Who is Going to be Held to Account over SiteServ? - Tóibín
Aontú Leader and Meath West TD Peadar Tóibín TD has asked who will be held to account for the “inappropriate” sale of Siteserv. He stated;
“The site Siteserv sale by the IBRC included a very generous write down of debt worth €119m to Milington, a firm controlled by Denis O’Brien. This money in effect came out of the taxpayer’s pocket. That this would happen at a time when Siteserv was giving €5million to its shareholders is incredible. That a debt laden firm in receipt of over €100 million of debt write downs can afford to generously shell millions in dividends to shareholders is unbelievable. That Arthur Cox acted for two sides of the same transaction, Siteserv and Denis O'Brien is extraordinary”.
“The sale of any product usually seeks to increase the number of bidders to maximise the price. But the Commission of Investigation into IBRC found that the opposite happened with Siteserv with Anchorage not being contacted “before granting exclusivity to Mr O'Brien". The Commission’s finding that the sale “conferred on him (Denis O’Brien) a significant advantage over the other bidders seeking to acquire the Siteserv Group" shows that maximisation of the financial return to the taxpayer was not the primary goal of certain actors within the process”.
“That the chairman of the sale sub-committee in Siteserv, Robert Dix would holiday with one proposed buyer in Moritz in Switzerland during the sales process gives rise to serious questions of impartiality that any professional person doing their job right would have recognised. They key here is, a person or persons gave “misleading and incomplete information” to the IBRC which lead to a potential massive cost to the state. The next step is critical. What accountability will be brought to bear for this action? We cant have spent tens of millions of euro on a Report that gathers dust on a shelf. There must be consequences. Otherwise these types of transactions that cost the taxpayer millions will continue to occur. I have written to the Garda National Economic Crime Bureau requesting that they investigate the authors of this “misleading and incomplete information”.