"I acted with the greatest of integrity": NAMA trial hears businessman deny fraud allegations

A Belfast Crown Court trial has heard how an 83-year-old businessman accused of fraud vehemently denied providing financial incentives to politicians during the controversial sale of Northern Ireland property loans. Frank Cushnahan, from Alexandra Gate in Holywood, is facing charges of failing to disclose information between April 1 and November 7, 2013, relating to his role in the National Assets Management Agency (NAMA) loan book transaction. The trial, now in its twelfth week, has been examining the complex arrangements surrounding the £4.5 billion portfolio sale that has cast a shadow over Northern Ireland's financial landscape.

Background and Context

The case centres on the sale of Northern Ireland's property loan portfolio by NAMA, the agency established by the Irish government in 2009 to acquire and manage property development loans and associated assets following the financial crisis. The Northern Ireland loan book, valued at approximately £4.5 billion, represented one of the most significant property asset disposals in the agency's history. Questions surrounding the transparency of the sale process have persisted for years, with MLAs at Stormont repeatedly raising concerns about the lack of parliamentary oversight and the influence of private advisors on the transaction.

Key Figures and Entities

Court documents show Mr. Cushnahan served as a member of NAMA's Northern Ireland Advisory Committee, a body established to provide specialist guidance regarding property debts in the region. The prosecution alleges that during the relevant period, he was simultaneously providing assistance to Pimco, the American investment management giant that initially expressed interest in acquiring the loan portfolio. The Crown contends that Cushnahan failed to disclose this potential conflict of interest, thereby breaching his fiduciary duties. During police interviews conducted at Antrim Police Station on October 17, 2018, Cushnahan categorically rejected suggestions that he would benefit financially from the deal or that he had provided incentives to political figures.

Legal and Financial Mechanisms

The fraud charge against Cushnahan relates specifically to the alleged failure to disclose information that would have revealed his interests in the transaction outcome. Under company law and the terms of his appointment to the advisory committee, members are required to declare any potential conflicts of interest. The prosecution's case, presented before a jury of nine men and three women, suggests that undisclosed arrangements could have influenced the advice provided to NAMA and potentially affected the sale terms. The complex structure of international investment fund acquisitions meant that ownership chains and beneficial interests could be obscured through multiple layers of corporate entities, a mechanism that has drawn criticism from transparency advocates arguing for greater disclosure in public asset disposals.

International Implications and Policy Response

The trial has highlighted ongoing concerns about governance arrangements surrounding the management and disposal of public assets created following financial crises. The NAMA sale has prompted questions about the adequacy of safeguards against conflicts of interest when public bodies engage with specialized financial advisors. In response to similar concerns across Europe, the European Commission has strengthened directives requiring member states to implement more robust transparency measures for public asset transactions. The case has also reignited debate in Northern Ireland about the need for enhanced parliamentary scrutiny of major financial transactions involving public assets, with reform advocates calling for legislative changes to prevent similar situations in the future.

Sources

This report draws on court proceedings at Belfast Crown Court, police interview transcripts from the Police Service of Northern Ireland and National Crime Agency, public statements from NAMA, and independent news reporting from the Belfast Telegraph and Irish Times between 2018 and 2025.