Frank Cushnahan Found Not Guilty of Fraud

The Belfast businessman Frank Cushnahan has been acquitted of fraud charges related to his advisory role with the National Asset Management Agency (Nama).

Cushnahan, aged 84, faced allegations concerning his conduct as an adviser to Nama, the agency established in 2009 following the property market collapse. He denied a fraud charge involving failure to disclose information in 2013.

The jury delivered a majority verdict on Monday after a trial lasting four months and three days of deliberation. Madam Justice McBride, presiding over the case at Belfast Crown Court, had instructed the jury to continue efforts to reach a unanimous verdict, but this was ultimately unattainable.

The trial commenced in September and was heard before a jury comprising nine men and three women.

Reactions Following Verdict

Outside the courtroom, solicitor Paul Dougan stated that Cushnahan was unable to comment due to legal reasons but expressed satisfaction with the verdict.

"We are delighted with today's outcome," said Dougan.

He added that Cushnahan was appreciative of the jury, the judge, and his legal team.

Solicitor Joe Rice also conveyed his client's gratitude to the jury for concluding the matter and noted Cushnahan's relief.

"He is greatly relieved," Rice said.

Background and Allegations

Cushnahan, who resides in Alexandra Gate, Holywood, County Down, has been a notable figure in Northern Ireland's business community, with experience in both private and public sectors.

The case pertains to events in 2013 when Cushnahan served as an adviser to Nama during the potential sale of its Northern Ireland loan portfolio following the financial crisis.

Prosecutors alleged that between April and November 2013, Cushnahan provided assistance to the American investment firm Pimco without disclosing this to Nama, despite a legal obligation to do so. Pimco was interested in acquiring Nama's Northern Ireland loan book at that time.

Ultimately, the loan book was sold to Cerberus, another investment firm, in a transaction valued at over £1 billion.

The prosecution contended that Cushnahan's failure to disclose information to Nama positioned him to secure a benefit for himself or another party, claiming he stood to earn approximately £5 million in success fees if the deal had proceeded.

Additional Charges and Related Trials

Cushnahan continues to face a separate charge of fraud by false representation, which he denies. This charge was initially part of the current trial but was excluded last month on legal grounds.

Ian Coulter, a former managing partner at the Belfast law firm Tughans, was also on trial facing the same charge. However, his trial was halted due to a health issue affecting his senior barrister.

Coulter, 54, from Templepatrick Road, Ballyclare, County Antrim, faces five charges in total, all of which he denies. The trial for these charges is scheduled to be rescheduled.

About Nama and Project Eagle

Nama is the Republic of Ireland's asset management agency, commonly referred to as a "bad bank," created to manage toxic loans following the 2008 property crash. Established by the Irish government in 2009, Nama's role was to recover value from problematic loans issued by Irish banks during the Celtic Tiger economic period.

The agency purchased these loans, which included land, property, and associated debts, at discounted rates and subsequently sold them.

The Northern Ireland loan portfolio was consolidated into a single package known as Project Eagle, intended to be sold as one entity.