NAMA's 97.5% intimidation discount

dasdog

The last time I went on a political march was against NAMA and of course it ended with Richie Boyd Barrett, Unionists and fellow diaspora holding placards and shouting in to hand held loud speakers. This put me off going on any political march. The "Comptroller and Auditor General" <sic> found NAMA sold 28 unfinished units and seven plots of land to a relative of a debtor for €265,000 because of intimidation and likely colloquialism has me rethinking that position.

It's symptomatic of a government agency to be completely incompetent and open to exploitation but this seems like criminal elements were involved. It's the kind of behaviour that gets overlooked as Ireland gets ranked well on corruption indices.

https://www.irishtimes.com/business/2023/07/12/nama-sells-loans-to-debtors-relative-at-975-discount-amid-intimidation/

Nobody seems to care which is the annoying part.

MegamanBoo

I wanted to post on this too but was waiting to see if it gained traction in the media.

I was appalled when I read the article you shared.

It made me wonder if there really was intimidation though, or is this a cover for another Nama soft deal with a crony, a la Siteserv?

Either way it's disgusting and for me indicative of the true level of corruption in the country, a million euro handout to thugs/FFG crony, and we the public just take it as more of the same.

1874

I dont follow it, its in the background as I feel I can do nothing about it, but why didnt who/whomever was being intimidated bring it to the attention of the Gardai? OR at least report it and have/get a record of it (involve a solicitor). Also, how are sales not checked before completion, are they not reviewed and confirmed all is in order before proceeding?

MegamanBoo

https://www.boards.ie/discussion/comment/120852389#Comment_120852389

And that's what makes me think it's just a cover story.

It's difficult to believe too that a state body would even be allowed to entertain such intimidation.

Could Nama not have refused to deal with these thugs, and then brought in staff from another locality to handle the sale to another party?

Something really rotten about this.

Jizique

https://www.boards.ie/discussion/comment/120852516#Comment_120852516

Indeed, one would love to hear the names involved and I am,sure it would be easy to connect the dots

MegamanBoo

https://www.boards.ie/discussion/comment/120852543#Comment_120852543

There's a serious issue at stake here and for me this issue needs to be pursued.

From what we know at present it looks like only three possible scenarios.

A) A criminal organisation is at work so powerful as to be able to shake down agents of the state for substantial public assets without repercussion.

B) Agents of the state, at quite senior level, are so incompetent as to be threatened by some minor criminal or loudmouth, without seeking protection of AGS.

3) It's a cover for more dodgy FFG cronyism.

skimpydoo

We should know who NAMA sold to. It's public money that has been lost.

Widdensushi

https://www.boards.ie/discussion/comment/120852972#Comment_120852972

More importantly who gave it away, surely they should go to jail for stealing from the state, going against their own procedure etc, while probably getting massive salaries and pensions, there needs to be accountability.

skimpydoo

https://www.boards.ie/discussion/comment/120853372#Comment_120853372

That too.

MegamanBoo

Thinking about this again the idea that there was really intimidation just doesn't hold water.

Surely if there were any credible account of actual threats, CAB would find it quite straightforward to seize the property back.

Looks just like yet another FFG approved dip into taxpayers pockets to me.

https://www.boards.ie/discussion/comment/120856037#Comment_120856037

A careful reading would suggest that it's not the NAMA official who would be intimidated, it's the purchaser of the site who would have been intimated so NAMA knew no one else would have purchased the site.

hymenelectra

Likely:

We're nicked, boys. We have to get ahead of this. What if we say it was down to intimidation?

This really should be a bigger story, NAMA couldn't even find an EA or a auctioneer to appoint to sell the site that's the level of intimidation.

Cluedo Monopoly

I have heard on good authority about a local politician (ex FG TD) who facilitated his wife and siblings buying up land and property very cheap from NAMA and the banks during the 2008 recession. Distressed assets that the banks didn't put on the market. Some of the land has since been zoned for property. I thought his story would have broken by now, hopefully soon.