independent

Sunday 20 April 2014

Sensitive information leaked from NAMA to developers' 'vulture funds', claims Fianna Fail Senator

NAMA say they have no evidence of staff impropriety

A FIANNA Fail politician has claimed that sensitive information is being leaked from the National Assets Management Agency (NAMA) which has allowed developers to profit.

Fianna Fail senator Darragh O'Brien told the Seanad today that he has come into possession of information that will rock NAMA to its core.

He claims that information is being leaked to so-called 'vulture funds'.

In a statement released this evening, NAMA have said that the Senator "has not shared any such evidence with NAMA" nor have they "received any such evidence from any other party."

"If the Senator or any other party has evidence of any impropriety, they are legally obliged, under Section 19 of the Criminal Justice Act 2011, to bring it to the immediate attention of the Garda Siochana," the response from NAMA continues.

Vulture funds, such as private equity firms and hedge funds, have descended on Ireland and the rest of Europe since the downturn, seeking assets that have plunged in value and are now under-priced.

Traditionally they buy up the debt on companies that are perceived to be on the verge of collapse for cents in the dollar and hope to turn a profit when the company defaults on its debts.

Mr O'Brien requested that Taoiseach Enda Kenny, Finance Minister Michael Noonan or Justice Minister Alan Shatter come into the Seanad to address the claims.

He also asked whether Garda Commissioner Martin Callinan has been asked to investigate.

“Information is being leaked from the National Asset Management Agency, and it is being given to vulture funds, and it is being given to other investors for advantage on them, financial advantage on them, and to them, to ensure that they are going to profit off the back of the taxpayers," he said.

"And they're going to profit and shut down viable businesses also.

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