A secret recording of a conversation between a property developer and a businessman currently on trial for fraud over the sale of the National Asset Management Agency’s (Nama) Northern Ireland loan book was played in court in Belfast on Thursday.
The recording was covertly made by the now-deceased John Miskelly who met Frank Cushnahan in his office in Belfast on November 4th, 2013.
During the conversation, the men discussed a billion-pound deal regarding the Northern Ireland property loan book held by Nama.
Mr Cushnahan also mentioned how the former first minister Peter Robinson and former finance minister Sammy Wilson could have potentially benefited from the deal.
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He told Mr Miskelly that Mr Wilson was a keen gardener who wanted to buy a nursery and that he told Mr Wilson “if this comes off wee Frank will make sure you get a nursery”.
The 83-year-old former corporate financier from Alexandra Gate in Holywood has had two counts of fraud spanning over a period from April 1st to November 7th, 2013, levelled against him.
Standing trial alongside Cushnahan at Belfast crown court is Ian Coulter (54) from Templepatrick Road in Ballyclare.
The former managing partner of Tughans law firm in Belfast has been charged with five offences over a time frame of April 3rd to December 1st, 2014.
Both men have denied all the charges.
During the recorded conversation, Mr Cushnahan told Mr Miskelly he “will be out of Nama” as he “will be resigning at the end of the month”.
At the time Mr Miskelly was a Nama debtor, and at one point Mr Cushnahan told him in a whispered voice “I’m heavily involved ... of the acquisition of the Northern Ireland and GB portfolio from Nama.”
Mr Cushnahan also spoke of his dealings with Peter Robinson during the conversation, telling Mr Miskelly he told Mr Robinson “you get involved in this and it comes out then Pete, a bit of money for you”.
The pair then discussed the US investment fund Pimco, which expressed an interest in buying the loan portfolio.
Mr Cushnahan told Mr Miskelly: “I brought Pimco, they’re massive, over to meet the first minister, the finance minister Wilson and the new finance minister Hamilton ... in order that, wait for it, the book could be bought at a discount.
“And the reason it’s going to be bought for a discount is because Nama are aware that if they try and put lights out ... there will be people who will go buck mad in government and they’ll have the Good Friday Agreement torn in bits because they’re not looking after Northern Ireland.”
Mr Cushnahan also raised the issue of debtor guarantees with Mr Miskelly then asked the property developer “Who’s going to be chairman of the new entity?” and after Mr Miskelly laughed and said “Yourself?”, Mr Cushnahan said that was why he “resigned from all the boards”.
This, he said, was “on the basis that I have to be out of Nama” and that he estimated he would be chairman for one year.
Mr Cushnahan also told Mr Miskelly if the deal was completed in December or January “you f*****g sell nothing.”
At one point during the conversation, Mr Cushnahan talked about Ian Coulter and said he had a “great commercial mind”.
Mr Cushnahan then described the deal as “the biggest coup” and “a good one to retire on” and said one of the only people that knew about it at that stage was solicitor Tuvi Keinan, who worked for a London-based US law firm.
He told Mr Miskelly that Mr Keinan “takes 50 per cent of the cut” and described him as “the man who’s produced the people and deals directly with them”.
Mr Cushnahan also told Mr Miskelly: “You know who’ll get a few pound because I think he played a blinder at the start, Sammy Wilson”.
After Mr Miskelly said Mr Wilson seemed “like a nice man”, Mr Cushnahan said the politician was “quiet as a mouse about these things” and said Mr Wilson told him “he loves gardening” and that he wanted to “buy a wee nursery”.
“I said: ‘Well I’ll tell you want, if this comes off wee Frank will make sure you get a nursery.’ And I will.”
