Nama deal: Accountant David Watters in fee letter

The sale of the Northern Ireland Nama loan book was claimed to be the idea of a Belfast accountant who has said he was due the £7.5m success fee.

The BBC has obtained a draft letter, on the headed notepaper of David Watters, which contains the claim.

It was addressed to the Belfast law firm Tughans, but never sent.

Mr Watters was named by loyalist blogger Jamie Bryson in Stormont committee evidence as one of five beneficiaries of the fee.

Nama: The key figures and background you need to know

Loan sale

In a statement afterwards, Mr Watters said he had "no direct or indirect involvement in the Project Eagle transition", nor was he to get a fee "from monies paid to an Isle of Man account".

The letter that has come to light is dated 24 April.

The BBC understands, however, it was never sent, although Tughans has since become aware of it.

In the letter Mr Watters stated the loan sale, named Project Eagle by Nama, "was originally termed by me as Project Amani".

It goes on: "The fee of £7.5m was ultimately to be paid to a vehicle specifically for the purpose called Cadogan Futures LLP."

Belfast law firm Tughans was employed to work on behalf of US investment firm Cerberus

Mr Watters adds that he attended a meeting at Tughans on 4 July 2013 "and was persuaded by Ian Coulter to allow him to take a more prominent role".

He added: "Because of the sensitivities of the transaction I sat back and waited for the deal to happen."

In April 2014, Nama sold the loan book in an auction process to US firm Cerberus for £1.2bn.

But most of the £7.5m fee paid to Tughans was moved by Mr Coulter, its then managing partner, to an Isle of Man bank account without the firm's knowledge.

In the fallout that followed, Tughans retrieved the money and Mr Coulter left the firm.

'Surprised'

In July, Irish politician Mick Wallace claimed the Isle of Man money was to be paid to deal fixers, including a politician or political party.

The National Crime Agency subsequently announced an investigation.

In the letter, Mr Watters states that when the deal completed, "I waited discreetly to be paid".

He added he was "surprised" to discover Mr Coulter's departure for diverting the fee, adding it was "done without my knowledge".

Mr Watters concludes: "Unfortunately, it appears the size of the fee has affected Ian's judgement and caused him to fail to discharge the contractual and fiduciary obligation he owed to me and Cadogan Futures LLP."

The money is still with Tughans, pending the outcome of the NCA investigation.