Friday 25 April 2014

Nama exec's move raises fear over conflict of interest

TOP Nama executive Kevin Nowlan is leaving to rejoin his former employer, commercial property asset management group WK Nowlan, leading to fears over a potential conflict of interest. WK Nowlan is an adviser to Nama.

It is the second time in recent months that Nama has been left reeling over the departure of a key player to a company seeking to profit from the State agency. Nama launched legal action against senior manager Enda Farrell after it emerged that he had removed sensitive commercial data before leaving to join a private equity group.

Nowlan, a former Treasury Holdings executive, left his family firm WK Nowlan in March 2010 before joining Nama as a portfolio manager.

WK Nowlan is on Nama's valuation panel. The company won a lucrative contract to value Treasury Holdings' UK and Irish assets on behalf of Nama, which hired Deloitte to conduct a review of firm.

"Nama has very detailed and rigorous guidelines to deal with possible conflict issues. WK Nowlan & Associates has and will fully observe these guidelines at all times," said WK Nowlan chief Bill Nowlan.

"Nama won't be making a response to your queries," said a Nama spokesman.

Last September, the Sunday Independent revealed that Nowlan had transferred his 30 per cent shareholding in WK Nowlan into a trust.

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