Projct Eagle portfolio of properties was sold for £1.2bn

Two people are to be prosecuted in connection with the UK National Crime Agency (NCA) investigation into the sale for £1.2 billion of Namas Northern Ireland property loan book, the Norths Public Prosecutions Service confirmed on Thursday.
The Public Prosecution Service (PPS) said that two men, aged 78 and 49, are to face fraud charges in relation to what was the Norths largest ever property deal.
The two men are understood to be prominent Belfast businessman Frank Cushnahan and lawyer Ian Coulter.
Solicitor Joe Rice, who acts for Mr Cushnahan, said: We are extremely disappointed with the decision taken by the PPS to prosecute. We will be pleading not guilty to both allegations at any forthcoming criminal trial.
Six other people who also were investigated are not to be charged. A decision was taken previously not to prosecute a ninth individual.
The inquiry is not over yet, said a senior NCA investigator
After consideration of a complex and substantial file submitted by NCA investigators, it has been decided that there is sufficient evidence to prosecute two suspects in connection with alleged activity around the property deal known as Project Eagle, the PPS said in a statement.
The decision to prosecute relates to the continuing controversy into the controversial sale by Nama of its former Northern Ireland portfolio known as Project Eagle to US investment fund Cerberus in 2014, a sale that prompted a long-running investigation by the NCA.
The dispute over the sale of the Nama properties erupted in July 2015 when, under Dáil privilege, the then independent TD Mick Wallace, now an MEP, said that following from the Nama sale, £7 million was lodged into an Isle of Man account reportedly intended for Northern business and political figures.
In January the PPS confirmed it had received a file of evidence from the UKs National Crime Agency (NCA) which contained the names of eight potential suspects linked to allegations surrounding the £1.2 billion sale of Namas Northern property portfolio. This was the second file to be passed to the PPS.
None of the eight suspects was publicly identified by either the NCA, the UKs equivalent of the American Federal Bureau of Investigation, or the PPS. A ninth suspect was also investigated but a decision was taken in November 2018 not to prosecute that individual.
In relation to the six who are not to be charged, the PPS said it concluded that there was insufficient evidence available to provide a reasonable prospect of conviction.
The 78-year-old man is to be charged with one count of the offence of fraud, contrary to Section 1 of the Fraud Act 2006 involving a failure to disclose information between April 1st 2013 and November 7th 2013.
The 78-year-old and the 49-year-old man are also to be jointly charged with one count of fraud, contrary to Section 1 of the Fraud Act 2006 involving a false representation made on or around the April 3rd 2014.
The 49-year-old man is to be further charged with: one count of fraud, contrary to Section 1 of Fraud Act 2006 involving a false representation made on or around September 11th 2014; one count of fraud, contrary to Section 7 of the same Act involving making an article in connection with a fraud on or about August 13th 2014; two counts of the offence of concealing criminal property, contrary to Section 327 of the Proceeds of Crime Act 2002 involving concealing, disguising or transferring criminal property between September 15th 2014 and December 1st 2014.
The PPS assistant director Ciaran McQuillan said a considerable volume of evidence was painstakingly examined by a team of experienced and senior prosecutors, with the benefit of advice from two senior counsel.
As a result, it has been concluded that there is sufficient evidence for two of those reported to be prosecuted for a number of serious charges, she said.
Whilst the test for prosecution was met in respect of two suspects, it was considered not met on evidential grounds in respect of seven further individuals with regard to the Project Eagle investigation, added Mr McQuillan.
There has been considerable speculation about who the individuals may be. Mr McQuillan said that to protect the integrity of any future trial it was extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice those proceedings.
NCA deputy director of investigations Craig Naylor said its operation has been and remains an incredibly complex investigation, which is of enormous importance to the public in Northern Ireland and beyond.
Todays announcement is therefore a significant milestone. Im grateful to officers here in the NCA and colleagues in the PPS for their professionalism and commitment throughout, which has been instrumental in getting us to where we are, he said.
The investigation is not over yet. We have further lines of inquiry to follow up and we will continue to liaise as appropriate with PPS colleagues, added Mr Naylor.