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Updated 12.40pm
THE COMPTROLLER AND Auditor General (C&AG) is to examine IBRC’s sale of Siteserv to the Denis O’Brien-controlled company Millington.
Taoiseach Enda Kenny told the Dáil that following a meeting with the Finance Minister Michael Noonan this morning, the C&AG, who examines whether public money is being spent effectively, is to examine whether the €45 million transaction in 2012 represented value for money for the taxpayer.
Documents released under FOI outline concerns
The matter arose when independent TD Catherine Murphy received documents from the Department of Finance under Freedom of Information, which outline the concerns of department officials about the bank formerly known as Anglo, which was wound down in 2013.
She said the heavily-redacted files, which you can view in full here, contradict responses to parliamentary questions she received from Noonan.
Kenny confirmed during Leaders’ Questions that further documents will be released under Freedom of Information tomorrow. He said they will include minutes of meetings in the Department of Finance which outline Noonan’s position.
The matter was raised by the leaders of Fianna Fáil and Sinn Féin. Micheál Martin called for an independent inquiry into the sale.
Earlier, former IBRC chairman Alan Dukes denied any wrongdoing in the matter and said that all aspects of the deal were considered and in “the best course of action available” in the interests of the State.
He “categorically rejected” any other suggestion of impropriety.
Meanwhile, Noonan said he is “satisfied the actions he took were sufficient” in relation to the sale of SiteServ by the former Anglo Irish Bank, reports Newstalk.
‘Poorly executed’
The documents include expressions of concern from senior department officials that the deal to sell Siteserv was “poorly executed”. Dukes said the Department of Finance raised questions amid comments from the public that the company had made a non-compliant bid.
He said the concerns were discussed at a meeting in July, which Noonan attended.
They were again discussed at a meeting between the Minister for Finance and representatives of the board at a meeting in July. During that discussion, the board representatives informed the Minister that the matter had been referred to the Central Bank, which had no comments to make. At the conclusion of that discussion, the Minister professed himself satisfied with the bank’s reasoning and decisions.
It was raised at the meeting that the sale occurred two years before the public contract to install water meters.
He adds in the statement that at no stage did Noonan ask him to arrange a “full independent inquiry”.
Contrary to what was stated in answer to a recent Dáil question, the matter was not raised by the Secretary General of the Department with the bank’s CEO in August 2012.
Speaking on RTÉ’s Morning Ireland today, Minister for Communications, Energy and Natural Resources Alex White said he had not yet had the opportunity to discuss the matter with Noonan, but that he had no reason to disagree with Dukes that the best deal was obtained.
He said the civil servants that raised concerns about the sale were “doing their job” and that ultimately it was the minister’s job to make a call on the sale.
Independent inquiry
White said it was not up to him to make the call on whether an independent inquiry should be set up.
He added that the country has changed since 2012, but that he was sure the government would address any concerns there were on the issue.
In the Dáil yesterday, Fianna Fáil leader Micheál Martin praised Murphy for “doggedly” pursuing this issue.
He called for an independent inquiry and rejected the claim by the Taoiseach that he was not fully briefed on the issue.
The Taoiseach said that when IBRC approved the Siteserv deal in March 2012, it was not required to inform Noonan prior to the sale as the 2009 framework under which it was operating did not include any specific monetary thresholds.
Back in March, Siteserv Holdings Limited issued a statement saying it was disappointed that Catherine Murphy ”continues to make repeated unfounded public accusations in relation to the circumstances surrounding the sale of Siteserv PLC… ”
It went on to say that Siteserv publicly denied these accusations in 2012, adding that any attempt to “continually portray the transaction in such a negative manner is completely without foundation and is purely agenda-driven”.
The reason the Millington bid was successful was that it was viewed by the Board of Siteserv PLC as the one that was in the best interest of the company and its employees and by Irish Bank Resolution Corporation Limited (IBRC) as the best outcome for the State.
- additional reporting Órla Ryan and Hugh O’Connell
First published 7.30am
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We have a largely unquestioning media , this is why we have Catherine Murphy td doing the job of an investigative journalist , she is doing what a td should , she is acting in the best interest of the country trying to flush out the dirty dealings that undermine our democracy .
Well done Catherine we need more like you .
Spot on Deco, any journalist worth his salt would be going after this all guns blazing. I mean, this is blockbuster stuff. We can forget about the mainstream media as they are singing from the same hymn sheet as the govt and large corporations. All I can say is huge thanks to Catherine Murphy and her tireless devotion in getting this information, and thanks to the Journal for making this become more widely known.
