Wallace claims await political scrutiny

It has been a week since Independent TD Mick Wallace told the Dáil almost €10 million had been diverted from Belfast solicitors Tughans to an Isle of Man bank account "reportedly" to pay a prominent Northern Irish politician and other figures arising out of the National Asset Management Agency's sale of its Project Eagle loans to Cerberus last year.

Since then we have learned a little more about the deal. A former member of Nama's Northern Ireland advisory committee, Frank Cushnahan, previously sought payment from US fund manager Pimco for working on its bid for the portfolio. Pimco dropped out of the auction after informing Nama of this.

Although it never engaged them, Pimco had contacts with Tughans and US lawyers Brown Rudnick as it was preparing its bid. Both went on to work for Cerberus. The money that wound up in the Isle of Man was intended as payment to the Belfast firm for this.

Cushnahan had a self-contained office in Tughans' Belfast building and referred work to the firm but was not an employee. He had links to the firm's former managing partner, Ian Coulter, who was the sole beneficiary of the account and who resigned when it emerged the money had been diverted to it. Tughans says that as soon as it found something untoward it reported it to the Law Society of Northern Ireland. Cerberus, Brown Rudnick, Nama and Pimco all say they acted properly.

Beyond this, we don’t know anything. We don’t know the names of the politicians Wallace fingered. We can’t assume he is right. If he is, what were the individuals supposed to do in return for the money? We don’t know how or why it all came to light. Reports said a routine audit turned up the account, but Tughans never said that and refused to comment when asked.

The Police Service of Northern Ireland and parliamentary committees on both sides of the Border are now going to start trying to unravel all of this. No doubt Cushnahan and Coulter top the lists of those they would like to question. Right now they appear to be the only ones with all the answers.