NAMA Staff - Links to Property - Conflicts of Interest

[Pyramid5]

Might be useful to have a thread dedicated to NAMA Staff and their prior links to the property and conflicts of interest

A solicitor whose firm is among those on a panel selected to do legal work for Nama sold a plot of land to leading developer and Treasury Holdings co-founder Johnny Ronan, whose loans have been among the first €16bn tranche of loans transferred to the agency

independent.ie/business/nama-man-sold-d4-plot-to-ronan-2151762.html

NAMA board member Michael Connolly faces a potential conflict of interest over his ownership of 20,000 Bank of Ireland shares worth almost €37,000, according to the bank’s share register

independent.ie/business/nama-director-holds-836437000-in-boi-shares-2151758.html

[jerry2623]

It is so ncie to see That Ken Rohans daughter has secured a job with NAMA The champagne corks must really be popping in the Bars around town.
Would it not be just easier to line up the developers on a friday and just hand them a cheque each for ther properties and say all debts now forgiven ! !
At least it would cut out the charade

See the Todays Sunday Indo for details

[dipole]

More of the same which would be much better reported if the NAMAWINELAKE blog was still up and running.

independent.ie/business/iris … 13775.html

Ex-Anglo and Nama execs hired by Lone Star
Ireland’s fourth richest man has hired top former Anglo and Nama executives as it seeks to buy up distressed assets and bank loans. continued.

it would appear that some property professionals stay with NAMA just long enough to familiarise themselves with the processes in place before moving to the other side of the negotiating table.
Whether they root around on NAMAs interest in specific properties before trying to secure them for their new employers I just can’t say.
There is an apparent conflict of interest here irrespective of whether it is real or not and NAMA employment contracts should have a restriction on who people can work for after leaving NAMA for a period of time.

[propietario]

+1

But we can expect to see more NAMA employees heading to the private sector when pay is reduced under the Haddington Road Agreement.

[richie268]

@jerry2623

It is so ncie to see That Ken Rohans daughter has secured a job with NAMA The champagne corks must really be popping in the Bars around town.
Would it not be just easier to line up the developers on a friday and just hand them a cheque each for their properties and say all debts now forgiven ! !
At least it would cut out the charade

See the Todays Sunday Indo for details

I agree that your solution would be easier and we could put a lot of politicians in the line up also including a few ex party leaders past and present, however another solution would be to line them all up on a Monday just after dawn and do something cheaper.

[Daithi31]

@propietario

+1

But we can expect to see more NAMA employees heading to the private sector when pay is reduced under the Haddington Road Agreement.

Either they suck it up or move to UK… nothing here for these employees… at least salary wise.

[dipole]

Another report on staff turnover at NAMA with a brief list of employees who have left recently.

Calls for a ‘cooling off period’ for Nama staff
MOVE by one of Nama’s most senior asset managers to US property-investment giant Kennedy Wilson has led to renewed calls for a “cooling off period” for employees who leave the State’s toxic loan agency to take up positions in the private sector.
A MOVE by one of Nama’s most senior asset managers to US property-investment giant Kennedy Wilson has led to renewed calls for a “cooling off period” for employees who leave the State’s toxic loan agency to take up positions in the private sector.

Ali Rohan has joined the growing number of Nama executives who are leaving the State agency for positions in the private commercial-property sector.

Fianna Fail finance spokesman Michael McGrath last night expressed his “serious concern” about the number of senior executives, who are now leaving the agency.

Mr McGrath told the Sunday Independent: "There are people holding senior positions in Nama moving into the private sector seamlessly to positions which certainly have a cultural relationship with Nama.

“It’s understandable that there would be mobility between Nama and the private sector, but I think that given the vast scale of Nama’s work and its importance to the economy, it’s essential that there would be a cooling off period for people holding senior positions.”
contd.

and another
independent.ie/business/iris … 61270.html

NAMA 11 KEY OFFICIALS WHO LEFT the AGENCY. WHERE THEY ARE NOW

[Negative_Covenant]

NAMA will need less staff as it sells of loan portfolios to investment funds.
It is a business that is scheduled to wind down over a relatively short period.
If NAMA sells certain loans then it is to be hoped that the buyer will take the NAMA staff dealing with those loans. NAMA shuld insit on it if at all possible.

Why would an employee accept a contract that says they cannot work in a similar job in Ireland for 6 months after leaving when their job is scheduled to disappear at any time in the next few years. Such a clause is likely to be legally unenforcable as being disproportionate and possibly in contravention of a person’s right to earn a living. Confidentiality clauses on the other hand are legally enforcable if not practically enforcable.