Maybe the journal will have a go ;)
Under guidelines broadcasters are not allowed “undermine the authority of the state”
Prob explains RTE’s silence over the siteserv scandal. If this was going on in other countries, there would be multiple arrests and resignations.
part of the reason I read the journal
Why wasn’t the C&AG involved before now?
Deco you won’t be allow the truth. Noonan and kenny are liars. They looked after the bond holders when they did not have to and fleeced us to pay for it.
FG links to Denis O Brien go back over 20 years ..People should have a look at the Moriarty findings about Phil Hogans evidence to them ..It would really make you wonder
The problem is Thomas…there are no real political parties in the state.
Indeed Thomas. We should be kissing Denis’s size 12s in gratitude for his herculean efforts to assist the nation in our hour of need.
“On March 15, 2012, Denis O’Brien – through his Isle of Man-based acquisition vehicle, Millington – bought Siteserv for €45.4million cash from the IBRC, formerly known as Anglo Irish Bank.
Law firm Arthur Cox represented both IBRC and Millington during the sale.
At the time of the sale, Mr O’Brien owed Anglo hundreds of millions of euro while Siteserv owed Anglo €150million.
The sale involved IBRC agreeing to writing off €100million of Siteserv’s €150million debt.
Mr O’Brien acquired the business on a debt-free basis………………………
It was reported that Australian hedge fund Anchorage Capital offered a higher price – €52million – but that ‘elements of the offer were considered less attractive then the O’Brien bid’.
It was also reported that French company Altrad claimed it was denied the opportunity to make an offer for Siteserv – saying it had been prepared to offer €60million for the firm but that it was ‘effectively denied the opportunity because its representative was told the Irish group was not for sale’.”
http://www.broadsheet.ie/2015/03/05/denis-obrien-fine-gael-and-the-water-meter-deal/
Except SF the most popular party 32 county wide.
EVERYTHING that had or has anything to do with Anglo or IBRC is suspect IMO. It’s astonishing what went on and not one prosecution. Now we are about to have a sham (show) trial of Sean Fitzpatrick which will cost us a fortune and the outcome will be. Mistakes were made but we won’t let that happen again. Sean might even get a few quid out of it.
Add NAMA into that as well.
An organisation cloaked in secrecy created and run by the same well connected everything to lose brigade.
These are huge headline making revelations, this is in the publics interest as it effects every household in the country yet no newspapers are printing it and the guards aren’t investigating.
And the next question should be why are the Government doing deals in the first place with companies using offshore vehicles to avoid tax liabilities?
Thomas – Pray tell us – What are ‘Real’ Political Parties ?
I will be amused , I’m sure , to read your ‘explanation’ !!!
Waddler
You would make a great investigative journalist. Thats actually astounding stuff. Good post.
@an ciarrioch – i’d hazard a guess he means political parties that have a democratic process as its core – not window dressing like Provisional Sinn Féin. You know the one with the leader for life and no dissent among his followers – sorry supporters.
Great point David.
Well FG did make help o brien make his fortune,the awarding of the mobile phone licence stank to high heaven and the fact that Lowry was involved only pushes home that point,of course john Bruton that great gravy train apologist slug for the banks was leader then
Sergeant – Are you Thomas Aquinas as well ?
I see that his ‘Contribution’ was removed by The Editor !
I wonder why ? Hahaha !
Seamus,
I can’t take credit for those revelations on the Siteserv deal. It’s an extract from broadsheet.ie. The full article is linked above.
Yates comments on an article about Fine Gael corruption, by mentioning the love of his life Sinn Fein. Get a life Yates you sad sack!
Legal firms should not be allowed work for sellers and buyers simultaneously as its a conflict of interest.
Yeah Druid, but even if they couldn’t, the pin stripes would be sharing desserts in Guilbalds so the outcome would be end up the same anyway.
He’s also got friends in FF, what favours were returned for Brian Cowen’s job in Topaz?
Hmmm fact its not on front pages today makes me suspect all is not been told.
Dukes statement says that it was 2 years after the sale of siteserv that the irishwater meter contracts were fist discussed in public.
Yet, on broadsheet.ie it says that it was just over 1 year after the sale that siteserv was awarded the contract.
http://www.broadsheet.ie/2015/03/05/denis-obrien-fine-gael-and-the-water-meter-deal/
And there are quotes from Phill Hogan 1 month after siteserv was sold in which he said the plan was to have every house metered within 2 years.
Fishy.
You can smell the lying from the whole rotten to the core lot of them. They must think we are all bloody stupid. Like I said before government is a cesspool of corruption it’s rotten to the core. Lie after lie were being told.
