Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Missing files reveal Siteserv writedown was €9 million more than we previously thought

Previously undisclosed board minutes reveal new details about the Siteserv controversy.

THE STATE WROTE off €9 million more on the sale of Siteserv by IBRC than was previously suggested, according to newly-discovered documents from the Department of Finance.

Minutes of an IBRC board meeting from 15 March 2012 disclose that the company was sold to the Denis O’Brien-owned Millington for €45 million with a €5 million pay-out to shareholders as part of the deal.

According to the minutes, this amounted to a total writedown of €119 million, more than the previously reported figure of €110 million.

siteserv 119m

The minutes state:

Following consideration the board approved the proposal as presented namely (i) to proceed with the sale of Siteserv plc for €48 million (with net proceeds arising for the bank of €44.3 million) with (ii) a write-off of the balance of facilities of €119 million following the sale, however noting that the this was circa €10 million in excess of the current impairment provision.

The minutes were published on the department’s website last night after a filing error resulted in them only being discovered as officials compiled responses to FOI requests.

The filing error was played down by department sources last night who insisted that the discovery did not change the substance of what Finance Minister Michael Noonan previously told the Dáil, only a point of fact.

Noonan has maintained that he was only made aware of the Siteserv transaction after it was approved by the board of IBRC on 15 March 2012.

The same minutes also disclose that IBRC’s former head of asset management, Richard Woodhouse – who managed Denis O’Brien’s loans with IBRC – was present for the same 15 March meeting where the sale was discussed.

woodhouse

This would appear to contradict what Alan Dukes, the former IBRC chairman, said in a lengthy press conference on 24 April.

Dukes said at that time that Woodhouse was kept out of discussions over the Siterserv deal “as he also managed the relationship between the bank and Mr O’Brien”.

Contacted this evening, Dukes told TheJournal.ie that Woodhouse had been kept out of the discussions about the Siteserv process and he did “not play any part in putting the final proposal together”.

“He was at the board meeting where the decision was made, but he was there on another issue before the board, which was coming from the bit of the bank he was in charge in.”

Alan Dukes Sale of Siteserv Issues Scandals Sasko Lazarov / Photocall Ireland Sasko Lazarov / Photocall Ireland / Photocall Ireland

Dukes also drew attention to the minutes stating that Woodhouse informed the board of a letter from Virgo Capital “attesting to the fairness of the sales process which had been followed to date” in relation to Siteserv.

Speaking today, Fianna Fáil leader Micheál Martin said he found the department’s explanation for the missing board minutes “difficult to comprehend”.

He claimed the department had made a “deliberate attempt” to prevent this news from getting out. He said there had been engagements between officials in IBRC and the department going back to 2009, according to his sources.

Martin added: “The way this continues to be handled falls well short of what the public expect.  The Government clearly hope that they have drawn a line under the crisis with the announcement of a Commission of Inquiry.  But the efforts we have seen to mislead the public have actually raised yet more questions to which we need answers.”

Read: ‘I listened to a lot of hysteria’: Enda breaks his silence on Denis O’Brien and IBRC

IBRC inquiry: Department of Finance reveals details of filing error

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
127 Comments
    Install the app to use these features.
    Mute Liam Doyle
    Favourite Liam Doyle
    Report
    Aug 9th 2018, 9:16 PM

    The display picture on this article led me to believe I was going to enjoy a new opportunity to see Jason Statham be constantly angry and suspicious while just generally being hard, but charming, and shirtless, often unnecessarily shirtless. I’m therefore disappointed with the options provided.

    71
    Install the app to use these features.
    Mute Harry Whitehead
    Favourite Harry Whitehead
    Report
    Aug 9th 2018, 9:20 PM

    @Liam Doyle: You’d have liked Kevin Bishop’s great idea for a Jason Statham flick called “The Puncher” where he spends the whole film constantly having to swing his fists and hit anything he comes into contact with (including his little girl when he rescues her at the end) – unfortunately the link is blocked by Channel 4.

    16
    Install the app to use these features.
    Mute Shougeki
    Favourite Shougeki
    Report
    Aug 9th 2018, 10:33 PM

    @Harry Whitehead: Crank is his best. And still the ringtone on my phone. Albeit when he see’s jackasses stealing his car and goes out “This is a hurl. From an ancienct gaelic game that is a cross between hockey and murder” was pretty awesome too.

    29
    See 2 more replies ▾
    Install the app to use these features.
    Mute Harry Whitehead
    Favourite Harry Whitehead
    Report
    Aug 9th 2018, 11:47 PM

    @Shougeki: LOL forgot about Blitz.

    2
    Install the app to use these features.
    Mute Felicity Hensen
    Favourite Felicity Hensen
    Report
    Aug 10th 2018, 3:00 AM

    @Shougeki: Thought that quote was so good I had to rewind the film so I could write it down!

