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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.
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.
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.
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.
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.
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.
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Sure it’s just a bit of craic. Although sometimes I don’t know why people bother. Like on this site anytime Northern Ireland is even mentioned in an article you can take it as a given that the same old pointless pissing match will ensue in the comments section.
Yeah between those who support violence and those who oppose it.
Yeah but when you’re bored mention NI and watch the fun.
Stop mentioning it so.. I’m only here to see Mister Fantastic setting red thumb records every day…keep up the shite work,you’re doing awful..
It’s just another of walter mittys (rodgers) accounts.
Mister Fantastic cannot be Richard ,Mike … Where’s Saul when I need him ..
I’ll be 74 years old in September. This website has brought so much highlight to my twilight. I feel like I’m 20 again.
Keep up the good work!
Adebayo
And here I thought theJournal.ie commenter were a representative cross section of society…
Whatever gave you that idea?
No i don’t -
Only when Richard Rodgers or KKK are on the Fascist prowl !!!!!!!!
Does it ever embarrass you that SF support is only ever strong in anonymous, online forums. All those multiple troll accounts still only count as one vote each in real life – hence 85% of people not voting for SF in the last local election!
“SF support is only ever strong in anonymous, online forums. ”
Yep, thats why they’re the only party with elected MEPS in each constituency in the country, and have between doubled and tripled their elected council representatives in the last local elections, because they only have strong support in online forums….
Doubling and tripling f**l all is still f**k all.
There’s old Buddhist legend which goes as follows: Imagine a mountain, 10 miles high, 10 miles wide. Every 10,000 years a rook sharpens his beak on the top of the mountain and flies away. When the mountain has been worn down Sinn Fein will be ready to enter government.
Will all yee stop piggybacking off my comment please -
@James: Why? It wasn’t very interesting before.
Because you lot are talking bollox
@James: Seems like a natural extension of your comment then.
On an unrelated topic – Maybe if you spent a little less time cavorting with Madam Palm and her five daughters, you’d be a little more alert.
And the highest Vote of any Political Party in the 32 Counties of Ireland too !
Mister Fantastic – your views are only fantastic – if they were only factual – they would be even more fantastic – now that’s fantastic – isn’t it ?
Ciarraioch, jesus it shows how desperate SF is now if they have to start adding the votes from two different countries. Sure let’s bring China into this while we’re at it. Oh no I guess the communist party has won again.
Why would you take the votes in another country where none of the other parties ran for an election which wasn’t held in that country? Is this how SF is planning to do our Budgets? Well yeah we f**ked up and the country is in massive debt with poor international investment and rising unemployment. But sure when you add in northern ireland it all looks amazing!
Ogra Sinn Fein paint post boxes green in Northern Ireland. They’re nearly a parody of themselves.
When you think about it – former Royail Mail post boxes painted green are a parody of themselves. And yet we still have so many of them.
Only idiots comment on a forum like the Journal.
Oh, wait…
I’m managing to comment less than I used to. So hopefully I’m becoming less idiotic!
The best comments are often by people who don’t comment regularly and who just contribute their own experience to a particular story. Pity there is no filter just for those comments!
Occasionally but always regrettably
Regrettably for those reading your comments also.
Applies to your’s aswell Mister.
Norman, I am really surprised at you writing ‘aswell’.
Draws them out Patrick.
I nearly have a bet that our good buddy Patrick was the first person to comment ever on the Internet.
That would explain the general poor quality of thought in comment sections, they give a platform to those with shout loudest and think least. I’m looking at supporters of one political party in particular.
How does one “shout” in the written format?
YOU TELL ME
Still can only read your nonsensical reply, no sound.So again how does one shout in the written format?
Ha.
Never
Long time reader,
First time commenting……
It beats trying to get a letter published in the IT, seems to be reserved for those who know someone on the inside judging by the frequency some names get published.
Maybe try saying something interesting next time. You never know.
@misterfantastic as I have stopped buying the IT some years ago I am not going to waste my time, prefer this platform instead.
It’s not the worst minority to be a part of
Oh yeah and most people that complete these surveys always tell the truth. They the same spoofers that say they don’t have a telly.
Obviously didn’t ask anyone here so.
Only lunatics comment online.
Sponge monkeys flogle
I never comment on anything online.
Some people just shouldn’t ….. eyes roll up lol
I sincerely doubt that “lol” you claim to have done.
If you have snapchat I’d gladly send you a lol ….
Never! Wait.
Moriarity is that you?
Empty vessel, is that you?
No it’s not. I’ll leave you guessing:):)
Yup.
Look closely at the picture. It says “RT yup”!
Well having two i’s on the keyboard would be a bit redundant.
There is no “I” in “the keyboard”
i’d never comment on these things but then I’m over 45
Also hard to post using a 2006 version of internet explorer I’d imagine.
Pity the graphic is unreadable. Ongoing issue on this app.
Yes I do, but no-one listens
I think it depends on the sites a person frequents.
Youtube is terrible for comments recently. The only people who seem to comment are those against whatever the video in question is saying. and then a handful of people defend the point leaving an endless circle or debate. Mixed into that you get some people with strong or radical views posting the same messages on every video related to that topic.
I think it’s fair to say that those responding here are not a representative sample.
have your say