What is Nama and why was it established?

Nama, the Republic of Ireland's 'bad bank', was established in 2009 to manage toxic loans acquired after the 2008 property crash.

What fraud charge does Frank Cushnahan face?

Frank Cushnahan faces a charge of fraud by failure to disclose information related to his advisory role at Nama.

What was Project Eagle in the Nama trial?

Project Eagle was the name of the portfolio containing Nama's Northern Ireland loan book, which was sold in 2013.

Home / Crime and Justice / Nama Trial: Businessman Refuses to Testify

Nama Trial: Businessman Refuses to Testify

14 Jan

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Summary

Businessman Frank Cushnahan, 84, declined to give evidence in his fraud trial.
He faces a fraud charge related to his advisory role for Nama.
The trial concerns allegations of failing to disclose assistance to Pimco in 2013.

Nama Trial: Businessman Refuses to Testify

Frank Cushnahan, an 84-year-old Belfast businessman, has decided against giving evidence in his defence at a fraud trial that commenced in September. Cushnahan, who previously advised the National Asset Management Agency (Nama), denies a charge of fraud by failing to disclose information. His legal team confirmed to the court that no defence evidence would be presented, following the prosecution concluding its case last week.

The trial centers on allegations from 2013, when Cushnahan reportedly assisted the American firm Pimco, which was interested in purchasing Nama's Northern Ireland loan portfolio, known as Project Eagle. Prosecutors contend that Cushnahan had a legal obligation to disclose this assistance to Nama, which he allegedly failed to do.

Nama, established by the Irish government in 2009, acted as a 'bad bank' to manage toxic loans following the 2008 property crash. The Northern Ireland loan book, initially valued at approximately £4 billion, was acquired by Nama for about £1.1 billion and later sold to Cerberus for over £1 billion. Cushnahan served as an advisor to Nama for three years.