Second Nama chief listed as Savills shareholder
NAMA faces another potential banana skin, just a week after the Sunday Independent revealed that its top property adviser, John Mulcahy, owned €2.3m-worth of shares in Jones Lang LaSalle, the internal real estate firm that is now acting for the organisation.
Last week, when Labour TD Joan Burton questioned Nama chief executive Brendan McDonagh about this shareholding, she suggested it "would seem to be on the face of it a conflict of interest". McDonagh told the Oireachtas Joint Committee on Finance and the Public Service that Mulcahy was not allowed to be involved in any Nama decisions relating to his former employer under "house rules".
Jones Lang LaSalle is one of the five national valuers appointed to advise Nama, and is also one of Nama's designated advisers in the US.
Last year Jones Lang LaSalle was employed to try to raise funding for the troubled Sawgrass Golf complex owned by builder Paddy Kelly and financier Niall McFadden. The loans related to that property are now Nama-bound.
Documents seen by the Sunday Independent show that new Nama portfolio asset manager Donal Kellegher was listed as holding 22,264 shares in property firm Savills Plc at the end of December 2008. This disclosure was made in the Savill's commercial annual report, which was signed off last July. Based on last Friday's closing price, these shares would be worth almost €88,000. It is not clear if Kellegher still holds the shares. Nama declined to say whether any shares were listed in his declaration of assets. He was former head of Savills' development land division.
"All Nama employees are required to make a declaration of assets and liabilities before an offer of employment is made," said a Nama spokes-man, who noted that Nama has a policy for dealing with potential conflicts of interest, which precludes people from dealing with companies in which they own shares.