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| Nama property sale: Mick Wallace claims Belfast firm had £7m in bank after deal | |
| (35 minutes later) | |
| A Belfast law firm had £7m in a bank account "reportedly earmarked for a politician" after a major property deal, it has been claimed. | |
| The allegation was made in the Irish parliament by independent member Mick Wallace against the law firm, Tughans. | The allegation was made in the Irish parliament by independent member Mick Wallace against the law firm, Tughans. |
| Mr Wallace raised concerns over the sale of the Northern Ireland property portfolio of the National Assets Management Agency (Nama) in April 2014. | |
| Tughans have denied Mr Wallace's allegations. | |
| The Nama portfolio was purchased by New York firm Cerberus Capital Management for £1.3bn. | |
| Mr Wallace named Tughans as having acted for Cerberus and that "a routine audit showed that £7m ended up in an Isle of Man bank account". | Mr Wallace named Tughans as having acted for Cerberus and that "a routine audit showed that £7m ended up in an Isle of Man bank account". |
| According to the official transcript of parliamentary proceedings, he added: "It was reportedly earmarked for a Northern Ireland politician." | According to the official transcript of parliamentary proceedings, he added: "It was reportedly earmarked for a Northern Ireland politician." |
| In a statement to the BBC, Tughans said: "The practice is not linked to any political party nor has it ever made party political donations." | In a statement to the BBC, Tughans said: "The practice is not linked to any political party nor has it ever made party political donations." |
| It went on: "We can confirm that a former partner diverted to an account of which he was the sole beneficiary professional fees due to the firm, without the knowledge of the partners. | It went on: "We can confirm that a former partner diverted to an account of which he was the sole beneficiary professional fees due to the firm, without the knowledge of the partners. |
| "We have since retrieved the money and he has left the practice. | "We have since retrieved the money and he has left the practice. |
| "Tughans reported the circumstances of the departure of the former partner to the Law Society." | "Tughans reported the circumstances of the departure of the former partner to the Law Society." |
| A spokesperson for the Law Society of Northern Ireland said it "does not comment on whether or not there is any investigation ongoing in relation to any particular matter or firm". | |
| 'Best possible return' | |
| In a statement, Nama told the BBC it was "fully satisfied" that the sales process for the Northern Ireland loan portfolio "delivered the best possible return". | |
| The statement added that the Lazard investment bank advised on and oversaw the sales process. | |
| Based on its assessment of the market, Lazard invited "nine major global investment groups" to participate in the process. | |
| Nama said that Cerberus emerged as the highest bidder following a competitive sales process. | |
| Cerberus has not made any comment. | Cerberus has not made any comment. |
| Irish Deputy Prime Minister Joan Burton advised Mr Wallace to take his concerns to the police. | Irish Deputy Prime Minister Joan Burton advised Mr Wallace to take his concerns to the police. |