Sammy Wilson gives evidence to fraud trial

Former Stormont Finance Minister Sammy Wilson has told a court that a Belfast businessman accused of fraud was “civic minded” and always wanted to “do good”.

The East Antrim MP was called to give evidence at the trial of 83-year-old Frank Cushnahan who is accused of fraud while working for the National Asset Management Agency, known as Nama.

The businessman denies the charge against him.

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

Mr Wilson was the finance minister at the time and in 2010 had recommended Mr Cushnahan for a role at Nama.

He told the court he had also recommended a senior Stormont civil servant Richard Pengelly but he was ruled out as he was a government official.

Mr Wilson said it was Mr Cushnahan’s “deep knowledge” of banking, the property market and some of the people affected by Nama that made him suitable for the position.

He told the court the businessman “always wanted to put something back” in society.

Mr Cushnahan, 83, 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 rather than the full board.

Mr Wilson said this meant his role was to advise rather than make decisions. He told the court it had been “totally transparent” why Mr Cushnahan had been nominated for the position.

The MP was finance minister from July 2009 to July 2013, and told the court he was disappointed not to have been able to stay on to see the Nama deal go through.

Mr Wilson is the second politician from the Democratic Unionist Party (DUP) to give evidence at the trial this week, following the appearance of former First Minister Peter Robinson on Monday.

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

Now into its eleventh week, it is expected to last until the middle of January.

Mr Wilson will continue to give evidence later.

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.