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Barclay bosses wanted to leak NAMA pay scale

SENIOR executives attached to the billionaire Barclay brothers discussed leaking information about the pay and bonuses of NAMA staff during negotiations surrounding the take-over of a company that runs three high-profile London hotels.

The High Court in London yesterday heard how Philip Peters, a senior staff member in David and Frederick Barclay's empire, became frustrated withthe speed at which the state's 'bad bank' made decisions.

The correspondence emerged in the on-going case where Belfast-born developer Paddy McKillen is suing the brothers over their attempts to take over Coroin, the company that owns the five-star Claridges, Connaught and Berkeley hotels.

He owns 36pc of the £1bn (€1.2bn) company, while the Barclays have 64pc, having acquired the debt secured on Derek Quinlan's shareholding from NAMA to add to their existing shareholding last year.

Mr McKillen is claiming Mr Quinlan's 35pc stake should have been offered to him under a clause in the shareholders' agreement. He now wants a ruling that he has the right to buy the remaining shares in Maybourne Finance Ltd (MFL), the holding company the Barclays used to buy them from NAMA.

Yesterday Mr Peters, a director of MFL, detailed the events around discussions the Barclay camp had with NAMA last January to buy Coroin's debt.

An email from Mr Peters to Aidan Barclay -- the son of David Barclay -- read: "AB been thinking overnight. I think it is in the public interest to know what the executives of NAMA are paid and how they are personally incentivised . . . potential to earn millions in bonus".

Mr Peters said he could not recall what this referred to.

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