It appears something is not quite right about this whole thing… the so called smartest people in the country always amaze me how stupid they are time and time again.
Exactly what I thought.
“Dukes said that all aspects of the deal were considered and in “the best course of action available” in the interests of the State.”
Dukes neglected to mention that the interests of the citizens and those of the State are often diametrically opposed in this little “republic” of ours.
Christina,
The company is Siteserv not Sireserv.
I think Sireserv is a equine stud in Kildare!
corrupt people dont need smarts,just neck and for everybody else to be quite
The Sinister Fringe.There is also the little know fact that John Tierney in his time as Dublin City manger purchased all these s/h smart meters under instruction from Phil Hogan. This was before Siteserve, or IW was even broached in the Dail, never mind in public.
There is a whole complex of issues surrounding IW, in the how, what, who and why of it all. The more we hear, the more corrupt the whole thing is.
More snakeyness & cronyism. Sickens me how these guys use the publics money to their own greedy ends. The dog on the street can see it for what it is.
Well I just want to make it clear that in respect to xxxxxxxxxxxxxxx that
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxx XXXXXXXXXxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
and further more Fine Gael clarity is xxxXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
So as you can see it’s very top secret so CLEARLY nothing to see here.
OOOH , heavily redacted . nice one .
Fg/lab out stroke FF again..
Clearly the former FG leaders Alan Dukes and Micheal Noonan are part of the problem.
An opinion on this matter from Dukes / Noonan is about as useful as the view of Denis O’Brien.
FG have out Fianna Fáiled Fianna Fáil!
On Vincent Browne last night, Catherine Murphy showed the level of ‘redacted’ content in her ROI request. It was unbelievable, page after page of blacked out text.
Shame on the government, they make FF look like amateurs.
Election now.
To all that defend this, one word for you, Traitor.
Poor Duke’s respect level when he became the public interest director quickly waned when he was wheeled out to justify obviously dodgy deals. The fact that Noonan is a declared benefactor in cleaning the banks bad debts should have triggered warning lights, and introduce another obviously dodgy deal involving Siteserve and it just gets worse.
The only way the tax payer in Ireland is going to get any good from this is of they make a long term bet with paddy power that a tribunal in 10 years time will highlight massive corruption in everything to do with IBRC, long after these characters have left the scene with their bags of gold.
The Minister for Finance looks after the Minister for Finance first as per usual,well he is a member of Fine Gael so it’s hardly a surprise.
how the people of limerick voted him in to office after his record with the Hep C is just beyond me
Its disgraceful what’s going on and enda Kenny refusing to answer questions this morning in the dail. He needs to remember he works for the people of Ireland who pay his wages and that of his government.
Let’s not forget that Joan Burton cannot be allowed to blame Sinn Féin for this one.
Labour have left Government for a lot less.
Ireland a great little country to do corruption in.
Because they are stupid?
So many unanswered questions. The deal and the award of the meter contract needs to be looked at. Stinks to high heaven
Nothing to see folks, move along. It’ll be out of the news soon.
Oh sorry it won’t even make the news on many ‘news’ providers
Nothing on this on the RTE 9pm news last night, but they did have time to share the twitter exchange between the Joan Collins’. Says it all.
Serious amount of underhanded ness went on here.
It was in the best interests of the state…..(he left out a small bit at the end- the leaders of the state NOT the citizens of the state).
Writedowns for struggling home-owners…….NO
Writedowns for companies that Denis o Brien wants to buy……….YES
And RTE this morning seemed more interested in telling us about the Kylie Jenner challenge………
it is incredible isn’t it.
The echos through the halls of RTE on this reveal a lot.
He would wouldn’t he.
Amazing how quiet Labour are in all of this
Nothing about this whole fiasco is shocking anymore. This and previous governments have made corruption the norm,unfortunately.
The minister for communication isn’t quiet on it ,read his defence of the deal .
Why was the entire Comments Section removed from The Catherine Murphy TD , version of this article in The Journal.ie last evening ?
Was there Journalistic Executive freedom of speech interference , from a higher quarter involved ?
Was there Legal Threat interference involved from an Irish Water / Denis O’Brien source ?
I and I’m sure , many of your Readership , would appreciate your Editorial response to these questions ?
ASAP please ?
Interestingly – The Comments in the first article , have just been reinstated.
But no explanation , as to why they were removed , in the first instance !!!
Can we have an answer please ?
corrupt filth
Thats sad but true Fintan
Ah sure that’s grand so Michael.We’ll take your word for it and move along so sir.*doffs cap*.Sorry for even bringing it up sir.
