Frank Cushnahan denies offering money to politicians, court hears

A Belfast businessman categorically denied offering financial incentives to politicians in a high-profile property deal, a court has been told.

Frank Cushnahan, 83, is on trial in relation to the sale of the Northern Ireland loan book held by the National Asset Management Agency, known as Nama. He denies a charge of fraud.

The case dates back to 2013 when Mr Cushnahan was an advisor to Nama.

Excerpts from some of his interviews with the police and the National Crime Agency (NCA) were read out in court on Monday.

It was put to him in October 2018 by a NCA investigator at Antrim police station: “Did you provide any financial incentive to any political people in Northern Ireland?”

“No, none,” replied Mr Cushnahan.

His solicitor added: “Absolutely no.”

Mr Cushnahan continued: “I take exception to that even suggestion.”

At a later point in the interview, he said: “I acted with the greatest of integrity and then I get absolute taken to the cleaners.”

In another interview, in 2016 at Musgrave Street police station, he said: “I get killed on the basis that I was out to feather my nest.”

Mr Cushnahan insisted he had been working for the benefit of Northern Ireland, not himself.

Mr Cushnahan, from Alexandra Gate in Holywood, County Down, is accused of fraud by failing to disclose information.

It is alleged that between April and November 2013, he was providing assistance to an American firm called Pimco but did not tell Nama, even though, the prosecution say, he was under a legal duty to do so.

At the time, Pimco was interested in buying the Northern Ireland loan book from Nama. In the end, it was sold to another firm, Cerberus, in a deal worth more than £1bn.

It is alleged that by failing to disclose information to Nama, Mr Cushnahan was in a position to make a gain for himself or someone else.

In May 2010, Mr Cushnahan was appointed to the Northern Ireland Advisory Committee of Nama.

In one of his interviews with the police and the NCA, he said: “I was there to make certain that Northern Ireland wasn’t sold short.”

In another interview, he described allegations against him as “absolute nonsense” and said they had been “extremely hurtful, distasteful”.

At times during questioning, Mr Cushnahan replied: “No comment”.

In the October 2018 interview, he said he was “upset” at the line of questioning.

The NCA interviewer said: “It’s not good for your blood pressure or probably mine.”

Mr Cushnahan responded: “I do have high blood pressure.”

The trail is being held before a 12-member jury of nine men and three women before judge Madam Justice McBride.

Now into its twelfth week, the trial is expected to last until the middle of January.

Nama is the Republic of Ireland’s “bad bank”, set up to deal with toxic loans after the 2008 property crash.

The agency was established by the Irish government in 2009.

It was responsible for recovering the value of problematic loans made by other Irish banks during the Celtic Tiger period.

Nama bought these loans (land and property and associated loans) at a discount and sold them to the highest bidder – developers and investment firms.

Nama had previously paid about £1.1bn to Irish banks for the Northern Ireland loans, that were worth about £4bn.

The Northern Ireland loan book was packaged into one portfolio, to be sold in one lump. That portfolio was called Project Eagle.