Cushnahan Walks Free After Jury Rejects Fraud Charge in NAMA Property Saga
An 84-year-old businessman at the centre of one of Ireland’s most controversial post-crash financial episodes has been cleared of fraud by a Belfast jury, bringing partial closure to a case that has shadowed him for over a decade.
Frank Cushnahan, from Holywood in County Down, faced a single charge of fraud by failure to disclose information dating back to 2013. After three days of deliberation, a jury of nine men and three women returned a majority not guilty verdict at Belfast Crown Court.
Madam Justice McBride told the defendant simply: “You have been found not guilty by the jury so you are free to leave.”
What the Case Was About
The prosecution centred on Cushnahan’s dual role during an extraordinarily sensitive period in Northern Ireland’s financial history.
The National Asset Management Agency – established by the Irish Government in 2009 to manage toxic property debt following the financial crash – appointed Cushnahan as an adviser to its Northern Ireland committee. While serving in that capacity, prosecutors alleged he simultaneously and secretly assisted American investment giant Pimco in its bid to acquire NAMA’s entire Northern Ireland loan book.
The Crown’s case hinged on a straightforward allegation: Cushnahan had a legal obligation to disclose this parallel relationship to NAMA and deliberately chose not to, motivated by the expectation of receiving a success fee of approximately £5 million.
Pimco ultimately abandoned its pursuit of the portfolio in March 2014. One month later, rival US firm Cerberus purchased the package – codenamed Project Eagle – in a transaction exceeding £1 billion.
Defence Painted a Different Picture
Cushnahan’s legal team offered a starkly different interpretation of events. In closing arguments, barrister Frank O’Donoghue KC portrayed his client not as a self-serving insider but as someone willing to actively pursue investment at a time when Northern Ireland’s economy was devastated.
Rather than enriching himself, O’Donoghue argued, Cushnahan “was prepared to get up off his backside” to attract desperately needed capital into a struggling market.
The defence also drew attention to the personal toll of the proceedings, telling the court their client had endured “a life of character assassination, interrogation, prosecution and some would say persecution for the past ten years.”
Relief But No Comment
Outside the courthouse, Cushnahan’s solicitor Paul Dougan expressed satisfaction while noting his client remains constrained in what he can say publicly. A separate charge connected to the same affair is still pending – one Cushnahan also denies.
“Obviously we are delighted with today’s outcome,” Dougan told reporters. “He’s relieved, he’s tired. At the end of the day he’s an 84-year-old man. He hasn’t missed one day of this trial, he’s never been sick.”
Dougan added that Cushnahan wished to thank the jury for their patience through what had been a lengthy and demanding process, as well as the friends and family who supported him throughout years of legal uncertainty.
The Story Isn’t Over Yet
Despite Friday’s acquittal, Cushnahan’s involvement with the courts continues. He is scheduled to return later this month alongside a co-accused who faces five separate charges linked to the Project Eagle portfolio sale.
The broader NAMA saga – encompassing allegations of hidden fees, political entanglements, and questions about whether Northern Irish taxpayers received fair value for billions in property assets – remains one of the most contentious financial episodes in recent Irish history. This verdict resolves one chapter, but others are still being written.
