Fergus O'Dowd (Louth, Fine Gael)

Is it not a fact that the Minister is a shareholder in this company along with the Minister for Finance and that the findings of the Deloitte report which the Minister has in his possession states that this site of 16.6 acres is the best site in Foynes Harbour and was sold for €2.1 million to the sole bidder? There was no public auction and no competitive tendering. There was no updated valuation of the site. The Deloitte report finds that corporate governance was not fully complied with, despite legal concerns expressed by the port company solicitor and the code of practice on governance of State bodies was not being complied with. Is this not a gross abuse of the powers of individuals in the company who have not complied with the Ethics in Public Office Act or with proper procurement processes? The taxpayer is out of pocket to the tune of at least €10 million with regard to this site. Is the Minister aware that interest in the site was expressed by a company in early 2004? This interest in minuted in internal company e-mails. While it was sold to a single individual for €2.1 million this other company bought it for €12 million two and a half years later, at a massive loss to the taxpayer. What action will the Minister take?

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