Two men are to face fraud charges linked to the sale of a Northern Ireland property portfolio with a multi-billion pound book value by NAMA to the US investment fund, Cerberus, six years ago.

The decision was announced this morning by Northern Ireland's Public Prosecution Service.

The charges are being brought by the Public Prosecution Service against a 78-year-old man and a 49-year-old man, following an investigation of the deal known as Project Eagle.

The deal involved the sale of NAMA's portfolio of Northern Ireland loans to US fund Cerberus for £1.3 billion in 2014.

In statements through their solicitors, the two men denied the charges.

Frank Cushnahan

78-year-old Frank Cushnahan is a businessman and former banker. His solicitor Joe Rice said his client denies the charges against him.

Solicitor 49-year-old Ian Coulter is the second person facing charges. His solicitor John Finucane said he will maintain his innocence in what may be lengthy court proceedings.

Ian Coulter

The two face a joint charge of fraud involving a false representation made on or around 3 April 2014.

Frank Cushnahan also faces a separate fraud charge.

Ian Coulter faces two further fraud charges, and two charges relating to the concealing of criminal property.

The PPS said there was insufficient evidence to prosecute six other people in relation to the sale.

In November 2018, the PPS announced a decision not to prosecute another individual.


Q&A: Why is NAMA's Project Eagle in the news again?