FORMER NAMA portfolio manager Enda Farrell allegedly sent more than 30 emails containing “highly confidential and commercially sensitive information” from the State agency to his wife, it emerged in the High Court yesterday.
Nama has reported his actions, uncovered during an audit of a property deal the couple did while he was still working for the State agency, to the Garda.
It said in a statement that it believed he may have committed a criminal offence under section 202 of the Act that established the agency.
His actions also sparked an investigation at professional services firm Ernst Young, which employs his wife, Alice Kramer. It is understood that the division for which she works advises on compliance. Ernst Young confirmed that it carried out the inquiry at Nama’s request and passed its findings on to the agency, but did not comment any further.
The couple bought a four-bedroom house and two acres of land at Sundays Well, Lucan, Co Dublin, from developer Thomas Dowd for €410,000 while Mr Farrell was working as a portfolio manager for the agency. The seller was one of its debtors.
After learning of the deal last month, Nama suspected the purchase may have breached its procedures and hired Deloitte to conduct an audit. Nama says that this uncovered confidential data that was taken without its authorisation.
Nama has told the High Court it fears any such information could be used by others to gain a commercial advantage at its expense.
At an in camera hearing on September 3rd, it obtained an injunction requiring the couple, of The Motte, Knockludder, Dunboyne, Co Meath, to hand over all documents, communications and materials containing confidential information relating to Nama.
They were also ordered not to destroy, damage or conceal any of the materials sought by Nama.
Nama obtained the injunctions after claiming that its investigators discovered that, over the course of several months, Mr Farrell had unlawfully removed and disseminated more that 30 emails with file attachments containing “highly confidential and commercial sensitive information” to his wife.
The information, it is claimed, includes a master spreadsheet of all loans acquired by Nama and all properties acquired as security for the debts, specific asset disposal strategy in relation to certain debtors, and other information acquired in confidence.
It is also alleged Mr Farrell, who now works for private equity giant Forum Partners, emailed other parties involved in property management and investment.
When the case returned before the High Court yesterday, Ms Justice Mary Finlay Geoghegan lifted the in camera order on the proceedings and deemed the matter could be heard in public.
Frank Callinan SC, for the defendants, told the court that his clients had fully co-operated with the orders made by the court and would continue to do so.
Cian Ferriter SC, for Nama, asked that the case be admitted to the High Court’s commercial division. The judge agreed to admit the case to the Commercial Court and adjourned it to October.
Mr Farrell joined Forum Partners in March. The company, which manages $6 billion (€4.7 billion) worth of assets, is reportedly focusing on Europe’s distressed asset markets.
