Monday 25 June 2018

Destitute former NAMA official pleads guilty to leaking information

Former NAMA official Enda Farrell
Former NAMA official Enda Farrell
The Criminal Courts of Justice in Dublin

Declan Brennan

A former official with the National Asset Management Agency who leaked potentially commercially sensitive information has been left destitute by his criminal conviction, a court has heard.

Enda Farrell (40) sent confidential information about the valuation of hundreds of properties to named individuals in investment company QED Equity Ltd and in asset managers Canaccord Genuity.

The tranches covered properties linked to major developers, NAMA's hotel portfolio and NAMA properties in Germany.

Farrell, of La Reine, Avenue Louise Brussels, Belgium and formerly of Dunboyne, Co Meath, appeared on bail at Dublin Circuit Criminal Court today.

After hearing evidence Judge Karen O'Connor said she wanted time to consider the appropriate sentence and adjourned the case to May and remanded Farrell on continuing bail.

Earlier this month he pleaded guilty to intentionally disclosing to Stewart Doyle of QED Equity Ltd by email on May 17, 2012 NAMA confidential information relating to the Cosgrave Group when he did not have the authority or was obliged to do so.

Today he also admitted seven other offences of unlawfully disclosing information, in breach of the 2009 NAMA Act, between May and July 2012. He faced 13 charges in total and the court heard evidence relating to 12 of them.

Mr Farrell had access to huge amounts of highly confidential information which had a potential commercial value, Detective Garda Gareth Lynch from the Garda Bureau of Fraud Investigation told the court.

The information included lists of properties that had been taken into NAMA and valuations placed on them in November 2009. The properties included those linked to developer Paddy McKillen, the O'Flynn Group Tiger Developments, Harcourt Doherty Group, and the Cosgrave Development Group.

One tranche of information sent by Farrell included valuations of 100s of hotels owned by different developers.

Farrell, a married father of three, did not profit from the disclosures and NAMA was not at a loss as a result of them, Det Gda Lynch said.

Michael Bowman SC, defending, said once the offences emerged his client lost his job and was left destitute by civil proceedings. He has compromised his future employment prospects by actions based on poor judgement, counsel said.

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