Bankrupt Tycoon Derek Quinlan Alleges Nama Pressure to Remain Silent

Bankrupt former property tycoon Derek Quinlan has made explosive allegations against the National Asset Management Agency (Nama), claiming the agency pressured him to avoid negative comments during an Oireachtas inquiry into the Irish banking crisis.

Quinlan, who still owes Nama €403 million, expressed his belief that Nama’s attitude towards him may have contributed to the agency’s refusal to forgive his debt, a step it has taken with other borrowers.

These accusations surfaced in documents filed as part of Quinlan’s bankruptcy case in London. The Irish Times gained access to his bankruptcy file after obtaining a court order.

Nama’s Concerns Over Financial Disclosure

The documents reveal that Quinlan’s bankruptcy trustees reviewed his Nama file last year, concluding that the State agency was unsatisfied with his full financial disclosure. Jacob Beake, one of the trustees who objected to Quinlan’s discharge from bankruptcy, stated this lack of transparency as the primary reason why Quinlan had never been granted a Nama exit deal.

A 2018 letter from Nama to Quinlan’s solicitors further supports this claim, stating that the agency wouldn’t pursue a debt deal due to “inaccuracies and inconsistencies” in the financial information provided.

Nama also raised concerns about the potential commingling of Quinlan’s finances with those of his wife, Siobhan Quinlan, who, according to Nama, had access to €5 million in funds in the Isle of Man.

Quinlan maintains his stance of compliance with Nama, and a separate letter from the agency acknowledges his “general” cooperation in selling assets to settle his debt.

Secret Deal with US Billionaire

The bankruptcy documents also include confidential correspondence between Quinlan and Nama regarding a proposed 2017 deal involving US billionaire Riaz Valani. Valani, a prominent broker known for his role in David Bowie’s famous Bowie Bond financial product, offered to back Quinlan’s buyout from Nama for a “nuisance payment” of €1.25 million.

In his plea to Nama, Quinlan urged them to accept the offer, stating his desire to move forward and asking Nama to do the same.

However, Nama ultimately rejected the proposed deal.

Quinlan’s Bankruptcy Proceedings

Quinlan, who declared bankruptcy in 2022, acknowledged that Nama would not compromise on its position. His automatic discharge from insolvency was delayed by a year to November 23rd, 2023, due to the trustees’ concerns about his lack of cooperation with their investigation.

Both Quinlan and Nama declined to comment to The Irish Times.

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