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Paul Maloney appearing before the Public Accounts Committee today Screengrab via Oireachtas TV

Former Dublin docklands boss defends record and slams 'grievous accusations'

Paul Maloney said he had, for four years, “watched aghast” as the authority’s former chair Niamh Brennan issued “report after report” which contained “the most grievous accusations which have since been withdrawn or discredited”.

THE FORMER CHIEF executive of the Dublin Docklands Development Authority (DDDA) has strongly criticised the agency’s former chairperson at the Public Accounts Committee today.

Paul Maloney said he had, for four years, “watched aghast” as the authority’s former chair Niamh Brennan issued “report after report” which contained “the most grievous accusations which have since been withdrawn or discredited”.

Maloney was the authority’s CEO when it purchased the former Irish Glass Bottle site in Ringsend for €412 million in early 2007 of which €291 million was borrowed. The site was subsequently devalued in the property crash and is now worth around €45 million. The DDDA made a loss of around €52 million on the site.

Appearing before the committee of his own volition, Maloney said: “I can no longer stand aside as so much information and distruth (sic) has been printed about this deal.”

Brennan identified “past failures in corporate governance” in her time as chair of the DDDA, which she said in May 2010 had “undermined public confidence in the organisation, imperilled our financial position and given rise to serious concerns about past decisions made by the Docklands Authority”.

Anglo

The PAC has previously heard that the former head of the defunct Anglo Irish Bank and DDDA board member, Seán FitzPatrick as well as Lar Bradshaw, another Anglo executive, declared their position when it was revealed at a DDDA board meeting in 2006 that developer Bernard McNamara and his Becbay consortium were seeking finance from the bank for the purchase of the site. The board agreed there was no conflict of interest and the two remained in the meeting.

Mounting a strong defence of the former board today, Maloney said he “never saw an act or comment or interference by an Anglo board member or any director for that matter that was not singly focused on what was within the code of conduct” and in the interests of the authority’s objective.

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Maloney said that Bradshaw, the DDDA’s former chair, discharged his duties with “utmost propriety and professionalism and not a scintilla of evidence has ever been brought forward to suggest otherwise”.

He admitted that “undoubtedly mistakes were made” in the purchase of the former Irish Glass Bottle site, but sought to point out that that a report by the Comptroller and Auditor General “confirms that not one cent state of taxpayers’ money was ever received or spent by the DDDA”

He added: “The DDDA have now confirmed to me last week it will never request it [taxpayers' money] at any time in the future. They will close the Authority and hand a significant sum back to the Exchequer. Is there a single media outlet that will report that sentence?”

He said that the subsequent nationalisation of much of the Irish banking system was “a decision completely outside of the DDDA”.

‘Totally untrue’

Maloney also denied that he sent a letter to the Department of Environmnet stating that the DDDA expected to pay €220 million for the site, saying this is “totally untrue”.

He explained to the committee that the letter was sent by a junior colleague and that when he saw the letter at a board meeting a week later he sought to correct it .

“The official who wrote the letter fully corrected the sale figure to €375m and explained the reason he incorrectly included the €220m which was the last book value,” he said.

He said he was “proud of every single moment I worked with the DDDA” and insisted that the Irish Glass Bottle site “is no ghost site” adding that “it is on the doorstep on the hub of this recovery”.

A lengthy hearing before the PAC continued until just before 2.30pm this afternoon with the committee’s acting chair, Fine Gael TD Kieran O’Donnell, summing-up that the debacle ultimately “cost the State money”.

Niamh Brennan has indicated to the PAC that she will appear at the end of its hearings on the C&AG report into the DDDA purchase of the Irish Glass Bottle site when all other witnesses have given submissions.

Docklands chair: Governments had 14 years to close Glass Bottle loophole

Read: Why Seán FitzPatrick won’t appear before the Public Accounts Committee

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19 Comments
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    Mute Aertel_Journalist
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    Dec 12th 2013, 3:02 PM

    The DDDA was made up primarily of FF members and Anglo Irish directors.

    What did people expect was going to happen.

    We all know that every body that FF appointed people to was with one thing in mind, how to use it for personal and party gain and f777 the sick kids I want the money, f777 the docklands and f777 Ireland I want, want want.

    The CRC seems like a low point but it is only the start of revelations.

    One good thing about the truth coming out is that it means the FF party will never be in a position to rob and rape this country again and it might force procedures to be put in place that will prevent others mimicking them.

    FF, a party for fools run by traitors for the benefit of thieves.

    97
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    Mute Were Jammin
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    Dec 12th 2013, 3:09 PM

    “One good thing about the truth coming out is that it means the FF party will never be in a position to rob and rape this country again”

    I remember similar statements in the 80s after the last time FF wrecked the economy. Never underestimate the political ignorance or inability to think outside the civil war politic which is endemic in our nation.

