Tuesday 16 January 2018

Former executive Farrell is quizzed over NAMA leaks

Enda Farrell: questioned about leaks of sensitive information
Enda Farrell: questioned about leaks of sensitive information

Maeve Dineen

FORMER National Asset Management Agency (NAMA) executive Enda Farrell has been questioned by gardai about the downloading and leaking of sensitive property information from the body.

It has also emerged that the companies which Mr Farrell allegedly sent misappropriated information to are now also co-operating with the NAMA investigation.

The Commercial Court heard last week that Mr Farrell sent information to international investment companies involved in scouring the globe for distressed property markets.

Among those emailed were executives at the property investment division of French insurance giant Axa and US company Fidelity International, two of the world's biggest investment groups. Fidelity is the world's fifth-biggest property fund manager.

Mr Farrell said in affidavits that while at NAMA he sent an email in October last year with information to Fabian Neuenschwander, an employee of a Swiss investment manager, The Partners Group.

That same month, he sent information by email to Borge Tangeraas, a consultant to property investor FREO Group in Amsterdam.

He also emailed information to Jos Short, owner of real estate investment manager Internos in London last January.

On January 11, he emailed information to Denis Morel, a fund manager at Axa Real Estate Investment Managers in Paris, and sent the same email to Axa executives Jean Michel Rossi, Laurent Vouin and Harry Badham in London.


David Jackson and Peter Riley of PRUPIM Real Estate Investment Managers in London received emails on January 16.

NAMA is claiming in a Commercial Court case that information about loans and the ownership of properties supporting those loans were unlawfully deployed in the commercial property market.

NAMA alerted gardai last month when an internal investigation found Mr Farrell had also sent his wife, Alice Krammer, confidential agency documents relating to property sales and prices.

The information is said to include a master spreadsheet of all loans acquired by NAMA, all properties acquired as security for the debts and specific asset-disposal strategies.

Mr Farrell began downloading inside information after he announced to colleagues that he wished to resign from his position in the summer of 2011.

He was asked to stay on to compile a dossier of valuations under the agency's control.

During the following months he sent more than 30 emails with file attachments containing confidential and commercially-sensitive information to his wife.

This was then forwarded to potential investors whom Mr Farrell approached while he was still working with NAMA.

Mr Farrell claimed in court last week that he made no financial gain from leaking the data.

He first came to the attention of the agency when it emerged he bought a five-bedroom property that was on NAMA's books from developer Thomas Dowd without disclosing the deal to his employers.

Mr Dowd bought the house in Lucan, Co Dublin, for €1.4m in 2004, but when Mr Farrell bought it for €410,000 he did not say he was a NAMA employee.

Irish Independent

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