‘Culture of cronyism’: Corrupt £1.3 billion NAMA property deal sparks calls for investigation
‘Evidence of corruption at the heart of a £1.3 billion Northern Irish property deal has sparked renewed demands for a broad-ranging investigation into the landmark sale.
The ‘Project Eagle’ deal at the center of the scandal saw US equity fund Cerberus purchase a property portfolio from the National Assets Management Agency (NAMA) in 2014. The portfolio, which consisted of £4.3 billion worth of toxic loans, was sold to the equity fund for just £1.3 billion.
NAMA was created by the Irish government in late 2009, following the implosion of Ireland’s property bubble and subsequent financial meltdown. It functioned as a “bad bank,” acquiring property development loans from struggling Irish banks north and south of the border.’
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