Independent TD Mick Wallace made a number of allegations in the Dáil today about events linked to the sale of a major property portfolio by NAMA in Northern Ireland.

Tonight one of Northern Ireland's leading commercial legal firms issued a statement confirming it had reported the circumstances of the departure of a former partner to the Law Society.

The property crash affected companies in Northern Ireland as well as south of the border and many ended up in NAMA.

Last year a US Investment company, Cerberus Capital Management, bought a NAMA portfolio of Northern Ireland-based debtors.

It had a book value of £4.5bn. The purchase price was not disclosed but NAMA said at the time it was the biggest single transaction in the agency's history.

During Leaders' Questions in the Dáil today, Mr Wallace made a number of serious allegations about the deal, which he said was called Project Eagle.

Mr Wallace claimed a routine audit showed £7m in funding ended up in an Isle of Man account.

He said the money was "reportedly earmarked for a Northern Ireland politician".

Tonight, in a response to an inquiry from the BBC, one of Northern Ireland's largest commercial firms, Tughans, issued a statement.

It said the practice is not linked to any political party nor has it ever made party political donations.

It also stated: "We can confirm that a former partner diverted to an account of which he was the sole beneficiary professional fees due to the firm, without the knowledge of the partners.

"We have since retrieved the money and he has left the practice. Tughans reported the circumstances of the departure of the former partner to the Law Society."

This is an early stage of what could be a very significant story.

No evidence of impropriety has been produced.

In the Dáil, Tánaiste Joan Burton said Mr Wallace should take his concerns to the gardaí.