The Belfast lawyer at the centre of the controversy over millions of pounds of fees relating to the purchase of NAMA’s Northern Ireland property portfolio has said no politician in Northern Ireland was ever to receive money from the deal.

Ian Coulter has said in a statement that over £7m was transferred to an offshore account controlled by him for complex legal reasons.

It comes two weeks ago independent TD Mick Wallace claimed in the Dáil that over £7m in fees from the purchase of NAMA’s Northern Ireland property portfolio had been earmarked for a politician or a political party in Northern Ireland. 

It emerged that the money had been lodged in an offshore account controlled by Mr Coulter, a senior partner in the Belfast law firm Tughans.

In the statement, Mr Coulter said that no politician or any relative of any politician in Northern Ireland was ever to receive any money in any way from the deal.

Mr Coulter said the reason the £7m was transferred to him was a complex commercially and legally sensitive issue and had been explained to his former partners at Tughans.

He said he would be making no further comment until all inquiries into the NAMA sale had been completed.