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Adams briefs New York State Comptroller’s office on NAMA scandal

27 September, 2015 - by Gerry Adams TD


Sinn Féin President Gerry Adams TD is in New York to attend the President Clinton CGI event.

Shortly after his arrival in the city yesterday he met with an official from the Comptroller’s office and briefed him on the controversy surrounding the sale of NAMA’s northern loan book.

Speaking after the meeting the Sinn Féin leader said:

“I met with an official from the Office of the New York State Comptroller Tom DiNapoli in relation to the sale and purchase process of the NAMA northern loan book to US fund, Cerberus.

“The Comptroller’s role is to administer the New York State and Local Retirement System of over one million public employees and 3,000 employers.

“This includes acting as sole trustee of the $184.5 billion New York State Common Retirement Fund, which is one of the largest institutional investors in the world.

“The New York State Comptroller's office through the Common Retirement Fund invested $50 million in Cerberus in an earlier fund. 

Cerberus continues to manage that fund.

“It is therefore appropriate, amidst the widespread public concerns in relation to Cerberus’s purchase of the northern loan book of NAMA last year and how it is currently operating that loan book in Ireland, that the Comptroller’s office is fully briefed on the situation.

“Cerberus is involved in the fire-sale of assets, asset stripping, facility closures, and the loss of jobs, and all of this is seriously impacting on the local economy.

“The very serious allegations surrounding the sales process of the northern loan book by NAMA to Cerberus and allegations of political corruption and possible illegal activity are also matters we have brought to the Comptroller's attention.  

“Comptroller DiNapoli has for many years been a strong advocate of the peace process in Ireland and has promoted trade, investment in jobs and the economy.

“The fact that these matters are under both criminal and parliamentary investigation by the Assembly, the British National Crime Agency and the US Department of Justice, the FBI, the US Securities Exchange Commission, and the Law Society in the north of Ireland is evidence of the validity and importance of these concerns.”

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