    4
    Install the app to use these features.
    Mute Ron Noco
    Favourite Ron Noco
    Report
    Aug 9th 2018, 9:54 PM

    Going to cinema these days isn’t special anymore… someone always checking their phone , others arrive late, and no matter where you sit you’ll be annoyed by someone hopping of the back of your seat asking to pass for constant trips to the toilet

    40
    Install the app to use these features.
    Mute Luke McDermott
    Favourite Luke McDermott
    Report
    Aug 9th 2018, 9:55 PM

    @Ron Noco: too many comic book films as well imo.

    36
    Install the app to use these features.
    Mute Seán Domhnall O'Sullivan
    Favourite Seán Domhnall O'Sullivan
    Report
    Aug 9th 2018, 10:30 PM

    @Ron Noco: I have no issue telling people to shush. If u want to chat not in an emergency ,please leave the cinema.

    13
    Install the app to use these features.
    Mute shanekeogh
    Favourite shanekeogh
    Report
    Aug 9th 2018, 9:23 PM

    Ha comments closed because the journal doesnt do truth, shame on you lot, a news story needs truth

    36
    Install the app to use these features.
    Mute Paul Furey
    Favourite Paul Furey
    Report
    Aug 9th 2018, 11:58 PM

    @shanekeogh: And….the truth is??

    2
    Install the app to use these features.
    Mute shanekeogh
    Favourite shanekeogh
    Report
    Aug 10th 2018, 12:04 AM

    @Paul Furey: the traveller woman dragged her 6 kids to sleep in a garda station, while shes on fb last few days with boxes of drink, buying waterford crystal, offer 10,000 few weeks ago for a seven seater, 3 weeks ago she was delighted she got housed in tallaght by the council, but then refused it because it was the hap scheme, and she has a partner

    69
    Install the app to use these features.
    Mute Frank O'Connor
    Favourite Frank O'Connor
    Report
    Aug 9th 2018, 10:57 PM

    How can someone be let out on bail when they are charged with murder? What a country we live in. Absolutely farcial.

    13
    Install the app to use these features.
    Mute Seriously stunned
    Favourite Seriously stunned
    Report
    Aug 10th 2018, 8:48 AM

    @Frank O’Connor: which movie is that?

    7
    Install the app to use these features.
    Mute White Rhino
    Favourite White Rhino
    Report
    Aug 9th 2018, 8:36 PM

    What happened to great storytelling…all these movies are rubbish. Go to the cinema now it’s “I see stupid people”

    65
    Install the app to use these features.
    Mute Conor Paddington
    Favourite Conor Paddington
    Report
    Aug 9th 2018, 8:49 PM

    @White Rhino: what’re you talking about? The Meg is this generation Citizen Kane.

    62
    Install the app to use these features.
    Mute Conor Paddington
    Favourite Conor Paddington
    Report
    Aug 9th 2018, 8:51 PM

    @White Rhino: its only shortcoming is the absence of Rock “the Dwayne” Johnson.

    55
    See 4 more replies ▾
    Install the app to use these features.
    Mute Harry Whitehead
    Favourite Harry Whitehead
    Report
    Aug 9th 2018, 9:35 PM

    @Conor Paddington: You forgot Vinnie ‘I’m the Juggernaut, bitch!’ Jones.

    10
    Install the app to use these features.
    Mute Seán Domhnall O'Sullivan
    Favourite Seán Domhnall O'Sullivan
    Report
    Aug 9th 2018, 10:28 PM

    @Conor Paddington: i agree. The world needs these films .while baffling and scientifically absent ,my personal fave is Sam Andreas. Tsunamis, quakes and a bizarre Kylie cameo ..plus when Rocko saved his daughter was actually surprisingly moving. Great mess of a film.

    10
    Install the app to use these features.
    Mute Seán Domhnall O'Sullivan
    Favourite Seán Domhnall O'Sullivan
    Report
    Aug 9th 2018, 11:17 PM

    @Harry Whitehead: I met Jones in Kemare Co. Kerry. Rude abrupt and bully ish, I will add that I was just a nipper.

    4
    Install the app to use these features.
    Mute Harry Whitehead
    Favourite Harry Whitehead
    Report
    Aug 9th 2018, 11:50 PM

    @Seán Domhnall O’Sullivan: “Oi, Kemp…you been tellin’ the extras you’re ‘arder than me?”

    6
    Install the app to use these features.
    Mute Garrett Colreavy
    Favourite Garrett Colreavy
    Report
    Aug 9th 2018, 10:20 PM

    The meg tommorow afternoon

    5
    Install the app to use these features.
    Mute Seán Domhnall O'Sullivan
    Favourite Seán Domhnall O'Sullivan
    Report
    Aug 9th 2018, 10:25 PM

    Totally gonna look up the bizarre and awesome ‘ghost shark,’ ahead of this The Meg business. Could not be more ridiculous than Sharknado but is it remotely on the same level ?

    8
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
News in 60 seconds