This post was scheduled to go up at 6pm tonight but it’s on Liveline now, so…
This article from the Limerick Post is worth reading. It tells us a company whose owners owe massive amounts of money to Anglo Irish Bank will be providing legal advice to NAMA.
LIMERICK solicitors Dermot G O’Donovan, three of whose partners are directors of the Fordmount Group, now in receivership, have been appointed by NAMA to provide legal services.
Fordmount is believed to owe in excess of €100m to Anglo Irish Bank.
NAMA will appoint more than 50 firms to sit on a panel of legal advisors. Being on the panel does not necessarily mean a company will be called to provide advice. Indeed the reason NAMA would claim such a large number of advisors is required is – for want of better wording – to dilute any conflicts of interest. Still, if claims of conflicts of interest are raised, it’s worth taking a look at them.
The story is also perhaps illustrative of just how interconnected the various elite facets of Irish society have become in the last ten or so years.