Friday 17 November 2017

Ex-Nama man quizzed by gardai

Philip Ryan

Philip Ryan

FORMER Nama executive Enda Farrell was questioned by gardai last week about the leaking of highly sensitive property information from the state agency, the Sunday Independent can reveal.

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

It has been alleged that the leaking of the information could cause irreparable damage to the asset management agency's efforts on behalf of the Irish taxpayer.

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.

In court last week, it was revealed that Mr Farrell emailed the confidential portfolio details to a host of international investment companies involved in scouring the globe for distressed property markets.

The list included the world's fifth-biggest property fund manger Fidelity International and the investment division of Axa.

The former portfolio manager, who worked for private equity property firm Forum Partners after he left Nama, claimed in court last week that he made no financial gain from leaking the data.

Mr Farrell 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 property in Lucan, Co Dublin, for €1.4m in 2004, but when Mr Farrell purchased the house for €410,000 he did not tell the developer he was a Nama employee.

The state body subsequently carried out an internal audit where it was revealed that Mr Farrell sent the information to his wife's work email address in Ernst and Young which was then forwarded to a yahoo account.

Ernst and Young carried out an investigation and forwarded their findings to Nama.

Ms Krammer, who is a pregnant mother of two, has since resigned from the company where she had held a senior role in a division advising clients on compliance.

Mr Farrell also resigned from his job with Forum Partners when the controversy over the leak emerged.

The couple have since been brought before the Commercial Division of the High Court charged with breaches of Nama legislation and the agency reported the matter to both the gardai and the Data Protection Commissioner.

Mr Farrell and his wife are understood to have co-operated fully with the gardai and with the Nama investigation.

Sunday Independent

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