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Updated 4.45pm
THE FORMER CHAIRMAN of IBRC, Alan Dukes, has said he is “extremely angry” at suggestions of malpractice or criminality in the IBRC sale of Siteserv.
Dukes, a former Fine Gael leader, was responding to the controversial sale of the Siteserv to the Denis O’Brien-owned Millington in 2012 for €45 million.
“I am extremely angry at any reference to criminality or malpractice. There’s absolutely no grounds for suggesting that,” he said at a press conference in a solicitor’s office in Dublin today.
Dukes said he felt compelled to talk in the wake of days of controversy on foot of the release of documents showing tensions in the relationship between the now-defunct IBRC, formerly Anglo Irish Bank, and the Department of Finance, including Minister Michael Noonan.
TheJournal Politics / TwitterHuge media interest in the Alan Dukes press conference #siteserv pic.twitter.com/hDVM8KWai2
— TheJournal Politics (@TJ_Politics) April 24, 2015
Dukes said the “very fact that there’s any mention of criminality or malpractice is absolutely outrageous” and of those raising objections in recent days, he said:
“There are people around who see conspiracy in their tea leaves.”
He gave an extensive outline of the process by which Siterserv was sold to Millington in 2012 and insisted that the Department of Finance was kept informed and briefed of the sales process throughout this time.
“There was nothing hidden about this,” he told reporters.
Dukes said that in his time as chair of IBRC, the focus of the board was on getting the best value for the shareholders and the State.
Hugh O'Connell / TwitterDukes says, with a smile, that he is not currently considering legal action on foot of claims made in recent days #siteserv
— Hugh O'Connell (@oconnellhugh) April 24, 2015
Dukes said that prior to Siteserv’s sale, the company owed IBRC around €150m and was in some considerable difficulty where it was “bleeding cash” and was finding it difficult to get contracts.
He said that IBRC would have got “very little out of a wind-up” and there was nothing to be gained by calling in loans because “there was just no money there”.
Dukes explained that in selling Siteserv there were about 50 expressions of interest but the decision was taken to exclude so-called trade buyers as there was a danger the sale would be “upscuttled” by those looking to get inside information.
Hugh O'Connell / TwitterAlan Dukes very relaxed at today's presser, which has just ended #siteserv pic.twitter.com/km30Uw48b3
— Hugh O'Connell (@oconnellhugh) April 24, 2015
He said that while there was another company, Altrad, which was offering a higher bid, the conclusion was that there was a substantial risk that this would be “gradually get whittled down”.
He said that the bank’s chief risk officer oversaw the transaction because it was likely to be “high value and highly visible”.
He said there were “adequate measures” taken to ensure that the legal firm Arthur Cox, which represented both sides, did not present a conflict of interest.
Dukes said the sale was discussed at regular review meetings that the bank had with officials from the Department of Finance.
On the €5 million that was paid to shareholders in Siteserv, Dukes insisted that this was appropriate in the circumstances, saying:
The company was being sold. It wasn’t being put into liquidation. Some value, however residual, was being got.
When IBRC was approached with ”incontroverable evidence” of wrongdoing in the Siteserv case, Dukes said this evidence amounted to a “a newspaper clipping”.
When the matter was raised by then-Department of Finance secretary general John Moran at a meeting in July 2012, Dukes, who was at the meeting with IBRC CEO Mike Aynsley, told the senior civil servant that the board was satisfied with the sale.
TheJournal Politics / TwitterDukes: I have no doubts whatsoever as to the competence of our CEO (Mike Aynsley), I would back his judgement #siteserv
— TheJournal Politics (@TJ_Politics) April 24, 2015
TheJournal Politics / TwitterDukes on relationship between Mike Aynsley and Denis O’Brien: I don’t think anything in that relationship impacted on transactions in IBRC.
— TheJournal Politics (@TJ_Politics) April 24, 2015
However, Dukes dismissed suggestions that a review of the sale had been carried out – as has been claimed in some quarters.
That matter has morphed into the suggestion that the board carried out a review. The board did not carry out a review.
Dukes also addressed the issue of Noonan being recorded in the minutes of a meeting with IBRC of not being confident about accounting for the bank’s actions in answers to the Dáil.
When he heard this, Dukes said he asked his former Fine Gael colleague if there was ever a case where he was nervous or embarrassed about going into the Dáil with IBRC’s information.
“His [Noonan's] reply was that he hadn’t,” Dukes said.
Asked if he had spoken to Noonan in recent days, Dukes said he phoned his former cabinet colleague on Tuesday to say he was “extremely concerned about what was coming out” and asked for unredacted versions of the documents.
On his relationship with Noonan, Dukes said:
As far as I know, there is no personal animus between us.
Dukes said that both he and Aynsley are now seeking all documentation referring to them from the Department of Finance.
TheJournal Politics / TwitterDukes says he is “amused” that KPMG liquidators are conducting review (They acted for #siteserv)
— TheJournal Politics (@TJ_Politics) April 24, 2015
He said that he was “quite happy” that the special liquidators are carrying out a review of certain IBRC transactions. He admitted that he did not know how many transactions, or which ones, would be examined.
“I’m quite happy that a review is taking place and I have absolutely no doubt that nothing untoward will be found,” he said.
TheJournal Politics / TwitterDukes: We didn’t just have the belt and braces, we had the belt and braces and the safety pins as well #siteserv
— TheJournal Politics (@TJ_Politics) April 24, 2015
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The health service in this country is in meltdown and the Minister for Health has time to concern himself with this trivial issue? His priorities would appear to be somewhat confused.
