Businessman and property developer Gareth Graham has told Stormont's finance committee he possesses hundreds of hours of tapes showing "ingrained culture of inappropriate and possibly illegal conduct" spanning political, legal and banking sectors.
Mr Graham was giving evidence to Stormont's finance committee investigating Nama's sale of it's northern property portfolio.
He told the committee he had recorded "thousands" of phone calls made by Frank Cushnahan, a businessman who became a Nama advisor after working with Mr Graham.
The committee was told the tapes, which were recorded for regulatory purposes, would be made available to law enforcement agencies.
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 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.
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.
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.
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