Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

NAMA chief executive Brendan McDonagh: NAMA is to hire private detectives to ensure that debtors are not keeping assets hidden from the agency. Laura Hutton/Photocall Ireland
BaNAMA Republic

NAMA to hire private detectives to hunt down hidden riches

The agency has advertised looking for staff to help “verify the accuracy” of financial statements submitted by its debtors.

THE NATIONAL ASSET Management Agency is seeking to hire private detectives in a bid to ensure that its debtors are not keeping some assets hidden from their view.

The ‘bad bank’ has issued a public advertisement seeking to put together a “panel for the provision of credit verification services”, who will be tasked with ensuring that some of the State’s most indebted people cannot hide wealth beyond NAMA’s view.

Those detectives will be hired “to assist NAMA verify the accuracy and completeness of disclosures made by NAMA debators.”

The move is the agency’s latest attempt to ensure that developers – some of whom owe the company hundreds of millions – do not hold assets elsewhere of which NAMA is unaware.

NAMA has already asked its main debtors to file sworn statements outlining their assets and liabilities – meaning any evidence that these affidavits are false could result in the agency seeking major sanctions in the courts.

The investigators are likely to be focus on assets or ventures in other countries, or any assets which may have been transferred into the names of debtors’ spouses or family members.

Banker who suggests future NAMA sell-off appointed as advisory group chair

NAMA turns €118m profit in second quarter of 2011

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
37
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.