£1 Billion Nama Deal: Two Men on Trial for Alleged Misconduct
Two men, Frank Cushnahan and Ian Coulter, are on trial at Belfast Crown Court over a £1 billion property deal involving the sale of the Northern Ireland property loan book held by Nama. The prosecution argues that their actions were not in the best interest of the Northern Ireland economy.
The charges against both men relate to the sale of the Northern Ireland property loan book held by Nama. If the deal had gone ahead, both men were due to receive a substantial amount of money. However, the prosecution argues that their involvement was not philanthropic or beneficial to the Northern Irish economy.
Frank Cushnahan is charged with failing to disclose information and making false representations regarding the property deal. He failed to disclose his conflict of interest in the sale of the loan book to Pimco. A meeting at Tughan's Solicitor's office in April 2013, attended by Cushnahan, did not result in any disclosures of interest. Further details on additional participants at a meeting on May 22, 2013, at Stormont are not publicly available.
Ian Coulter is charged with fraud by false representation, making/supplying articles for use in fraud, removing criminal property, and transferring criminal property. Both men were involved in a meeting at Stormont in April 2013 with then finance minister Sammy Wilson, where Cushnahan's conflict of interest was not disclosed. Another meeting at Stormont on May 22nd, 2013, involving both men and politicians, was to persuade the Northern Ireland Executive to support Pimco's bid for the loan book.
Frank Cushnahan and Ian Coulter are currently on trial for their alleged roles in a £1 billion property deal. The outcome of the trial will determine the future of both men and potentially shed light on the wider implications of the sale of the Northern Ireland property loan book.
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