Belfast Businessmen Face £1.1 Billion Nama Fraud Charges

Two prominent businessmen in Belfast, Frank Cushnahan and Ian Coulter, stand accused of fraud related to the 2014 sale of a £1.1 billion loan book held by Ireland's National Asset Management Agency (Nama), which was established to manage toxic property loans following the 2008 financial crisis. Prosecutors allege both men, motivated by greed, acted dishonestly to secure millions in success fees by withholding and falsifying information during the brokering of the deal, known as Project Eagle. Cushnahan, a former adviser to Nama's Northern Ireland committee, and Coulter, a former managing partner at a major Belfast law firm, are charged with fraud by false representation, with Coulter facing additional charges including transferring criminal property. The court heard that Coulter used a fraudulent invoice to launder £7.2 million through a company in the Isle of Man, aiming to pay both himself and Cushnahan. Both defendants deny all charges, with the trial underway before Belfast Crown Court and expected to last several weeks. The case highlights alleged misconduct in a major property debt sale involving billions of pounds in Northern Ireland property loans.