Cushnahan denies standing to benefit financially from Nama’s NI loan sale

Corporate financier Frank Cushnahan on trial for fraud

Frank Cushnahan has been accused of fraud by failing to disclose information between April 1 and November 7, 2013. Photograph: Liam McBurney/PA Wire
Frank Cushnahan has been accused of fraud by failing to disclose information between April 1 and November 7, 2013. Photograph: Liam McBurney/PA Wire

A businessman currently on trial for fraud denied providing any financial incentive to politicians, a Belfast court heard on Monday.

Frank Cushnahan has been accused of fraud by failing to disclose information between April 1 and November 7, 2013.

The 83-year old, from Alexandra Gate in Holywood, has denied the charge which relates to the sale of Nama’s Northern Ireland property loan book.

The trial at Belfast Crown Court is now in its 12th week. Transcripts of interviews Mr Cushnahan had with police and representatives of the National Crime Agency (NCA) were played on Monday.

During one interview conducted at Antrim Police Station on October 17, 2018, Mr Cushnahan was asked about the deal and whether he was set to make £5 million from it.

Mr Cushnahan said he never stood to benefit financially from the deal and that he was involved for the benefit of Northern Ireland.

At one point during the interview, the corporate financier was asked “did you provide any financial incentive to any political people in Northern Ireland?”

He replied “no, none” then after his solicitor said “absolutely no”, Mr Cushnahan added “I take exception to that even suggestion.”

Later in the interview, Mr Cushnahan told police and the NCA representatives “I acted with the greatest of integrity and then I get ... taken to the cleaners.”

The jury of nine men and three women have already heard it’s the prosecution’s case that between April and November 2013 Mr Cushnahan was providing assistance to the American investment fund Pimco regarding the sale of the Northern Ireland loan portfolio.

The prosecution also alleges that at the relevant time, Mr Cushnahan sat on the Northern Ireland Advisory Committee which was set up by Nama to advise in respect of property debts in Northern Ireland.

In this role, it’s the prosecution’s case that he was under a legal duty to disclose any conflict of interests that he had which he failed to do.

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