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PIMCO Letter a game changer in NAMA investigation

10 November, 2016 - by Mary Lou McDonald TD


Public Accounts Committee investigation into the sale of the NAMA northern portfolio today received correspondence from PIMCO, one of the bidders.

This correspondence directly challenges the account of NAMA into how the process was instigated, handled and why PIMCO withdrew. 

Speaking today Mary Lou McDonald said;

“The Comptroller and auditor general has found a series of failings of NAMA in relation to the sale of Project Eagle and the potential loss of revenue. We also know that the process was corrupted by, at best conflicts of interest, and at worst allegations of insider dealing.

“Throughout the investigation NAMA has claimed that PIMCO initiated the sales process and that NAMA later excluded PIMCO from the sale. 

“Today the PIMCO letter makes clear that they did not initiate the process but acted on an approach by, ‘Mr Tuvi Keinan, a partner at the law firm Brown Rudnick who then introduced PIMCO to Mr Ian Coulter of Tughans and Mr Frank Cushnahan with whom Brown Rudnick appeared to be working to identify potential purchasers.

“PIMCO also makes clear their concerns of the involvement of fixers fees and that they walked away from the sale over the issue of these fees. It must be said that the weight of evidence supports PIMCO’s version of events.

“This letter is a game changer in terms of the investigation and calls into question the statements made by NAMA.'

ENDS

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