Named individuals peddled mistruths, concealed information and engaged in behaviour that the report describes as “manifestly improper and wrong”
The report of Mr Justice Brian Cregan is a devastating chronology of the Siteserv deal which reveals the integrity of the sales process was tainted from the very start, according to Social Democrats co-leader Catherine Murphy.
“It is clear, from Mr Justice Brian Cregan’s lengthy report, that the integrity of the Siteserv sales process was undermined from the very start. In fact, the phrase “tainted with impropriety” is mentioned on 44 separate occasions in the body of the report.
“The devastating chronology of the deal, detailed in the report, makes clear that certain parties, central to the transaction, manipulated the process in their own self-interest. These named individuals peddled mistruths, concealed information and engaged in behaviour that the report describes as “manifestly improper and wrong”.
“The report is replete with examples of undisclosed conflicts of interests by named insiders which ultimately resulted in a deal that the report finds was not commercially sound. The biggest loser in all of this was the State, given IBRC could have recovered up to €8.7 million more than the €44.3 million it agreed to accept in settlement of Siteserv’s indebtedness.
“This damning report is a clear vindication of my decision to raise issues, surrounding this deal, under parliamentary privilege in the Dáil and I now urge the government to urgently act on its important recommendations.
“However, the length of time the Commission took to publish its report, seven years, is evidence that the manner in which public inquiries are undertaken by the State is broken and needs urgent reform.”
7 September, 2022