Tuesday 6 December 2016

O'Flynn brothers sue Nama over leak of confidential loan data

Tim Healy

Published 15/11/2016 | 02:30

Developer Michael O’Flynn
Developer Michael O’Flynn

Michael and John O'Flynn, and O'Flynn Construction Ltd, have sued Nama, the agency's former employee Enda Farrell, and Nama company National Asset Loan Management, over the leaking of confidential information.

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The Co Cork-based businessmen's proceedings arise out of the unlawful dissemination of confidential, commercially sensitive information about them to third parties.

Nama acquired loans to the brothers' companies in 2010.

Last May, former Nama employee Farrell, with an address in Belgium, pleaded guilty before Dublin Circuit Court to eight counts of unlawfully disclosing information and was given a two-year suspended sentence.

In July, Nama confirmed to the O'Flynns that information about them had been leaked by Farrell. The O'Flynns and their company claim the leaks had a material impact on the prices achieved by both themselves and Nama in the disposal of the assets from 2010 and 2013 and a significant loan sale in 2014.

At present they say they cannot quantify their claim until further investigations can be carried out. The O'Flynn's lawyers had asked Nama to confirm that subject to there being no objection from the gardai it would provide documentation they had sought.

No reply was received and the O'Flynns and their company commenced proceedings. The judge adjourned the matter for a week.

Irish Independent

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