    71
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    Mute Sean Collins
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    Dec 12th 2013, 5:39 PM

    Aertel maybe you would like to name one of the FF people that robbed and raped, just to show much of a man you are,just so people would know that you’r not a coward and let us see your face and real name. I don’t think you will because I’d say you are a craven COWARD.

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    Mute Aertel_Journalist
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    Dec 12th 2013, 6:05 PM

    You mean to say Séan that there are FF’ers that have not raped Ireland and her society?

    I don’t believe that.

    21
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    Mute Sean Collins
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    Dec 12th 2013, 6:13 PM

    Name them go on be a man

    3
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    Mute Aertel_Journalist
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    Dec 12th 2013, 6:31 PM

    Ahern, Cowen, Brian Lenihan jnr and senior, both of who were desperate creatures. Liam lawlor, Ray Burke and thousands of others.

    I think that to varying degrees it applies to every FF member and voter. I have yet to meet a FF’er that has the concern of Ireland or their family above that of the party.

    35
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    Mute Sean Collins
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    Dec 12th 2013, 9:48 PM

    Now show us your face and name it’s easy behind a false mask to throw dirt come on be a man so it can be debated with you.

    1
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    Mute Aertel_Journalist
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    Dec 12th 2013, 9:55 PM

    and have some FF party man sent out to burn me and my family out of house and home?

    14
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    Mute Aertel_Journalist
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    Dec 12th 2013, 10:02 PM

    It is gas Sean I view you as a person who is commenting here to damage FF rather than defend them but I know that you, Seanie Ryan,Oggy and the rest that defend them are so obsessed with FF that you are not pretending, there are lots of people like that sadly.

    Very sad, then again I could never put a political party before country or family. No member of my family ever informed years ago etc. Different stories I guess.

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    Mute Sean Collins
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    Dec 13th 2013, 10:21 AM

    No mr brave aertel you are afraid of LIBEL it’s easy to pick the men from the boys, he he he.

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    Mute Aunty Simmonite
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    Dec 12th 2013, 2:57 PM

    “Niamh Brennan has indicated to the PAC that she will appear at the end of its hearings on the C&AG report into the DDDA purchase of the Irish Glass Bottle site when all other witnesses have given submissions”

    Get her in there now before she gets creative !

    38
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    Mute Garry Coll
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    Dec 12th 2013, 3:19 PM

    Looks like an effort to try and equalise before the other team scores.
    Unlikely to work given that his opponent is the redoubtable Ms. Brennan, one of the country’s foremost experts in corporate governance as John Gormley told us repeatedly at the time of her appointment.
    This could be fun before its over, no great financial gain to the state, but watching the great and the good squirm while trying to justify their failures is always entertaining.

    29
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    Mute Ryan Ash
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    Dec 12th 2013, 7:27 PM

    Not just in Ireland, she is well respected abroad as well.

    And the fact that Gormley appointed her despite the fact that she is the wife of a certain Michael McDowell (one of Gormley’s biggest foes) also says something about her.

    With her way for words, I’ll be interested to see her rip into Maloney and co when her turn arrives.

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    Mute Garry Coll
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    Dec 12th 2013, 11:36 PM

    Quite so, but I don’t think that they will be both there at the same time, which is a shame, it would have the potential to be the kind of robust debate that is nice to see every so often.
    It was good of the committee though, to allow her dictate the timing of her own appearance.
    A proper display of deference and respect for someone of such distinction and, as you point out, international renown.

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    Mute Dee4
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    Dec 12th 2013, 3:05 PM

    it might not be a “ghost site” but its still just a bit of wasteland opposite social housing and the eyesore that is the entrance to the ESB and other warehousing. A Lidl is about the only use for it now.

    can someone explain twho took the losses? the article only says that the DDDA lost €52M, who took most of the hit?

    “Maloney was the authority’s CEO when it purchased the former Irish Glass Bottle site in Ringsend for €412 million in early 2007 of which €291 million was borrowed. The site was subsequently devalued in the property crash and is now worth around €45 million. The DDDA made a loss of around €52 million on the site.”

    24
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    Mute Aertel_Journalist
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    Dec 12th 2013, 3:11 PM

    We took the loss the Why is where the meat is.

    It seems that given that the Fianna Fail, Anglo Irish (their private bank) and property were involved that there could be, ahem, misunderstandings over finance.

    34
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    Mute johngahan
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    Dec 12th 2013, 4:31 PM

    Meanwhile the other goon in charge at the DDDA through the boom party years, presiding over such other achievements as €100,000,000 being wasted on a halfbaked incinerator project, has gone on to be the top dog at Irish Water.

    The mind boggles as to how the interview process works for these jobs.

    Or are we just a really inept neanderthal country, incapable of governing ourselves, and these are the very best people we have?

    19
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    Mute Nigel O Keeffe
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    Dec 12th 2013, 4:48 PM

    @Johngahan
    Do you really believe interviews are involved in this cosy little cartel?

    14
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    Mute Aunty Simmonite
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    Dec 12th 2013, 5:23 PM

    Common Purpose again?

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