Siteserv report results are cause for concern, says Taoiseach Micheál Martin

The report of the Siteserv Commission of Inquiry contains findings that Taoiseach Micheál Martin says are “cause of concern.”

Supreme Court Justice Brian Cregan is leading a commission of inquiry into the 2012 sale of construction services group Siteserv to Millington, a company controlled by businessman Denis O’Brien.

It was set up to investigate Irish Bank Resolution Corporation (IBRC) transactions that resulted in a loss of €10 million or more for the bank, which was formed as a result of the nationalization of Anglo Irish Bank and Irish Nationwide during the financial crisis.

The €45 million sale came as the state-owned IBRC wrote off €119 million of the €150 million Siteserv owed.

The report found that the transaction was not economical and the review was forwarded to the tax office and various government departments.

Mr Martin said the report was worth reading as it contained “very serious findings”.

“There is very serious intelligence there regarding the behavior of a number of individuals involved in the sale of these and the intelligence is of a nature that would give rise to concern regarding the behavior of certain individuals, such as the information hidden by the bank, at times even by advisors, and how there was an operation below the surface in connection with the sale of Siteserv,” he said.

Mr Martin said it was “unsatisfactory” that the report had taken seven years to complete and said the format of the commissions of inquiry needed to be reviewed.

“We just have to go back to the drawing board and look at the models because it’s not satisfying that we’ve looked at a module seven years later,” he said.

“It took seven years, the costs are considerable.”

Socialist Deputy Leader Catherine Murphy said the report presented a “devastating chronology of the Siteserv deal, showing that the integrity of the sales process was tainted from the start.”

It was Ms Murphy’s comments in the Dáil several years ago that originally triggered the commission of inquiry.

“It is clear from Mr Justice Brian Cregan’s detailed report that the integrity of the Siteserv sales process was undermined from the start. In fact, the phrase ‘tainted with inappropriateness’ is mentioned on 44 separate occasions in the body of the report,” she said.

“This damning report is a clear justification for my decision to raise issues surrounding this deal under parliamentary privilege in the Dáil, and I now call on the government to act urgently on its important recommendations.”

https://www.independent.ie/news/siteserv-report-findings-cause-for-concern-says-taoiseach-micheal-martin-41969901.html Siteserv report results are cause for concern, says Taoiseach Micheál Martin

Fry Electronics Team

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