Cantor Fitzgerald: Invest NI defends silence over abandoned investment

The chief executive of Invest NI has defended his decision not to disclose more information surrounding a US firm’s decision not to set up in Belfast.

Kieran Donoghue was questioned by Stormont’s economy committee about the circumstances in which Cantor Fitzgerald decided not to proceed with a planned investment of 300 jobs.

He said he shared the company’s view that disclosing the information would be detrimental to commercial interests, as it would release confidential financial details, ownership structure and internal strategic decision-making processes.

Donoghue told MLAs his priority is protecting trust with the client and breaking that trust could put off other potential investors.

Cantor Fitzgerald is a New York-based financial services firm which was formerly owned and operated by Donald Trump’s Commerce Secretary Howard Lutnick.

Last year he agreed to transfer his stake in the firm to his children and a group of investors. His son, Brandon Lutnick, is the firm’s chairman.

Members of the committee wanted to find out what happened at a meeting between the firm and the Economy Minister Caoimhe Archibald in New York in March last year.

Donoghue said: “The client does not want us to discuss what was discussed at that meeting”.

He said “people talk” and investors need to know that when they are speaking with Invest NI they can be open and frank without worrying that their competitors will read about their commercially sensitive information in the press.

The committee heard Donoghue was then told on 17 March that the investment would not go ahead.