Invest NI Chief Addresses Economy Committee on Non-Disclosure
Kieran Donoghue, chief executive of Invest NI, defended his decision to withhold detailed information regarding the US financial services firm Cantor Fitzgerald's choice not to proceed with a planned investment in Belfast. Donoghue appeared before Stormont's economy committee to discuss the circumstances surrounding the abandoned project, which would have created 300 jobs.
During the session, Donoghue emphasized the importance of maintaining confidentiality to protect commercial interests. He explained that revealing specifics could expose confidential financial details, ownership structures, and internal strategic decision-making processes, potentially deterring other investors.
"The client does not want us to discuss what was discussed at that meeting,"
Donoghue was specifically questioned about a meeting held in New York in March of the previous year between Cantor Fitzgerald and Economy Minister Caoimhe Archibald. He stated that the company preferred to keep the content of that meeting private.
He further elaborated on the necessity of trust between Invest NI and its clients, noting that breaking this trust could discourage future investment opportunities.
"People talk and investors need to know that when they are speaking with Invest NI they can be open and frank without worrying that their competitors will read about their commercially sensitive information in the press."
The committee was informed that on 17 March, Invest NI was officially notified that Cantor Fitzgerald would not proceed with the investment.
Background on Cantor Fitzgerald and Leadership
Cantor Fitzgerald is a New York-based financial services firm. It was previously owned and operated by Howard Lutnick, who served as Commerce Secretary under former US President Donald Trump. In the previous year, Lutnick agreed to transfer his stake in the firm to his children and a group of investors. His son, Brandon Lutnick, currently serves as the firm's chairman.
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