herald

Friday 9 December 2016

Sinn Fein's Doherty reveals fresh claims about IBRC sale of Siteserv in Dail debate

CLAIMS by Sinn Fein TD Pearse Doherty that Denis O'Brien made four attempts to extend a loan with the former Anglo Irish Bank - and eventually got an extra 12 months to make repayments on €315m he borrowed - have been dismissed as "wholly inaccurate".

Mr Doherty revealed fresh details of what he said were documents related to the businessman's IBRC loans.

Investigation

During a debate in the Dail on the setting up of a Commission of Investigation into the sale of Siteserv to Mr O'Brien's Millington company, Mr Doherty said he had documents which led to questions about the way that IBRC was run in the public interest.

In his speech Mr Doherty said that Mr O'Brien met a case team from the bank and said he had a "verbal agreement" with former IBRC CEO Mike Aynsley and senior executive Richard Woodhouse.

Mr Doherty told the Dail that Mr O'Brien wrote to IBRC in March 2013 requesting that he be able to repay his loans over a three-year period.

However, the bank's credit committee said the loan could only be extended by 12 months.

Mr Doherty said Mr O'Brien requested a further extension with no capital repayments in April 2013, but received a "de facto second rejection".

IBRC's special liquidator hit back last night saying that the information was inaccurate and misleading.

The liquidator said the claims are "wholly inaccurate and misleading and does not reflect the facts of this case or the position taken by IBRC's credit committee".

In response to those criticisms, Mr Doherty this morning called on the liquidator to specify what precisely what he got wrong.

Independent TD Catherine Murphy, who has led the charge in bringing the Siteserv issue to light, raised the fact that the successful bid for Siteserv was not the highest one.

She questioned whether an approach was made to Mr O'Brien's company to increase the bid.

"I want the inquiry to investigate whether that did in fact happen and whether similar approaches were made to other bidders," she said.

Minister for Finance Michael Noonan addressed the Dail to correct the record on previous answers he gave on IBRC.

Transactions

He said the package of board documents from March 15 2012, where the sale of Siteserv were included, was received by the Department of Finance.

Mr Noonan said the Government would review all transactions resulting in capital loss to IBRC of over €10m, or transactions giving rise to public concern. He said there were 30-40 transactions over €10m.

Earlier, Taoiseach Enda Kenny had been accused of "going into hiding" over the Siteserv IBRC controversy.

Promoted articles

Entertainment News