Two Belfast men deny fraud over a £7.5M Nama property fee that stayed in a law firm’s account.

Two Belfast men, Frank Cushnahan and Ian Coulter, deny fraud charges over the 2014 sale of Nama’s Northern Ireland property portfolio, with a court hearing that a £7.5 million success fee went to law firms, not the defendants, and remains in Tughans’ account. Former Nama chair Frank Daly testified the fee was not spent by the accused, who had no known luxury purchases, and that concerns over a potential 'fire sale' led to efforts to avoid political backlash. The trial continues as prosecutors argue the deal’s structure allowed improper benefits despite no direct evidence of personal gain.