Business Irish

Tuesday 30 September 2014

Garda fraud squad gets Farrell emails as NAMA ends probe

Published 27/11/2012 | 05:00

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NAMA has begun handing over emails discovered during its biggest ever internal investigation to the garda fraud squad.

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The emails to 15 unnamed companies and individuals allegedly contain highly sensitive data sent by former employee Enda Farrell.

They were discovered by the National Asset Management Agency (NAMA) after it launched an internal investigation into Mr Farrell's work, following reports that he had bought a house from a NAMA debtor.

NAMA went to court seeking a number of orders aimed at bolstering the investigation, and limiting the fallout from the alleged leaks.

Yesterday, at the Commercial Court the agency said that investigation is now over.

However, a formal complaint about the alleged leaks has been made to the gardai.

And last night NAMA was for the first time free to begin sharing findings from its internal investigation with garda Bureau of Fraud officers who will investigate the case.

It comes after lawyer Cian Ferriter, for NAMA, sought a number of orders at the Commercial Court yesterday following the completion of the agency's investigation into the matter.

Frank Callanan, for Mr Farrell and his wife Alison Kramer, consented to the orders.

Mr Ferriter said NAMA has been assured by 15 individuals and institutions sent the emails by Mr Farrell that they will preserve the data, that they will not act on the information contained in the emails and that the data will be kept confidential.

NAMA had sought and secured the permanent injunctions in order to stop the information being spread or used.

Mr Ferriter said NAMA had also written to Mr Farrell's solicitors saying it had decided it was not pursuing a damages claim at this juncture but was reserving its rights in that regard.

The court was previously told that there was no material evidence of damage to NAMA as a result of the emails. Mr Justice Peter Kelly made the orders sought.

A hearing on NAMA's request to have its legal costs arising from the case paid by the defendants has been scheduled for next week, to allow Mr Callanan take instructions on that issue.

The court was previously told NAMA had identified 15 recipients of the information, all of whom were co-operating.

Mr Farrell was continuing to co-operate with NAMA and had provided helpful information, the court was also told.

Proceedings

NAMA and the National Treasury Management Agency (NTMA) last September brought the proceedings against Mr Farrell and his wife, an auditor in the Dublin office of Ernst & Young, arising from the alleged misappropriation of the information.

In addition to the NAMA inquiry, inquiries are also being carried out by the Data Protection Commissioner and the gardai.

Mr Farrell said he had gained no financial benefit from the supply of information and had co-operated with NAMA and the NTMA since they initiated proceedings against him. He also undertook to comply with the requests to help the agencies recover the material from the various individuals.

Irish Independent

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