be able to discuss them because they pre date the Nama sale.

Mr Cushnahan was chairman of group of companies run by Gareth Graham from 2005 to November 2010. He was also director of the Graham family's property companies, although there is a lack of clarity over when he stood down from those.

Bookmakers typically record all phone conversations in order to have proof of wagers placed, hence the existence of the recordings.

Whilst the recordings are expected to show a pattern of behaviour that could shed light on how businessmen and politicians in the north may have approached the Nama sale they will not solve the £7million puzzle.