Nama: Tangled Web Gets More Complex


Private investigators probing the NAMA (Ireland National Management Agency) scandal are said to have indentified several politicians from a number of political parties in Ireland who could be involved in the affair.

The issue surfaced following allegations in the Dail by independent TD Mick Wallace that an offshore account had been set up in the Isle of Man to channel £7 million to the politicians involved.

However the Belfast solicitor, Ian Coulter, who diverted the money to the account, has denied any wrongdoing

Meanwhile the Irish Independent newspaper has reported that the US Department of Justice (DoJ) will be given information about the claims as they relate to the sale of the a NAMA Northern Ireland portfolio of properties worth over a billion and a quarter pounds (see footnote).

US DoJ rules on activities by businesses overseas are quite stringent so if they do launch an investigation it will complement police and parliamentary inquiries on both sides of the Irish border

Meanwhile law firm Tughans said it retrieved the fees, which had been diverted to the Isle of Man by its managing partner Mr. Coulter without its knowledge, and the lawyer left the practice in January.

The Manx Treasury Minister responded to a query from the Celtic League last week about the NAMA related monies being deposited here however he never really explained how such a substantial deposit went unquestioned by financial enforcement bodies in Mann.

(NB. Nama’s €4.5bn portfolio of around 850 properties north of the border was sold to Cerberus for £1.3bn last year in the biggest single property transaction in Northern Ireland history.)

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J B Moffatt (Mr)

Director of Information
Celtic League



The Celtic League was established in 1961and has branches in the six Celtic Countries. It works to promote cooperation between these countries and campaigns on a broad range of political, cultural and environmental matters. It highlights human rights abuse, monitors all military activity and focuses on socio-economic issues


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