Nama manager puts family property firm stake into trust
A portfolio manager in Nama has moved his 30 per cent stake in a property consultancy which works for the State bad bank into trust.
Kevin Nowlan, a managing director of WK Nowlan until March 2010, arranged to have his shares in the firm, WK Nowlan & Associates, held in trust by the commercial law firm, Eversheds. The Sunday Independent understands the arrangement was made between June 2009 and the end of May 2010.
Mr Nowlan joined Nama shortly after he resigned as managing director of WK Nowlan. Nama paid €12.6m in fees to the firms on its property valuation panel in the 12 months up to the end of March 2012, according to its annual report. WK Nowlan is one of a number of firms valuing property for Nama.
A spokesman for Nama said that before taking up a position, an employee "is required to provide a statement of his or her interests, assets and liabilities and to update such a statement in the event of a material change."
A WK Nowlan spokesman said: "Nama has very detailed and rigorous guidelines to deal with possible conflict issues. WK Nowlan & Associates fully observes these guidelines at all times." Attempts to contact Mr Nowlan himself for comment were unsuccessful.
Sunday Indo Business