Law Society appear in front of frustrated Nama committee

Representatives from The Law Society are this morning appearing before the Stormont committee investigating the £1bn sale of Nama's Northern Ireland loan book.

The Assembly's Finance and Personnel Committee will be constrained over the questions it can ask the Northern Ireland watchdog for solicitors because of the police investigation into the controversial £1.3 billion sale last year of Nama's loan book to Cerberus, a US investment company.

The National Crime Agency is understood to be concentrating its investigation at present into a £7 million payment made into an Isle of Man bank account by Belfast law firm Tughans, which it has been alleged was earmarked for a northern politician.

It is also understood to be looking at the involvement of businessman Frank Cushnahan as an advisor to a previous bid for the Nama portfolio by Pimco, a rival US investment company. Cushnahan was due a £5 million payment from Pimco, as was Tughans' former managing partner Ian Coulter.

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Cushnahan had previously sat on Nama's Northern Ireland advisory committee was was therefore conflicted.

The Law Society had asked to be formally summonsed to attend the Stormont committee probe so that it was legally required to openly answer any questions posed by the finance committee.

However, the committee, which has taken legal advice, has decided not to do this in the first instance.

The Stormont committee, chaired by Daithí McKay, has become increasingly frustrated by a lack of co-operation with the investigation from some quarters.

McKay said it is an "insult" that the Department of Finance failed to send anyone to attend.

The Department of Finance also has not send representatives to appear.

The former DUP finance minister Sammy Wilson, who recommended in 2010 that Nama appoint Frank Cushnahan to its Northern Ireland advisory committee, has not responded to requests to appear. Simon Hamilton, the current finance minister, has also not answered calls.

The Law Society has faced criticism over its handling of the £7 million controversy after initially refusing to confirm that it was carrying out an investigation into circumstances surrounding the departure of Coulter from Tughans

It has also so far not explained why it did not inform the PSNI of its probe that started in January.

There was further embarrassment after it was forced to clarify that Coulter is still subject to Law Society regulations despite in January not renewing his solicitor practising certificate.

Tughans said it contacted the Law Society after professional fees due to the firm were diverted to an account controlled by Coulter without its knowledge.

SDLP justice spokesman Alban Maginness said it was "extraordinary the silliness" in which the matter has been handled by the Law Society.

He said the public would be concerned that it has been "far from open in its investigations".

"It's puzzling that the Law Society have delayed confirming the investigation," the North Belfast MLA said.

The Law Society is the professional body that represents and regulates solicitors practising in Northern Ireland.