Former Nama head Frank Daly said businessman Frank Cushnahan failed to disclose a fee from Pimco’s 2013–2014 bid, creating a conflict of interest.

Former Nama chairman Frank Daly testified at Belfast Crown Court on October 8, 2025, saying businessman Frank Cushnahan should have disclosed a financial interest in Pimco’s 2013–2014 bid to buy Northern Ireland’s property loan portfolio. Daly, who led Nama from 2009 to 2019, said Cushnahan, a member of the Northern Ireland Advisory Committee, failed to reveal he would receive a success fee, creating a conflict of interest. Daly stated he learned of the fee on March 10, 2014, and expected Cushnahan to disclose it during meetings, including one in October 2013. Both Cushnahan and co-accused solicitor Ian Coulter deny fraud charges related to the transaction.