By the way I notice the trolls are deafening in their silence on this again.I guess they haven’t gotten the official narrative from HQ yet.
Noonan and O’Brien.
Fellow Bilderbergers.
This is what happens when ‘pocket stuffers’ get into politics.
Such an honest looking fellow, of course we believe you….
Did he have Any involvement in the sale of the taoiseach and hiss rat FG and labour minions to dob? Or was that purchase completed at that stage?
…stated by Dept of Finance that deal was poorly executed.
Now there’s an understatement!
It would appear that Siteserve Management was instrumental in negotiating terms and actually executing the deal. That’s a little unusual, especially since with exiting shareholders (the ultimate risk takers) secured a €5 m payoff, whilst State took a bath on debt write off.
Those terms may, at the time, have been in the best interests of IBRS and Siteserve employees, but our state certainly got a raw deal, given Anglo 100% bailout loss of circa €30 bn.
Since exiting shareholders got a cash payoff, why didn’t state get say a 10% equity interest in restructured Siteserve which could be cashed in down the line, to at least recover something from the whole shambles. And surprise, surprise Siteserve is now a very profitable company.
Micheal Martin and Catherine Murphy are right to demand answers, as ultimate owner of Siteserve is just too close to FG for comfort.
I know a stink when I smell one!
Alan Dukes former leader of Fine Gael and finance minister but hey no conflict of interest here.
https://www.youtube.com/watch?v=RbE4ZHIzvTY
Look at the contempt he shows for the qustions.
Squeaky bum time in the corridors of power. Hopefully!
This FG/LAB shower have overstayed their welcome. Give us a general election now and move on. Yee are a government of Europe , not for the Irish people. The electorate can’t wait to f##ck you out for good.
Enda Kenny decided 2 years ago next elections are in apr/may 2016!! ;) now its only 12 months away we might as well continue to shame ourselves by waiting til he allows us to vote in this broken democracy
Time to circle the wagons again lads.
Golden circle that is.
Banana Republic.
Much worse than that. Here a lot still believe that it isnt. In most banana republics, it’s people know that they’re living in one.
See John, you made a mistake there with the word ‘Republic’.
To quote Mandy Rice Davies ‘Well he would say that wouldn’t he?!’
Can anyone tell me why Siteserv was in the hands of IBRC in the first place?
So it could be lined up for Delta.Oscar .Bravo.
The man doth protest too much
Methinks that there will be plenty more twists and turns in this sleazy saga.
… and as long as they keep it twisting and turning until after the GE, then everyone will be happy…
Politicians not telling the truth and doing underhanded, sneaky things to help people who pay towards their political parties……..I wont hear of it instead ill be a government cheerleader and praise all the hard work done and rabble out stats about the economy and jobs along with rainbows, bunnies and unicorns
I smell Shiiite
Dukes and O’Brien…Lowry and O’Brien
aithníonn ciaróg ciaróg eile
PS
BIFFO and O’Brien…Noonan and O’Brien
aithníonn ciaróg ciaróg eile
Its great to know Failgeal / liebore are carrying on the strong Fianna failure tradition of corruption and generally looking after themselves and there rich buddies .Endas script writers must be in over drive making up more lies to spin .
I was watching Vincent Browne last night….and I was ashamed to watch as I seen these heavily redacted papers from the Dept of Finance being shown by Deputy Murphy were on view for all to see…..They were nothing but pages of blackness……its supposed to be a government of openness and transparency and Finance handed pages of blacked out A4 to Catherine Murphy , it was a right insult.
The political establishment is rotten to the core we should demand a change.
Of course, the beauty about this is that IBRC still exists thanks in part to David Drumm – so that some record still exists of what happened.
Makes me wonder about what else Prom Night was designed to hide.
The Hall case was between the high court and supreme court. The IBRC bill was about not allowing the Supreme Court from ruling on the legality of FF’s prom notes…
We should dissolve the Dáil and save the money because as far as I can tell all the major decisions affecting Ireland are either decided by Angela in Germany or Denis in Malta and just carried out by their spokesman in Ireland (Enda Kenny)
I just checked the rte/Irish times and indo sites and this story isn’t mentioned on any of them. Maybe it’s a non story to those organizations. If not its very disturbing
Representing The Elite, and a gangster with your initials Damian come to mind.
I’m so, so, so glad I my vote for an ‘end to cronyism’ made such a difference…. FG … NEVER, NEVER again! Not even a preference as long as I live. I will do as much as can to persuade other to do the same.
Corruption, corruption, corruption. Remove this government with mass nonpayment and a no vote in endas referendums and force a GE,guaranteed. Nothing but austerity and lies from them.send them a message of no confidence in endas referendums and to future governments that we are not taking this sort of shit anymore.