It’s related to some extent – passive smoking is just as bad (so the experts say) and clamping down on smoking in public means less passive smokers, which means less people in hospital due to the effects.
But I still think it’s a tactic employed by politicians in this country where they try and do something small to keep the people off their backs while they continue to do nothing about the bigger issues.
Minister for Health what a tool, I’d be more worried about the amount of carbon monoxide and other toxic chemicals released by motor vehicles than someone somking
@Damian, what experts say passive smoking is bad. I would be very interested as there have been no studies done on the effects of passive smoking.
@Doc – Google is handy, if you punch in a few words and hit enter, results will pop up, you should try it some time: http://www.tobacco.org/news/96539.html
http://info.cancerresearchuk.org/healthyliving/smokingandtobacco/howdoweknow/tobacco-smoking-and-cancer-the-evidence
@ Damian. I have read these papers and none of them are studies taken specifically on the effects of passive smoke. They are however extrapolations taken from statistical data and from study reviews. Perhaps instead of just googling something you could read and research some facts before patronising someone with nothing more than your own glib opinion.
@Doc – My own glib opinion is that cancer kills, directly related to smoking in a lot of cases. My own glib opinion is that I don’t want to inhale the poison from other people’s cigarettes. My own glib opinion is that the Cancer Research UK might just know a little bit more about this stuff than you. My own glib opinion is that you should have more sense than to be trawling the Journal looking to impart your wonderful knowledge in the hopes of starting a keyboard fight. Wise up.
Yes Damian, they are all your glib opinions. Smoking can cause cancer, so don’t smoke it’s your choice. If you don’t want to breathe in a smokers exhalations, leave the room it’s your choice. As for the articles you quoted, they concluded in the article you quoted that there was NO statistical risk in childhood cancers due to exposure from second hand smoke. Apparently cancer research uk know more about it than you too. As for trying to start a keyboard row, I’ve only been asking questions regarding facts and not my own glib opinion. Why don’t you wise up and get your facts right instead of quoting reports that you haven’t read or understood.
Re: the smoking ban…
When they do the same with alcohol in this country I will see the sense of it!!
I am pretty sure you can’t drink in public parks, also you can’t drink while driving. So the laws are in place already. So you fully behind this now .
I think it is already illegal to drink in public places, I know people still do it but I think it is illegal. I have seen Gardai confiscate alcohol from a group of men in the Phoenix Park. But like everything else in this country, there won’t be the necessary resources to enforce it.
James Reilly,,, I think we have more important things to be getting on with !!!!!
Andrea, it is not illegal to drink in public places, a garda will remove your drink only if you are drunk and deemed to be a danger to yourself or others. It is up to each authority to pass their own by laws regarding drinking in public (ever see a sign in a park saying no drinking) but it is not illegal.
Someone needs to tell Shatter that the whole Island is an open prison.
What a ridiculous suggestion…banning smoking in public places won’t stop it. As a country we are in crisis and this is just smoke and mirrors bullshit! pardon the pun. concentrate on real problems like more ambulance stations, more facilities for sick children, better and cheaper healthcare for all instead of doubling OUR money up against a wall on petty distractive nonsense such as this!
I actually think it would be a good idea, I have brought my children to parks and parades and had people light up directly beside us. Or light up in a queue. It is very unpleasant. Most responsible adults don’t do it but there are those who just don’t care. It is a difficult one and I remember someone posting a comment on a similar story where he mentioned a country (I can’t remember where), where one side of a street was for smokers and one for non smokers. That sounded like a good compromise….
All indoors are no smoking if u don’t like it move yourself.I don’t smoke near kids or parks but I’m sick of people like you moneing all the time. The government have not banned smoking yet so give people who do the right thing a brake
If they’re outside I believe they can smoke where they please (with an obvious exception of queues and such when kids are around), if you don’t like it move on. And this is from an ex-smoker.
@Tommy. I wasn’t “moaning”, I was simply expressing an opinion. All I said was that it is unpleasant when irresponsible people light up in a confined space (like a queue or squashed in a parade) when you have your children with you. It is much easier for that person to move away from the children than to have to move 4 children. You yourself said you don’t light up around children and if you read my comment carefully, you will notice that was my very point…
Why should a person smoking in any outdoor environment move away from children?
Dr. James Reilly can’t even enforce a no smoking policy in our Hospitals.
And where does he propose to raise the lost revenue obtained from tobacco sales?
Waffle waffle waffle.
(Check out the photo of Dr. Reilly on here and tell me: Is this an accurate image of Dr. Reilly as we know him? http://www.dohc.ie/about_us/ministers/ )
It’s a long time since he looked like that.
the minister seems to have lost track of his priorities he would be better employed in making the HSE more
efficient he has more important issues to be concerned with or are these too much to handle
Let people smoke but charge €20 for a pack of 20 and cream in the taxes.
Everyone’s a winner.
is there a smoking area in the Dail James?…….lead by example!!
This has to be another of those things the politicians do so they can point at it and say ‘what a clever little minister I am, look at what I did’ (usually banging on about their ‘achievement’ when people are asking about the many many serious things they have botched or ignored)
Its just P.R. and nothing more
Gotta love the IMF, they take billions off emerging economies and give it to rich economies to squander, genius
The widening of the ban would be good if only to lessen the amounts of filthy disgusting cigarette butts being flicked all over the ground everywhere. When you go to stephens geeen its hard to find a place to sit on the grass in summer without being next to a fag end. Next chewing gum!
Did Dr Reilly get this latest bright idea from his 164 thousand (dollar) man?
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