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Dublin government accused of trying to "bury" scandal

Micheal Martin is demanding a commission of investigation into Nama's sale of its Northern Ireland loan portfolio
Micheal Martin is demanding a commission of investigation into Nama's sale of its Northern Ireland loan portfolio Micheal Martin is demanding a commission of investigation into Nama's sale of its Northern Ireland loan portfolio

Fianna Fáil leader Micheál Martin has accused the Irish government of attempting to “bury” the scandal surrounding the £1.3bn sale of Nama’s Northern Ireland loan book.

The Cork TD yesterday repeated a demand for a commission of investigation to be established in the Republic, claiming that southern authorities had consistently ignored “alarm bells".

Mr Martin also called into question claims by Taoiseach Enda Kenny that he could not recall receiving a letter from one of the bidders for the Nama portfolio which raised concerns about business practices in the auction process as early as February 2014.

“In the US and in the UK the issue is being taken very seriously but here it is being left to public account. That is not satisfactory. People are entitled to know what went on,” he said.

The Irish News reported on Tuesday that New York-based Fortress Investment Group, which had been among three companies short-listed in the bidding for 'Project Eagle', had written to Mr Kenny's department regarding business practices of third parties before the deal was finalised.

Mr Kenny said on Wednesday he could not remember receiving the letter but said he would have his officials look for it.

His spokeswoman yesterday said there had been “no receipt” of the document “so far” but that the search was “ongoing”.

Mr Martin yesterday said he found it “incredibly difficult to believe” that officials still could not confirm or deny whether they got the “highly significant” letter.

“This is hardly a letter that one would not notice, particularly as it concerned the largest sale ever by Nama, the entire Northern Ireland loan book.

“That is not satisfactory. This is an exceptionally serious matter and it cannot be brushed under the carpet."

Meanwhile, Sinn Féin leader Gerry Adams echoed Mr Martin’s call for a full probe into the Nama deal.

He told the Dáil during Leader's Questions that there was “a growing scandal” around revelations that a “£15 million fixer's fee” had been due to be paid as part of a proposed sale to one bidder.

In July, Nama chairman Frank Daly revealed that the 'bad bank' had been told by bidder Pimco that £15m had been due to be paid to former Nama advisor Frank Cushnahan, American law firm Brown Rudnick and Ian Coulter, former managing partner of Belfast law firm Tughans.

Pimco pulled out of the bidding process.

Mr Adams said the government must establish a commission of investigation “into the management and operations of Nama”.

Responding, Tánaiste Joan Burton said she was "advised that the loan sale was executed in a proper manner".

"There has been much confusion and conflation in the coverage of this matter. Much of the commentary has come in detail from various sources within Northern Ireland.

"My understanding is that there is an ongoing examination of a wide variety of statements and allegations made by different individuals in the north by a committee at Stormont.”