They are all happy with the brown envelopes they received the usual nothing to see move on
Kenneth, its logins to secret Swiss HSBC accounts these days.
http://businessetc.thejournal.ie/hsbc-tax-1927943-Feb2015/
FREE the HSBC 350, this injustice has to end!
They’re to busy to answer question they’re busy dreaming up new taxes and refining the broadcasting tax we have to pay RTE royalty y ’know. Hey look over there at those water protester thugs never mind what we’re doing.
One big happy club that the rest of us just ain’t in ! Anybody know how you get in ? Anybody? ? Helloooooooo
Zero morals and integrity are a prerequisite to join, so that rules out most of us.
Right lads this Irish Water quango is gonna be a real money dispensing cow, how do we get some?
Our oul mate over in IBRC is sure to have a vehicle we can hijack..
Then we have our other oul mate from digisat days to drive on this smash and grab. .
Sorted lads, lets get to work.
Remember lads keep it hush! !!!
Just back from the newsagent , nothing on the front pages about this business , redacted i suppose . I smell a rat .
Looked after his buddies
Why did IBRC write off the debt v fire the sale of Siteserv?
Meant to say “why did IBRC write off the debt before the sale of Siteserv”.
Is there ever not going to be an article on our dodgy govt dealings. It’s tiresome.
Expect Jean McConville, Gerry McCabe and Mairia Cahill pullout special in this week’s Sunday Independent. Quick look over there!!
We need more like Catherine Murphy to help bust this open….is it a bird?…..is it a plane?….no…it’s Shane Ross!
Every right thinking person in the country should be demanding answers from their TDs (phoneing, emailing,etc.) And Labour, if they have a shred of guts left, has to walk away this time, it’s gone way too far. We are being robbed under our very noses by a clique who have done it before and can again walk away with impunity. ENOUGH IS ENOUGH.
Lets not examine it save a couple of million we all know nothing will ever come of it the boys club will cover each others backs
I’m awaiting Waddlers copy and paste AAA response
Apparently he has discovered evidence that money is transmitted electronically and the money supply is controlled by central banks and fractional lending. It’s dynamite if he can prove it.
If you guys are perfectly happy with this carry one, I actually feel sorry for you.
You’re missing the point of my post. The AAA will use any excuse to copy and paste their “information” and promote themselves and it’s all copy and paste stuff, and usually on a tangent to what the news topic is about. It rehashed, rehearsed and cleared by the leaders which essentially makes the posters of the stuff the sheep that they claim every other party follower is. Hypocrisy at its finest.
By the way I do not accept the behavior I’m the actual news story one bit, its a disgrace but so is the AAA opportunism to push their views in our faces constantly
The blueshirt and labour lackeys, plus cult troll follower’s are giving the people of this country the two finger’s as they could’nt care less about the optics of yet another story of cronyism and corruption. This sorry state of affairs should bring down irish water and hopefully this pox of a goverment.
More media smearing of our political classes.
First it was poor Gerry Adams and now it’s Noonan. When will the tsunami stop?
There must be an election coming up.
sooner we have an election the sooner we can get rid of these filthy, disgusting, lying vermon called politicians
People have/can see what you were/are trying to there/here.
You should try to be less obvious.
And replace them with what?
Nodding dogs!
Unconnected vetted individuals who
sign up to direct democracy and recall .
At this stage anything or anyone would be better than the corrupt nepotism and cronyism that thos country has endured from FF,FG, lab or the greens..
That attitude of ‘ better the devil you know’ only perpetuates the devilish behaviour we get from the ‘ establishment’..
We need an exorism…
I see that ‘OneTrueVoice’ is the latest apologist account. Well done sir, another proud loyal Irishman.
@Eamonn Maloney
Remember at the last election, the way anyone was better than FF/Greens.
We how have another two parties to add to that list.
Or is Michael Noonan the new Lowry ?.
Is Alan Dukes going to be the new Lowry ?
There must be an election imminent when Catherine Murphy is asking questions.
I’d be surprised if this one doesn’t get her re-elected.
It took a while for her to get an answer, but wasn’t it worth it?
Not a dicky bird about this online by Independent.ie, anyone know why?
The appointment of KPMG to do the review is crazy.
KPMG were involved in the sale!
A total conflict of interest!
We live in a crazy Country!
No honesty! No accountabability!
Why should shareholders in this insolvent Company be paid €5,000,000 at the expense of the Irish Taxpayers?
The company could have been put into Examinership and sold with the approval of the High Court.
have your say