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Sasko Lazarov/Photocall Ireland
Sasko Lazarov/Photocall Ireland
Image: Chief Executive Brendan McDonagh and Chairman Frank Daly outside the Treasury Building in Dublin

NAMA to investigate ex-employee over transaction

The investigation centres on the purchase of a property from its own portfolio.
Aug 5th 2012, 3:11 PM 7,030 39

NAMA IS TO investigate a transaction carried out by an ex-employee.

The senior employee bought a  five-bedroom house in Lucan in Dublin from NAMA’s portfolio, according to an investigation carried out by the Sunday Times today.

A NAMA spokesman told that all NAMA officers are required to make full disclosures of their assets, liabilities and interest under Section 42 of the NAMA Act as a condition of their employment.

Under a Code of Practice issued under the Act, each NAMA officer is required to update their Section 42 statement in the event of any material changes to their initial disclosures.

NAMA’s internal auditors, Deloitte, are working with the agency to investigate the factual position in relation to the transaction, including the level of adherence to statutory and other disclosure requirements by the ex-employee.

In a statement NAMA said that that ex-employee had not been involved in the transaction being approved:

NAMA is conducting an investigation into a transaction involving an ex-employee of the Agency. Based on an initial review and on independent valuations received, NAMA is satisfied that the price achieved on the transaction was in line with market levels at the time that the transaction was agreed. The ex-employee was not, in any way, involved in approval of the transaction.

When the findings of this investigation become available, NAMA said it “will take whatever action is necessary to address issues, if any, that are identified”.

Read: NAMA reports profit of €247 million after tax>

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Aoife Barry


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