Northern Ireland

Nama probe: Belfast businessman to appear at committee

The assembly's finance committee is conducting an inquiry following allegations over the Nama Northern Ireland deal
The assembly's finance committee is conducting an inquiry following allegations over the Nama Northern Ireland deal The assembly's finance committee is conducting an inquiry following allegations over the Nama Northern Ireland deal

A BUSINESSMAN taking legal action against a US firm that bought Nama's northern portfolio will be invited to speak at a Stormont inquiry into the scandal-hit property deal.

Nama sold its northern loan book to US investment firm Cerberus last year for £1.3bn – the biggest ever property deal in Northern Ireland's history.

A criminal investigation led by the British National Crime Agency and committee probes on both sides of the border have been launched following allegations over the Nama purchase.

Independent TD Mick Wallace claimed in the Dáil in July that a £7m offshore account linked to the deal was earmarked for a northern politician or political party.

The huge portfolio included loans to property firms run by Gareth Graham, the son of bookmaker Sean Graham.

Stormont's finance committee today discussed whether to hear evidence from Mr Graham after receiving correspondence through his solicitor offering to appear before its inquiry.

Assembly members agreed to invite Mr Graham to a committee meeting scheduled for Thursday.

However, the committee will take legal advice beforehand to decide whether to call upon the Belfast businessman.

Some committee members expressed concern over prejudicing the case between Mr Graham and Cerberus.

Read the full background to the £7m Nama scandal

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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 ]


Sinn Féin's Mary Lou McDonald withdraws committee callOpens in new window ]


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Simon Hamilton raised Nama issue in meeting with Michael NoonanOpens in new window ]


London urges Stormont to "keep a close eye on Cerberus"Opens in new window ]


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Industry body calls for lobbyist registerOpens in new window ]


Taoiseach questioned over £1.3bn Nama saleOpens in new window ]


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Ex-Tughans solicitor Ian Coulter pictured for first timeOpens in new window ]


£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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'Up to four politicians from two parties' linked to Nama scandalOpens in new window ]


The Nama scandal – a timelineOpens in new window ]


Wallace prepares to unveil more details of Nama dealOpens in new window ]


When the north starts to resemble Craggy IslandOpens in new window ]


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 ]


National Crime Agency to lead probe into Nama claimsOpens in new window ]


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


Nama: PSNI probe into 'potential criminal activity'Opens in new window ]


Loyalist blogger facing legal action over DUP claimsOpens in new window ]


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 ]

But Sinn Féin's Daithí McKay, chair of the finance committee, warned about delays in the committee's probe.

"We have had a lot of difficulty in getting witnesses before this committee and so it is welcome to have someone coming forward," he said.

The North Antrim MLA added: "We have had a summer of taking legal advice. I think the public and some of the media are looking at our committee and saying there is very little output.

"I propose that we send a letter to Mr Graham outlining strongly our terms of reference that he must stay within.

"I'm not going to go through another week of delay – we need to see some output from this committee."

Cerberus has already put two of Mr Graham's companies into administration and is attempting to do the same with another two.

His legal action, thought to be the first Cerberus has faced since its operations in Northern Ireland began, is being made on grounds including the validity of loan guarantees.

At least one of the Mr Graham's property firms once had on its board former Nama Northern Ireland advisory committee member Frank Cushnahan.

He was recommended for the advisory role in 2010 by former DUP finance minister Sammy Wilson.

In July Nama prompted astonishment from TDs when officials told a Dáil committee that Mr Cushnahan was set to pocket £5m over the northern loan book sale.

In a letter to the finance committee, Mr Graham's solicitor said 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," it reads.

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

Nama (National Asset Management Agency) is the 'bad bank' set up by the Republic to clear property loans from bailed out lenders.

Last month the committee agreed to hear from leading loyalist Jamie Bryson.

The Law Society last week said it could not give "substantive evidence" to the committee due to legal constraints.

It has been investigating since January the circumstances surrounding solicitor Ian Coulter's resignation from Belfast law firm Tughans, which worked on the Nama deal.

The law firm said it contacted the society after professional fees were discovered in an offshore account controlled by Mr Coulter.

Nama and all private firms involved in the assets sale have also denied wrongdoing. Mr Coulter and Mr Cushnahan have also denied wrongdoing.