{{Short description|Political scandal in Ireland}} thumb|The offices of Tughans solicitors at the time of the scandal '''Namagate''' is a political corruption scandal. The alleged corruption surrounds the sale of a portfolio of loans by the National Asset Management Agency (Nama) in April 2014.
== Project Eagle == 'Project Eagle' was the name Nama gave to their sale of a portfolio of Northern Irish loans and properties. The portfolio was originally worth £4.5bn, but it was bought from Irish banks by Nama for £1.1bn after the Irish financial crisis. The sale was completed in June 2014, with the portfolio being sold to Cerberus Capital Management for £1.3bn.<ref name=":0">{{Cite news|title = Nama NI deal: The key figures and the background you need to know| work=BBC News | date=9 July 2015 |url = https://www.bbc.co.uk/news/uk-northern-ireland-33462375|accessdate = 2015-10-11}}</ref>
Cerberus won the bid after Pacific Investment Management Company (PIMCO) withdrew their bid upon realising that a former Nama adviser, Frank Cushnahan (who had resigned from that role in November 2013) was in line for a £5m payment upon the completion of the sale.<ref name=":1">{{Cite news|title = Nama deal: PAC told former Nama NI adviser 'was in line for £5m'|url = https://www.bbc.co.uk/news/uk-northern-ireland-33458409|accessdate = 2015-10-11|first = Julian |last=O'Neill| work=BBC News | date=9 July 2015 }}</ref> Ian Coulter, a managing partner of Tugans (a law firm based in Belfast that was working for PIMCO), was also set to benefit from the sale.<ref name=":1" />
Despite learning of these planned payments, Nama did not suspend the sales process, and the portfolio was subsequently bought by Cerberus, who was also represented by Tughans.<ref name=":0" /> Commenting upon this in a Public Accounts Committee hearing, Sinn Féin TD, Mary Lou McDonald said the following:<blockquote>"...you [Nama] take out the purchaser [PIMCO]. That identity changes but lo and behold you've the same cast of characters in and about the final decision."<ref name=":1" /></blockquote>
== Mick Wallace's claims == On 2 July 2015, independent TD, Mick Wallace, speaking under parliamentary privilege in the Dáil Éireann, claimed that Tughans had put £7m in an Isle of Man bank account after the Project Eagle sale, and that it was "earmarked for a Northern Ireland politician".<ref>{{Cite news|title = Nama property sale: Mick Wallace claims Belfast firm had £7m in bank after deal| work=BBC News | date=2 July 2015 |url = https://www.bbc.co.uk/news/uk-northern-ireland-33372786|accessdate = 2015-10-11}}</ref> Wallace has since expanded on these claims, adding that "a Nama insider" helped ensure that Cerberus' bid won.<ref>{{Cite news|title = Nama says Mick Wallace has no evidence for latest Project Eagle claim|url = http://www.irishtimes.com/business/commercial-property/nama-says-mick-wallace-has-no-evidence-for-latest-project-eagle-claim-1.2382625|newspaper = The Irish Times|accessdate = 2015-10-11}}</ref> Wallace claims that he has been threatened by Cerberus on account of the allegations he made.<ref>{{Cite news|title = Wallace told he would be 'sorted' for Nama North claims|url = http://www.irishtimes.com/news/politics/oireachtas/wallace-told-he-would-be-sorted-for-nama-north-claims-1.2371628|newspaper = The Irish Times|accessdate = 2015-10-11}}</ref>
In September 2015, Wallace further alleged that a further £45m had been set aside in "fixer fees" and that the £7m earmarked for a Northern Ireland politician was "only for openers".<ref>{{Cite news|title = Nama: Mick Wallace makes £45m 'fixers fees' allegation| work=BBC News | date=24 September 2015 |url = https://www.bbc.co.uk/news/uk-northern-ireland-34349369|accessdate = 2015-10-11}}</ref>
== References == {{Reflist}}
Category:2015 in British politics Category:2015 in politics Category:2015 in the United Kingdom Category:2015 scandals Category:Political scandals in Northern Ireland Category:Political scandals in the United Kingdom Category:Democratic Unionist Party scandals Category:Corruption in the United Kingdom