Business Irish

Monday 19 February 2018

NAMA confirms complaint to ethics watchdog SIPO about Cushnahan

Frank Cushnahan
Frank Cushnahan
Dearbhail McDonald

Dearbhail McDonald

Nama has confirmed that it has made a complaint to the Standards in Public Office (Sipo) about Frank Cushnahan, a former member of the agency's Northern Ireland advisory committee (Niac).

The lodging of the complaint, first reported on last March, does not relate to the sale of Project Eagle to Cerberus, the toxic loans agency said today.

“It relates purely to Section 17 of the Ethics in Public Office Act and whether Mr Cushnahan made all required disclosures whilst a member of the NI Advisory Committee of NAMA,” said a spokesperson for Nama.

Nama has raised a number of issues with Sipo including Mr Cushnahan's shareholding in companies which the toxic loans agency says owed money to it.

Nama, its committees and group entities have been subject to the 1995 act since 2010, but it is unclear whether Northern Ireland-based advisers are captured by the law.

Section 17 of the 1995 act, which governs designated directorships and conflicts of interest, obliges officials to declare interests which materially affect their directorships.

Mr Cushnahan is expected to mount a robust response to the Sipo complaint.



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